SERVICES
Look-through reporting that connects top-level portfolios to underlying funds and assets.
Normalise underlying manager and asset data so exposures, concentrations and ownership chains can be analysed consistently.
Overview
Look-through reporting traces an investment through underlying funds/vehicles to provide deeper exposure information. It is particularly relevant to fund-of-funds, multi-manager platforms, allocators, family offices and institutional investors.
A specialist analytics page connected to Portfolio Reporting and Risk Analytics.
Why it matters
Underlying manager data arrives at different frequencies, formats and levels of detail, making manual aggregation slow and inconsistent.
Common operating challenges
- Underlying reports use different taxonomies.
- Reporting periods/valuation dates differ.
- Duplicate exposures through multiple funds.
- Missing underlying holdings.
- No quality flag for stale/estimated data.
What we deliver
| Capability | What it covers |
|---|---|
| Hierarchy mapping | Map fund → underlying fund → asset/company where data permits. |
| Normalisation | Align taxonomy, currency, period and identifiers. |
| Exposure aggregation | Calculate sector/geography/asset/manager views. |
| Concentration | Identify overlapping exposures. |
| Data-quality flags | Show stale/missing/estimated inputs. |
| Reporting | Deliver agreed levels of look-through. |
Our role can be configured around a defined operating mandate: a recurring managed service, a technology-enabled client workflow, or a co-sourced model in which execution and review are split between Kelton, the client and appointed providers.
Inputs, workflow and outputs
Typical inputs
- Underlying fund statements
- Portfolio/holdings data
- Manager reports
- Fund ownership data
- FX/reference data
Controlled workflow
| Step | Activity | What happens |
|---|---|---|
| 1 | Collect | Receive underlying data. |
| 2 | Map hierarchy | Link entities/investments. |
| 3 | Normalise | Align definitions. |
| 4 | Validate | Flag missing/stale data. |
| 5 | Aggregate | Calculate exposures. |
| 6 | Publish | Deliver look-through view with quality notes. |
Typical outputs
- Investment hierarchy
- Look-through dataset
- Exposure/concentration report
- Data-quality report
- Portfolio dashboard
Controls and review
The workflow is designed so that automation does not obscure responsibility. Routine processing can be standardised; exceptions, material judgements and formal approvals remain visible and attributable.
- Source/frequency disclosed.
- Estimated data labelled.
- No false precision when transparency is unavailable.
- Hierarchy versioned.
Responsibility boundary
Look-through depends on available third-party data and does not guarantee underlying asset accuracy or constitute investment advice.
Technology & expertise
Our operating model combines specialist knowledge with controlled technology. Domain experts define the rules, review logic and exception criteria; the technology layer makes the workflow repeatable, traceable and scalable.
Technology
- Entity/fund hierarchy model.
- Document/data ingestion.
- Exposure aggregation.
- Data-quality flags.
Expertise
- FoF/multi-manager data.
- Portfolio reporting.
- Exposure taxonomy.
Expert knowledge is converted into controlled rules, SOPs, checklists, validation tests and exception criteria so that the operating standard is embedded in the workflow rather than dependent on one individual.
Delivery models
| Model | How it works |
|---|---|
| Managed Operations | We execute the agreed recurring workflow. Client and appointed-provider approvals remain explicit. |
| Technology Enablement | We implement the data, workflow and control layer for the client team to operate. |
| Hybrid / Co-sourced | Execution and review are shared through a documented responsibility and escalation model. |
| Transition & Implementation | We mobilise the workflow during a launch, provider change or target-operating-model transition. |
Frequently asked questions
How deep can look-through go?
Only as deep as reliable underlying data permits. We make the available depth, source frequency and data-quality limitations visible.
Why is this valuable to family offices?
It can reveal duplicated/concentrated exposures across managers/funds.
Can other datasets be added?
Yes if definitions, permissions and source quality are controlled.
Discuss Exposure & Look-through Reporting
Start with one workflow, one operating issue or one provider transition. We will map the current process, responsibility boundaries, required data and a practical first engagement.