What Does a Portfolio Review Include?

A portfolio review covers fees, concentration, allocation, risk exposures, and liquidity. Here is exactly what a structured review should examine.

By Ali Zaigham Agha · · 3 min read · Last reviewed: 2026-07-30

Direct Answer

A portfolio review includes five core areas: **fees**, **concentration**, **allocation**, **risk exposures**, and **liquidity**. It examines what you hold, what you pay, how diversified you are, what risks you are carrying, and whether you can access your money when needed. It does not require account numbers or sensitive credentials.

What a Portfolio Review Covers

1. Fees

The review identifies every layer of cost in the portfolio:

  • Fund expense ratios
  • Platform or custody fees
  • Advisory or wrapper fees
  • Trail commissions or entry/exit loads
  • Total estimated annual cost

Most investors know their fund expense ratio but not the total cost across all layers. The review makes the full cost visible.

2. Concentration

The review checks whether any single position, sector, or theme dominates the portfolio:

  • Does any position exceed 10–15% of the total?
  • Are multiple positions dependent on the same underlying company or sector?
  • Is a large portion tied to one geography or currency?

Concentration is the most common risk that investors do not realise they carry.

3. Asset Allocation

The review examines the split across equities, fixed income, cash, alternatives, and real estate:

  • Does the allocation match the stated goal?
  • Has it drifted from original targets?
  • Is the risk profile appropriate for the time horizon?

4. Risk Exposures

The review identifies specific risks:

  • Sector concentration
  • Geographic concentration
  • Currency exposure
  • Complexity (structured products, derivatives, leverage)
  • Dependence on a single investment thesis

5. Liquidity

The review checks whether positions can be sold quickly:

  • Are there lock-up periods or redemption gates?
  • Is a meaningful portion in illiquid structures?
  • Can the portfolio be rebalanced without significant cost?

What a Portfolio Review Does Not Include

  • It does not provide buy or sell recommendations
  • It does not constitute financial advice
  • It does not assess suitability for a specific individual
  • It does not replace a regulated advisor
  • It does not guarantee improved returns

What You Receive

The output is a concise written summary covering each of the five areas, with observations and questions for you to investigate further. It is designed to give you a clearer picture of what you hold — not to sell you a product.

Free Checklist

If you want to run this process yourself first, download the free [Portfolio Fee and Risk Checklist](/resources/portfolio-fee-risk-checklist). It covers the same five areas in a self-guided format.