Begin with the reporting month
Holdings usually describe a reporting-period snapshot. The latest NAV can have a more recent date. Both are useful, but they answer different questions.
Know the disclosure boundary
A report may disclose only top positions. The rest of the portfolio is unobserved in that table. A position disappearing from a top-holdings list is not proof that the fund sold it.
Weights can be percentages of net, total or gross assets. Compare only compatible denominators. Changes are expressed in percentage points when comparing portfolio weights.
Follow history and sources
Use the month selector to inspect earlier observations. Compare exact disclosed names carefully, and open the original report when a name, unit or asset category is uncertain.
Two funds with few matching disclosed positions may still share substantial exposure in the unobserved portion. Observed overlap is not a guarantee of diversification.
Put the explanation to work.
Open the corresponding research view with the context in mind.
Independent research education. Data and methods: ILovePSX methodology · SECP risk explanations ↗