Step 3 · Portfolio X-Ray
What they own today
A diagnostic read of the existing portfolio: allocation, single-name concentration, embedded gains, and the tax cost of getting from here to the target model.
Rhea's read on this client
Now that I've seen the portfolio
A multi-generational New York family with $15M across a taxable account and a 2019 family trust. The defining feature is a $4.0M low-basis NVDA position (~27% of assets) carrying roughly $3.7M of embedded long-term gain. They are highly gain-sensitive, want broad diversification and access to alternatives, and intend to preserve wealth for the next generation. Top federal bracket with NIIT and a high New York state rate make every realized dollar expensive — argues for an overlay on the concentrated stock and a multi-year, budgeted transition rather than a forced liquidation.
Total market value
$15M
15 lots
Embedded unrealized gain
$6.4M
$6.3M LT · $50K ST
Tax to fully liquidate
$2.3M
At top fed + NIIT + state
Est. current fee drag
$76.2K
0.51% of assets / yr
Current allocation
By asset class
Drift vs. target model
Where repositioning is needed
Concentration risk
Single positions over 10% of assets
| Position | Market Value | % of Portfolio | Embedded Gain | Tax if Sold |
|---|---|---|---|---|
| NVDANVIDIA Corp | $4,000,000 | 26.7% | $3,680,000 | $1,276,960 |
| SPYSPDR S&P 500 ETF Trust | $1,680,000 | 11.2% | $780,000 | $270,660 |
Current income profile
2.4% blended yield
Estimated $354,872 of annual income at current allocation. Compared against the client's growth mandate, this is incidental — the plan optimizes for total return, not headline yield.
Tax-lot readiness
14/15 lots fully resolved
0 missing cost basis, 1 missing acquisition date. Missing values are estimated and flagged so the transition math stays honest.