Risk & Exposure

What Risk & Exposure is for

Risk & Exposure shows how the coordinated Portfolio used capital, exposure, margin, and shared risk limits during the selected Run Output. It connects policy limits with the decisions and positions that actually occurred.

Read account-level exposure

Review the applicable retained values:

• gross and net exposure;
• long and short exposure;
• peak and ending exposure;
• open risk and capital utilization;
• turnover and concentration;
• leverage and margin usage;
• drawdown and loss state;
• clipped, suppressed, or rejected intent counts; and
• risk-rule violations.

Read percentages with their exact denominator and limit. Utilization without its capital, notional, margin, or risk basis can be misleading.

Follow exposure through time

The path view shows when exposure, open risk, and shared limits changed. Use it to identify concentration around particular periods, instruments, or member Strategies.

Then follow the relevant position, admission decision, or member contribution. The Portfolio total can remain within its limit while one member or bucket becomes unusually concentrated.

Read regime risk scaling

When the Portfolio uses regime-aware scaling, review:

• the bound regime input and version;
• scaling rule and affected risk budget;
• applied multiplier or limit change;
• members and periods affected; and
• unavailable or blocked regime evidence.

Scaling records the policy response to its defined input. It does not certify that the regime label was correct or prevent losses.

Read risk buckets

Risk buckets group shared limits by instrument, sleeve, member, sector, asset, or another defined Portfolio category. Each retained bucket can show:

• limit and current or peak usage;
• open risk and gross-exposure utilization;
• contributing members and positions;
• clipped or blocked intents; and
• breach or warning state.

Use Strategy Attribution to understand contribution and Admission & Conflicts to inspect the decisions affected by the bucket.

Review Robust Portfolio risk

Robust evidence can add aligned member dependence, diversification, contribution to risk, concentration changes, cost tolerance, temporal concentration, and drawdown-recovery uncertainty.

These components require compatible member histories and explicit alignment. Changing membership, sparse overlap, or an unsupported method remains Not applicable or Blocked rather than being filled with zeroes.

Understand the simulation boundary

Risk values describe the recorded simulation. Live markets can gap, partially fill, reject, disconnect, or move beyond the modeled path. L2 or L3 replay improves the visible market input only within its eligible source and execution assumptions; it does not remove future execution or loss risk.