Projecting readiness…
SMA-2048 · Private Client Portfolio Operations (synthetic)
The restricted buy is replaced by an in-group substitute. The impact on model deviation, cash, concentration, and projected tax is shown before a portfolio manager approves it with a reason.
Cost basis is still missing on the selected Palmetto Utilities lot.
Portfolio impact
Every figure is computed from the trusted position snapshot and the proposed trade set. Open the drawer for the formula behind each one.
Positions
Position state as of 2026-03-16 05:00 UTC from snapshot SNAP-CUSTODY-2026-03-16T05.
| Security | Sector | Quantity | Market value | Current | Target | Post-trade | Residual gap |
|---|---|---|---|---|---|---|---|
| PLMS Palmetto Utilities Inc | Utilities | 5,793 −1,415 | $412,751 | 10.70% | 8.60% | 8.60% | 0.00% |
| NVEX Novex Semiconductor Corp | Information Technology | 1,000 −326 | $412,500 | 11.40% | 8.60% | 8.59% | -0.01% |
| HLIO Helion Systems Inc | Information Technology | 1,451 −163 | $384,152 | 8.90% | 8.00% | 8.00% | 0.00% |
| VNTR Ventura Industrial Works | Industrials | 1,834 −69 | $384,040 | 8.30% | 8.00% | 8.00% | 0.00% |
| MRDN Meridian Health Group | Health Care | 2,146 −161 | $384,027 | 8.60% | 8.00% | 8.00% | 0.00% |
| BRWN Brownstone Financial Corp | Financials | 2,907 −73 | $384,015 | 8.20% | 8.00% | 8.00% | 0.00% |
| KESL Kestrel Software Group | Information Technology | 2,446 −68 | $345,620 | 7.40% | 7.20% | 7.20% | 0.00% |
| TLGR Tallgrass Consumer Brands | Consumer Staples | 5,773 −247 | $335,989 | 7.30% | 7.00% | 7.00% | 0.00% |
| QSTN Questa Networks Inc | Communication Services | 3,485 −50 | $335,954 | 7.10% | 7.00% | 7.00% | 0.00% |
| CLST Calyx Life Sciences | Health Care | 3,726 −55 | $326,398 | 6.90% | 6.80% | 6.80% | 0.00% |
| HRBR Harbor Mutual Bancorp | Financials | 4,232 | $316,765 | 6.60% | 6.60% | 6.60% | 0.00% |
| STRA Stratus Semiconductor Ltd | Information Technology | 1,581 −77 | $297,544 | 6.50% | 6.20% | 6.20% | 0.00% |
| KLDR Kilder Energy Resources | Energy | 4,296 +4,296 | $220,814 | 0.00% | 0.00% | 4.60% | +4.60% |
| ORCH Orchard Foods Co | Consumer Staples | 3,575 +3,575 | $163,199 | 0.00% | 3.40% | 3.40% | 0.00% |
| USD.CASH US dollar cash balance | Cash | — | $96,251 | 2.10% | 2.00% | 2.01% | +0.01% |
| CDRP Cedar Point Energy Corp | Energy | 0 | $0 | 0.00% | 4.60% | 0.00% | -4.60% |
Approved substitution
The projection is re-run against the trade set that would have existed without the swap, so the cost of complying with the restriction is explicit rather than implied.
CDRP was replaced by KLDR at equivalent value.
Substitute for the restricted Cedar Point Energy buy, taken from the same model substitute group (US_LC_ENERGY) at equivalent value.
| Measure | Without the substitution | With the substitution | Change |
|---|---|---|---|
| Model deviation (post-trade) | 0.01% | 4.61% | +4.60% |
| Residual cash | $96,235 | $96,251 | +$16 |
| Largest single name | PLMS 8.60% | PLMS 8.60% | 0.00% |
| Largest sector | Information Technology 29.99% | Information Technology 29.99% | 0.00% |
| Projected realized result | Unknown | Unknown | not computable |
Proposed trades
A proposal, not an order. Nothing here has been created, routed, or executed.
