Holdings-Based Analysis Software

To overcome known limitations of Returns-Based Analysis of hedge funds, Risk Shell offers a comprehensive Holdings-Based Analysis across all asset classes including equities, fixed income, commodities, swaps and so on. Our Holdings-Based analysis is not just a breakdown of categories of underlying positions, but a full-scale risk evaluation of holding portfolios including factor analysis, stress testing, VaR estimates and many more.

Benefits For Hedge Fund Investors

  • Evaluate risks based on latest holdings data rather than past performance
  • Analyze funds with short return series
  • Monitor exposure across multiple asset classes
  • Maintain an accurate and holistic view of consolidated portfolio underlying assets
  • Switch between Holdings- and Returns-Based analysis by a single click

Holdings-Based Analysis Features

  • All asset classes are supported via Risk Shell data sets or the Bloomberg Enterprise Data Feed
  • Multiple date holdings snapshots
  • Batch holdings uploading
  • Cross-currency holdings positions
  • Multiple asset exposure classification systems: Morningstar®, SIC and NAICS
  • Long and short positions
  • Holdings Positions (Long)
    Holdings Positions (Long)
  • Holdings Positions (Long/Short)
    Holdings Positions (Long/Short)
  • Holdings Positions (Bonds)
    Holdings Positions (Bonds)
  • Group/Industry Exposure
    Group/Industry Exposure
  • NAICS Sector Exposure
    NAICS Sector Exposure
  • SIC Sector Exposure
    SIC Sector Exposure

Holdings-Based Analysis FAQs

  • What types of Holdings-Based Analyses are available in Risk Shell?

    All risk studies supported by Risk Shell can be done using holdings data: factor analysis, stress testing, VaR, stochastic simulation, correlation & diversification analysis and so on.
  • Is stress testing based on holdings data preferable to Returns-Based?

    Not necessarily. Both Returns-Based and Holdings-Based stress testing models have their pros and cons. Join our webinars on Stress Testing for more details and best practices.
  • What data vendors provide hedge fund holdings info?

    As of today, no hedge fund data vendors provide accurate manager holdings information. You need to contact a manager directly to get access to their holdings, if they allow you to do so. Risk Shell offers several options to enter holdings data manually.
  • Can I use the 13F holdings data for Holdings-Based Analysis?

    No. First, the 13F data consolidates holdings on a firm level rather than providing positions on individual funds. Second, hedge funds are required to report only long positions, put and call options, ADR and convertible notes. This leaves short positions and other asset classes outside. Third, the 13F data is reported quarterly, i.e. you cannot get the latest data. Fourth, the 13F data is not available for many hedge funds, because only firms with more than $100m in AUM are required to report the 13F form.
  • Can I analyse consolidated hedge fund portfolio (FoF) holdings?

    Yes. If the Holdings-Based Analysis option for a portfolio is selected, the system will aggregate available underlying holdings on a given date.
  • Manager holdings change all the time. How many slices of holdings can I record?

    Risk Shell supports an unlimited number of holdings snapshots (data slices) for each manager.
  • Can portfolio holdings be replicated by indices?

    Yes, if the exact holding positions are not available, one options would be to replicate holdings by corresponding indices. It is a common technique to analyse private equity portfolios.
  • Can I use my own defined proxies as holdings?

    Yes, any instruments including user-defined proxies can be used to populate underlying holdings.

Risk Shell Components

Risk management and portfolio construction for alternative investments

Asset Selection

Hundreds of quantitative and qualitative filters capable of constructing complex asset search criteria.

Factor Analysis

Multivariate Returns-based and Holdings-based Static & Dynamic Style Analysis to identify granular sources of asset performance.

Stress Testing

Stress assets or portfolios to identify and mitigate potential event risks. Predict impacts of extreme event shocks.

Portfolio Construction

Portfolio construction software for fund of funds: diversification & correlation analysis, risk budgeting and many more.

Peer Group Analysis

Multi-statistic and traditional Box-Plot Peer Group Analysis designed for hedge funds and multi-asset portfolios.


Powerful asset ranking framework that supports user-defined ranking criteria and synthetic risk statistics.


Holdings-Based Analysis of hedge funds and FoF across all asset classes including equities, fixed income etc.

CRM & Document Manager

Document management and due diligence tools for alternative investments and multi-manager funds.

Index Builder

Advanced quantitative framework to create custom benchmarks and factor subsets that ensure the best fit for any asset.

Custom Assets

Tools to create and maintain a virtual database of user-defined assets within the Risk Shell environment.

Portfolio Optimization

Optimization of multi-manager funds, fund of funds and multi-asset portfolios across a broad range of objective functions.

Portfolio What-If

Portfolio What-If Analysis to create and analyze hypothetical portfolios based on actual investment portfolios.

Investment Reporting

Report Builder delivers a flexible SaaS based investment reporting solution designed for fund managers and family offices.

Private Equity

Private equity risk management and portfolio management software, a part of the Risk Shell alternative investment platform.


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