Portfolio look-through: the stocks you own through funds

What does "look-through" mean?

A fund is a wrapper. What you actually own is the stocks and bonds inside it, in the fund's proportions. Hold five funds and you hold five overlapping lists, and no single fund's factsheet tells you that a fifth of your money ended up in banks.

The Allocation tab on the Portfolio page unwraps every fund. It uses the monthly portfolio each fund house publishes, weights each fund by what you hold in it, and adds the results stock by stock and sector by sector. You need a free account and an imported CAS statement.

How the arithmetic works

For each stock: take each fund's share of your portfolio, multiply by the stock's weight in that fund, and add across funds. If a fund is 20% of your money and holds 5% in a stock, that contributes 1% of your portfolio. A second fund at 25% holding 4% of the same stock adds another 1%.

Every percentage is a share of your whole matched portfolio, debt included. A fund that publishes no equity holdings counts in the total and adds nothing to any stock, so the figures understate rather than inflate. A Coverage chip on each card names the funds left out.

The hypothetical portfolio

The investor is invented; the funds, NAVs and disclosures are real. They hold five Direct Growth funds, priced at NAVs as of 15 October 2026, worth ₹21.60 lakh in all:

The four equity funds' holdings come from disclosures dated 30 September 2026.

Step by step through the Allocation tab

1. Your money, by fund. A treemap of the five holdings, coloured by broad category.

2. By asset class. The heading notes that it is looked through: index funds and fund-of-funds count as equity, and hybrids split at the midpoints of SEBI's bands. Here it reads Equity 88.5%, Debt 11.5%.

3. By fund structure and By AMC. The first is AMFI's shelf, not asset class. The second groups by fund house: HDFC Mutual Fund holds 38.1% here, through two funds. The card's own note says one house holding most of a portfolio is a single operational risk.

4. By sector (look-through). Every fund's sector split, weighted and summed. Banks come to 20.0% of the whole portfolio. The next four are Pharmaceuticals & Biotechnology (4.8%), Petroleum Products (4.0%), IT - Software (4.0%) and Automobiles (3.8%). The chip reads "Coverage: 4/5 funds" and, opened, names the corporate bond fund as left out because it publishes no equity holdings to unwrap.

5. Market-cap allocation. The equity sleeve by company size, using AMFI's market-cap lists; the card is labelled "AMFI bands, Jul 2026". Here: 62.6% large cap, 31.2% mid cap, 6.2% small cap, with 99% of the equity sleeve priced.

6. Top stocks you actually own. The ten largest positions across all funds, with how many funds carry each:

The card's caption counts 178 distinct stocks. Each name links to its stock page, such as HDFC Bank, which lists every fund that holds it.

What the example shows

All four banks in the top ten reach the portfolio through the same three funds: the index fund, the large-cap fund and the flexi-cap fund. Owning three diversified equity funds did not spread the bank exposure; it stacked it. For scale, bank stocks in mutual funds puts banks at about 17% of all equity money that funds manage.

The mid-cap fund behaves differently. It holds none of those four banks, and Eternal is the only stock all four equity funds share. Its 26.6% weight is also much of the reason mid caps reach 31.2% of the equity sleeve.

None of this says the portfolio is wrong. The point of the tab is to show the 20% at all, so that it is a choice rather than an accident.

Where the look-through feeds other cards

The same numbers drive the Diversification score on the same tab of Portfolio. Its "Sector concentration" component reads "Banks is 20% of the portfolio". Its "Single-stock concentration" component reads "HDFC BANK LIMITED is 4.9% across all funds". A red flag appears only past fixed lines: one sector above 30% of the portfolio, or one stock above 8%. This portfolio crosses neither.

What the look-through does not do

• It is a month or more behind. Disclosures are monthly, and a fund can trade heavily between them.
• It skips funds with no equity book. Debt, gold and fund-of-funds that publish no stock list are excluded and named, not guessed.
• It does not judge. No figure here says a stock or sector is too much for you. Small-cap fund concentration shows how differently individual funds are built, and the factsheet guide covers reading one fund's portfolio. Nothing here is a recommendation.