| Trade | Security | Side | Quantity | Reference price | Estimated value | Reason |
|---|---|---|---|---|---|---|
| TRD-001 | NVEX Novex Semiconductor Corp | SELL | 326 | $412.50 | $134,475 | Trim overweight toward model target; highest-cost lot first. |
| TRD-002 | HLIO Helion Systems Inc | SELL | 163 | $264.75 | $43,154 | Trim overweight toward model target; highest-cost lot first. |
| TRD-003 | KESL Kestrel Software Group | SELL | 68 | $141.30 | $9,608 | Trim to model target. |
| TRD-004 | STRA Stratus Semiconductor Ltd | SELL | 77 | $188.20 | $14,491 | Trim to model target; highest-cost lot first. |
| TRD-005 | QSTN Questa Networks Inc | SELL | 50 | $96.40 | $4,820 | Trim to model target. |
| TRD-006 | MRDN Meridian Health Group | SELL | 161 | $178.95 | $28,811 | Trim to model target; highest-cost lot realizes a loss. |
| TRD-007 | CLST Calyx Life Sciences | SELL | 55 | $87.60 | $4,818 | Trim to model target; highest-cost lot first. |
| TRD-008 | BRWN Brownstone Financial Corp | SELL | 73 | $132.10 | $9,643 | Trim to model target. |
| TRD-009 | TLGR Tallgrass Consumer Brands | SELL | 247 | $58.20 | $14,375 | Trim to model target. |
| TRD-010 | VNTR Ventura Industrial Works | SELL | 69 | $209.40 | $14,449 | Trim to model target; highest-cost lot first. |
| TRD-011 | PLMS Palmetto Utilities Inc | SELL | 1,415 | $71.25 | $100,819 | Trim overweight; selection engine assumed the transferred 2025 lot carried the highest cost. |
| TRD-013 | ORCH Orchard Foods Co | BUY | 3,575 | $45.65 | $163,199 | Establish the model staples position. |
| TRD-014substitute | KLDR Kilder Energy Resources | BUY | 4,296 | $51.40 | $220,814 | Substitute for the restricted Cedar Point Energy buy, taken from the same model substitute group (US_LC_ENERGY) at equivalent value. |
Tax lots
A missing basis is shown as unknown. It is never treated as a zero cost or a zero gain.
| Lot | Security | Acquired | Quantity | Unit cost | Proceeds | Realized | Basis status |
|---|---|---|---|---|---|---|---|
| LOT-BRWN-2 | BRWN | 2024-12-12 | 73 | $118.35 | $9,643 | +$1,004 | confirmed |
| LOT-CLST-2 | CLST | 2025-03-20 | 55 | $102.40 | $4,818 | -$814 | confirmed |
| LOT-HLIO-3 | HLIO | 2025-11-19 | 163 | $288.10 | $43,154 | -$3,806 | confirmed |
| LOT-KESL-1 | KESL | 2022-11-15 | 68 | $96.10 | $9,608 | +$3,074 | confirmed |
| LOT-MRDN-2 | MRDN | 2025-12-04 | 161 | $196.30 | $28,811 | -$2,793 | confirmed |
| LOT-NVEX-3 | NVEX | 2025-08-14 | 326 | $455.20 | $134,475 | -$13,920 | confirmed |
| LOT-PLMS-3 | PLMS | 2025-06-18 | 1,415 | unknown | $100,819 | Unknown | missing |
| LOT-QSTN-1 | QSTN | 2023-05-22 | 50 | $61.20 | $4,820 | +$1,760 | confirmed |
| LOT-STRA-2 | STRA | 2025-09-08 | 77 | $205.60 | $14,491 | -$1,340 | confirmed |
| LOT-TLGR-2 | TLGR | 2024-08-19 | 247 | $49.80 | $14,375 | +$2,075 | confirmed |
| LOT-VNTR-2 | VNTR | 2025-01-30 | 69 | $231.75 | $14,449 | -$1,542 | confirmed |