The desk, demonstrated
Three short demonstrations. The first two walk a composite household portfolio through the Corpus lens; the third uses the real, published holdings of three funds you probably recognize.
Corpus is analytics only. Everything below flags exposures and runs scenarios; nothing recommends buying, selling, or hedging anything.
A composite household: a mid-career physician in Nashville, $2.4M gross. Every tracker calls this diversified. Toggle the view and watch the same six line items become three shared factors.
Dr. A · Nashville · composite
Gross $2.4M · net $2.1M after the rental mortgage
Six line items. Stocks, retirement fund, real estate, education, cash. On a statement this reads as a sensible spread, and every tracker will tell you it is one.
A stress test is a question: if one variable moves, which holdings move with it? Statements can't answer it, because the variable doesn't live in any single account.
Three lines a statement shows as unrelated, moved by a single number. This is the stack the factor view flagged.
≈ −$81k
one macro variable
This one isn't a composite: it's the actual published holdings of three of the most widely held ETFs in America. Diversification by fund count, concentration by holding.
$1.5M split equally across three of the most widely held ETFs in America. Three tickers, three expense ratios. Seven companies sit in the top ten of all three.
the same seven companies everything else in the fund
Look-through, whole portfolio
Those seven names are 42.6% of the entire portfolio. Nvidia alone is a 9.7% position, larger than most advisors would let a client hold in any single stock on purpose.
QQQ, 2022
−32.6%
VUG, 2022
−33.2%
This blend, 2022
−28.0%
The 2022 rate shock already ran this experiment: the “diversified” blend lost 28% against the −18.2% of the S&P 500 alone. Three funds, one trade. Fund top-10 disclosures as of 31 May 2026 (VOO, VUG) and 10 July 2026 (QQQ); 2022 figures are calendar-year total returns.
The first Portfolio Brief is free and built by hand: your statements in, your factors out. No sales call, nothing to sell you except the math.
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