How copio analyses portfolios
Each article explains an illustrative portfolio's strengths, risks and trade-offs through five perspectives. The measurements support the reasoning; they do not establish whether an allocation suits a particular person.
Five perspectives
Fees
Annual recurring fund and account costs are expressed as a share of invested assets, excluding cash balances. One-off dealing costs and tax are not measured.
Long-term assumptions
This compares expected annual portfolio growth with a model reference under copio's capital market assumptions. It is a forward-looking assumption before inflation, not a forecast of a realised return.
Crises
A shock to US equities is transmitted to the portfolio's asset classes using their volatilities and correlations. This forward-looking simulation measures modelled sensitivity, not the maximum possible loss or the probability of a crash.
Diversification
The model switches off the main source of expected growth and measures what remains. Different holdings may depend on the same source. Company and sector concentration provide additional context.
Different kinds of evidence
Fees and holdings describe an exposure at a particular date. Historical efficiency compares past returns. Long-term assumptions, crises and the diversification test use a forward-looking model. A result from one perspective should not be presented as evidence from another.
Each article opens with the allocation, followed by the captured checker scorecard and an explanation of its strengths and weaknesses. Letters reproduce the dated engine result; unavailable readings stay unavailable. Numbered references connect claims to dated primary sources. An index factsheet describes that index; it does not establish the composition of an ETF tracking a different variant.
History and assumptions
Historical efficiency uses a ten-year window ending on the last completed day. Holdings are replayed at constant weights, with costs handled by the engine. The reference adjusts World exposure using the ratio of measured risks. Above World risk, it assumes financing at the model's money-market rate and is not a directly purchasable product. A shorter fund history may be extended with an asset-class series; the reconstructed share remains disclosed. Missing data stays unavailable rather than becoming a zero return.
Forward-looking measures use the Copio CMA assumptions active when the calculation runs. They do not mechanically extrapolate historical returns. Shock sensitivity is neither a loss percentile nor a maximum loss. These measures do not deduct inflation, personal contributions or individual tax.
Composition and coverage
Funds may be analysed through their economic exposure. A synthetic fund may use a physical fund tracking the same index as its composition source. When detailed holdings are unavailable, its asset category may be used instead; this limitation is disclosed. Holdings data and price data need not have the same date.
A dated measurement
Each analysis retains the checker's response and shows the calculation date and engine version. Figures do not update while the page is being read. A new measurement requires a new editorial review before publication. Quarterly review is planned; older captures stay explicitly dated until replaced.
Illustrative portfolios do not reproduce an individual's circumstances. These measurements do not establish their objectives, time horizon or need for liquidity.