# Research securities and rebalance within the bands

The third tier adds the investment tools to planning and tax returns. Look up any security and look through the funds a client holds. Prepare rebalancing trades within the bands a model sets. A person reviews each trade list. Nothing is ever sent to a broker from here.

## Look up any security
Find a stock, fund or bond by name, ticker or identifier, or add a security of your own. Each record carries daily prices and how fresh they are. It has splits and dividends, with a dividend calendar. It has fund fees with their history year by year, and the public filings behind it. Search by type, exchange, asset class or expense-ratio range, and ask for similar securities. Every figure keeps its source and its date.

## Look through funds and find overlap
Enter a client's positions and see what they really own. Look-through opens each fund to its holdings, and funds inside funds, down to the securities at the bottom. The result shows direct exposure, exposure through funds and the total. Options are adjusted for how they move. Overlap compares any two funds and shows how much of them is the same. It lists the shared names. So two "different" funds that hold the same stocks stand out.

## Models and mandates
A model sets a target, a lowest and a highest weight for each asset class. It also sets how far a client may drift before you act. Assign a model to each client, or write a mandate for one account with its own limits. Restricted holdings and positions that must not be sold are part of the mandate. Every change to a model is recorded with who made it and when. So a reviewer can see why an account holds what it holds.

## Cost basis in view
A client's portfolio page shows every position with its cost basis and whether that basis is complete. It also shows the unrealized gain, the number of tax lots and the cost-basis method in use. Period return sits beside them, with a plain note wherever a record is missing. Positions, lots and basis arrive in the custodian's own data files through [connected data](/connected-data). So the figures a rebalance or a tax decision rests on are the custodian's, not a retyped copy.

## Rebalancing inside the bands
A policy portfolio sets a target, a lowest and a highest weight for each asset class. It also sets a drift threshold. The lineup view shows each class's value, target, band and position in the band. When money arrives or the portfolio drifts, the platform spreads it within the bands. It respects caps, floors, restricted holdings and positions that must not trade. It says whether the answer is the best possible or why no answer fits. Compare rebalancing rules over past markets with trading costs included.

## Trade lists that wait for a person
The result is a candidate trade list: each line's side, quantity, price and value, and the cash left over. The list cannot be sent anywhere. It is a proposal with a digest, a short code tied to this exact list. An order instruction is then written up with its terms, lot method, the client's authorization and the reasoning. A second person approves it. It is handed off, and the outcome is reported back. Amendments and cancellations keep the trail.

## Performance and fees on assets
Performance is measured from the custodian's daily record for each account and each household. Read returns for any period, with deposits and withdrawals taken out. Fee runs value each account at period end from the custodian's positions. They apply your fee schedule and write the invoice and the custodian fee file. A manual fix is kept with its reason. See [time and billing](/billing).

## The fund ledger for private funds
A fund ledger is a running record of a fund's cash and values. Private, hedge and drawdown funds keep their own ledger. It tracks subscriptions, redemptions and capital calls. It splits distributions into return of capital, income and gain. It tracks holdbacks with their release. A manager's estimate is replaced by a final and then an audited value. Each value is badged with its tier, and results can be read as they were known on any date. Returns, cash-on-cash multiples and the quarter-close board follow. Risk by factor and style analysis are the [factor models add-on](/factor-models). Every account still ties back to the [family's plan](/planning). [Try the platform](/try?for=wealth) or [talk with us](/contact).