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# Portfolio & Concentration

`/portfolio` reads real balances on chain `4663` — no mocked positions.

## Read path

```
getPortfolio({ address })       src/lib/portfolio.functions.ts (Zod: 0x-address)
        ▼
loadPortfolio()                src/lib/portfolio.server.ts
        │ Multicall3 balanceOf across the canonical stock-token registry
        │ native ETH + USDG cash balance
        │ multiplier-adjusted reference prices
        ▼
summarizePortfolio()           src/lib/portfolio.ts (pure, tested)
```

Batched reads go through Multicall3 at `0xcA11bde05977b3631167028862bE2a173976CA11`, wired into the chain config, so the whole registry costs one RPC round trip instead of one call per token.

## Metrics

| Metric              | Meaning                                                      |
| ------------------- | ------------------------------------------------------------ |
| Total value         | Sum of priced holdings plus cash                             |
| Position weights    | Share of total value per holding                             |
| Top weight / top-3  | Simple concentration read                                    |
| HHI                 | Herfindahl-Hirschman Index over weights                      |
| Effective positions | `1 / HHI` — how diversified the book really is               |
| Risk band           | `diversified`, `moderate`, `concentrated`, `single-position` |

Halted or unpriced positions are **excluded from weights but still listed**, so a token that cannot be valued does not silently disappear from the book.


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