Combined level

Also seen as: Combined-level allocation, Combined-level risk, Combined-level rebalance

What settings live at the Combined level?

Four groups live at the Combined level, and only these four: Strategies (which strategies are members, and their weights), Combined rebalance (how often the capital split is reset — see rebalance), Combined allocation ("How capital is split across strategies"), and Combined risk ("De-risk the whole Combined when markets turn"). Everything else — the instruments, the per-instrument weighting, the position exits — belongs to each member strategy, not to the Combined.

How do the Combined level and the strategy level differ?

They are two independent layers, applied one after the other: the Combined level splits capital across member strategies, and each member's own allocation then weights instruments inside its share. Fincanva applies both and never collapses them into one. So changing a member's own allocation does not change how much capital that member receives, and changing the Combined allocation does not change what any member holds.

Defaults in Fincanva

• Combined allocation offers six methods: Equal Weights, Fixed Allocation, Ranking-Based, Inverse Volatility, Risk Parity, and MPT (Markowitz). Methods that exist only inside a single strategy, such as Market Cap, are not offered at the Combined level.
• With Fixed Allocation you set a weight per member under "Strategy weights"; the raw weights need not add up to 100, because they are normalized.
• Invested portion sets the share of capital the Combined deploys; whatever is not deployed stays as cash.
• Combined risk switches the whole Combined to its Risk-Off allocation when its conditions are met — it does not pause or stop the Combined. See risk conditions.
• The Combined level has no instruments and no position exits of its own; those exist only inside member strategies.

Worked example

A Combined holds three member strategies and starts from 30,000. Its Combined allocation is Equal Weights, so the Combined level hands each member an equal third — 10,000 each. What happens to each 10,000 is decided one level down: the first member weights its five stocks equally at 2,000 apiece, the second uses Inverse Volatility across its holdings, and the third holds a single ETP for its whole 10,000. Switch the Combined allocation to Risk Parity and the three shares stop being equal, but each member's internal weighting is untouched — the two levels moved independently.