mariourquia Quarterly Portfolio Review
Workflow purpose
Roll the monthly AM outputs into a quarterly portfolio view. Narrative, not transactional. Provides the portfolio_manager, COO, CFO, and CEO with a view of trend, concentration, risk, and the board / investor story for the quarter.
Trigger conditions
- Explicit: "quarterly portfolio review", "Q2 portfolio pack", "board packet", "LP quarterly".
- Implicit: quarter close; fund calendar; watchlist distribution shift; concentration threshold crossed.
- Recurring: quarterly.
Inputs (required / optional)
| Input | Type | Required | Notes |
|---|---|---|---|
| AM reviews (3 months) | packs | required | from workflows/monthly_asset_management_review |
| Same-store set definition | yaml | required | frozen per quarter |
| Market references | csv | required | trend views |
| Watchlist scoring | yaml | required | |
| Fund-level debt schedule | yaml | required | for fund covenant view |
| Investor report template | md | required | overlay-driven |
| Board packet template | md | required | overlay-driven |
Outputs
| Output | Type | Shape |
|---|---|---|
| Portfolio KPI dashboard | dashboard |
same-store, market, watchlist, covenant |
| Trend narrative | memo |
quarter over quarter, year over year |
| Concentration review | memo |
market, segment, vintage |
| Watchlist movers | kpi_review |
top movers up / down |
| Capex program summary | kpi_review |
portfolio capex_spend_vs_plan, renovation_yield_on_cost |
| Board packet draft | operating_review |
|
| Investor / LP draft | memo |
Output contract
Final-marked output MUST follow _core/executive_output_contract.md:
verdict-first block (recommendation, 3-bullet rationale, confidence,
materiality, next action), source-class labels on every numeric cell
([operator] / [derived] / [benchmark] / [overlay] /
[placeholder]), and refusal-artifact shape when a required reference
is absent. Period-seal gate: required_period_seal.minimum_close_status = hard_close (see reference_manifest.yaml); this workflow refuses
if close_status is soft or draft at run time.
Required context
Asset_class, segment, market concentration, loan context.
Process
- Inherit AM outputs. Roll 3 months of AM reviews. Flag any missing.
- Same-store trend.
same_store_noi_growthquarter and trailing 4 quarters. - Concentration.
portfolio_concentration_market; segment and vintage concentration. - Watchlist distribution. Count by color and movers; top risk drivers.
- Covenant posture (fund-level). DSCR / DY cushion across loans; any breach runway?
- Capex. Portfolio
capex_spend_vs_plan; program-levelrenovation_yield_on_cost. - Lease-up status. Any asset still in lease-up;
stabilization_pace_vs_plan. - Forecast discipline. Portfolio
forecast_accuracy; systematic bias review. - Market trend commentary. Pull from
workflows/market_rent_refreshoutputs where available. - Board and investor drafts. Compose per overlay templates; open
approval_requestrows 15 / 16 for final submissions. - Confidence banner. All references surfaced with
as_of_dateandstatus.
Metrics used
See frontmatter.
Reference files used
reference/derived/role_kpi_targets.csvreference/normalized/occupancy_benchmarks__{market}_mf.csvreference/normalized/collections_benchmarks__{region}_mf.csvreference/normalized/watchlist_scoring.yamlreference/derived/same_store_set__{org}.yamlreference/normalized/approval_threshold_defaults.csv
Escalation points
- Portfolio concentration above threshold -> portfolio_manager -> executive.
- Fund-level covenant breach risk -> CFO.
- Board submission -> row 16.
Required approvals
- Board final submission (row 16).
- Investor / LP quarterly final submission (row 15).
Failure modes
- Quarterly narrative without citing trend references. Fix: every trend statement cites the source.
- Same-store set shifting quarter to quarter without note. Fix: same-store set versioned and frozen; any change logged.
- Board packet without approval. Fix: row 16 gate.
- Watchlist distribution without drivers. Fix: top risk drivers in every watchlist section.
Edge cases
- Fund mid-capital-raise: context note on capital deployment pace; does not alter operating narrative.
- Recent acquisition or disposition: same-store treatment per overlay; explicit exclusion note.
- Fund nearing harvest: disposition sensitivity view; pairs with
workflows/capital_project_intake_and_prioritizationfor any late-cycle capex. - Debt maturity wave in coming 12 months: refi runway table.
Example invocations
- "Run the Q2 2026 portfolio review; include watchlist movers and concentration."
- "Build the LP quarterly packet for the core fund."
- "Board packet for the residential portfolio, Q1 2026."
Example outputs
Output — Portfolio review (abridged, Q1 2026)
Same-store NOI growth. Within overlay band trailing 4 quarters.
Concentration. Charlotte weight within overlay threshold; other markets diversified per fund mandate.
Watchlist. Distribution by color; movers detailed with top drivers.
Covenant posture. Fund-level cushion adequate across loans; one loan on refi runway.
Capex program. Portfolio capex_spend_vs_plan within band; renovation_yield_on_cost at or above underwriting.
Lease-up. One asset in lease-up; stabilization_pace_vs_plan within band.
Forecast discipline. Portfolio forecast_accuracy within overlay band; no systematic bias flagged.
Board / LP. Draft prepared; approval_request row 15 and row 16 queued.
Confidence banner. References cited with as_of_date and status.