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Relay
12 findings

Margaret Ellison, advisor (synthetic persona)Senior advisor, founder and executive practice, New YorkAbout $820M across 183 households; four relationships above $50M; 7 of those households are in this prototypeWho's who

Why this client

Renner: 71% of wealth in one stock; the family's rule is 25%

Why this client

Renner is number 2 of 11 on today's list: score 83.6 = materiality 88 × over a limit weight 0.95 (firm default). Flagged on: Concentration breach, 71% against 25%; Founder single-name position, $44.3M; No short-term gains realised. 4 passages from 2 documents support it; 1 source disagrees, shown below.

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Materiality comes from the agent that raised the item; the weight is yours to tune on Today's list. The ranking and the relevance scores are arithmetic, and a model never reorders either.

4

Cited passages, from 2 documents

0

Related, not cited

1

Sources in conflict

0

Past review date

Why it was flagged

Over a limit

  1. LimitConcentration breach, 71% against 25%
  2. ClientRenner household
  3. HoldingFounder single-name position, $44.3M
  4. Client ruleNo short-term gains realised

Cited evidence, ranked

  • Staged sales that realise short-term gains carry a higher tax cost than sales of lots held longer than one year.

    Managing single-name concentration, passage p2prototype corpus, day 3

    Relevance 0.54="single" +0.03"name" +0.03"concentration" +0.03"one" +0.04"short" +0.04"term" +0.05"gains" +0.05Cited by the opportunity record +0.25

  • A trading plan on its own does not restore a household to its policy threshold. It schedules sales, and the position stays above policy until they complete.

    Managing single-name concentration, passage p3prototype corpus, day 3

    Relevance 0.46="single" +0.03"name" +0.03"concentration" +0.03"policy" +0.04"household" +0.03"position" +0.03Cited by the opportunity record +0.25

  • Concentration above a household's policy threshold can be reduced through staged sales under an existing trading plan, an exchange fund, or hedging, each with different tax and liquidity costs.

    Managing single-name concentration, passage p1prototype corpus, day 3

    Relevance 0.42="single" +0.03"name" +0.03"concentration" +0.03"policy" +0.04"household" +0.03Cited by the opportunity record +0.25

  • Contributors receive units in a diversified partnership. A seven-year holding period applies before a diversified basket may be distributed.

    Exchange fund, 7-year lockup, passage p1prototype corpus, day 1Cited, but shares no term with this opportunity

    Relevance 0.25=Cited by the opportunity record +0.25
How relevance is scored, and where a model would sit
The query is the opportunity as the record states it: its title, class, strategy, action and reason path, and nothing more. Each passage's score is the share of the query's weight it covers, where a rarer term across the corpus counts for more and a term the corpus has never seen counts as its rarest, plus 0.25 when the record cites the document, halved when the document is past its review date. The floor is 0.20. In production a model rewrites the query and reranks the candidates; the floor, the citation requirement, the exclusion of superseded documents and the refusal stay in code, so a verdict never depends on a model's prose.

Sources that disagree

Two current documents disagree: concentration plan suffices

Concentrated positions under a trading plan is past the review date. The newer document is more likely to be current, but nothing here has been withdrawn, so both stand until a desk resolves it.

no: a trading plan schedules sales and the breach stands until they complete

Managing single-name concentrationday 3CurrentNewer

yes: the plan is the mitigation and no further action is required

Concentrated positions under a trading planday -45Past review date

Relay shows both and applies neither. The advisor, or the desk that owns the older document, resolves it.

What the query matched

  • concentration3 passages
  • name3 passages
  • single3 passages
  • household2 passages
  • policy2 passages
  • gains1 passage
  • one1 passage
  • position1 passage

What the team already knows

  • Call, 23 days ago: Reviewed the stock trading plan and the next sale window
  • Meeting, 90 days ago: Quarterly review; grandchildren's education trust raised for the first time
  • Client service associate, 1 days ago: J. Renner mentioned they want to fund a home renovation from the sale.

Full briefing, with what could not be established

Client picture · Options · Documents