Preparing a holdings pack that actually helps a reviewer

The quality of a sentiment review tracks the quality of the intake. A custodial CSV without context forces the reviewer to guess which debates matter.

What to include

• Sleeve-level exposures across equities, rates, credit, and commodities (percentages are usually enough).
• Hard constraints: liquidity, mandate language, ESG screens, drawdown limits.
• Two or three open questions the committee is already arguing about.
• Any sleeves you want treated qualitatively (private credit, direct property).

What to leave out

Material non-public information. Personal account detail that is not part of the book under review. Exhaustive trade blotters from six months ago unless a specific crowding question requires them.

Timing

Send the pack when it is stable enough to brief against. Mid-rebalance chaos produces a memo that ages in days. If a large trade is imminent, say so — we will note it as a moving part rather than pretend the book is fixed.