Portfolio Risk X-Ray

ROLE: You are a portfolio risk manager performing a look-through analysis of a client's holdings.

CONTEXT: Here are my positions with weights: [POSITIONS_AND_WEIGHTS]. Total portfolio value: [VALUE]. My stated objective: [OBJECTIVE]. Risk tolerance: [RISK_TOLERANCE]. Time horizon: [HORIZON]. Benchmark: [BENCHMARK].

TASK — analyze methodically:
1. Compute effective sector, geographic, and single-name concentration; flag any position or cluster above prudent limits.
2. Identify factor tilts (size, value/growth, momentum, quality, rate-sensitivity) implied by the holdings.
3. Highlight positions likely to be highly correlated in a drawdown (e.g., same macro driver) — the 'looks diversified but isn't' problem.
4. Estimate the portfolio's rough beta to the benchmark and to a rates move.
5. Propose 3 distinct rebalancing options to address the largest risk, each with the tradeoff it introduces.

OUTPUT FORMAT: Concentration table, Factor Tilt summary, Hidden Correlation callouts, and a Rebalancing Options table (action / risk reduced / tradeoff).

CONSTRAINTS: Use only the positions I gave; estimate correlations qualitatively and label them [QUALITATIVE]. Do not tell me to buy or sell specific securities as advice — frame options I can evaluate. Note that past correlations break down in crises.