The Combined level is the tier of settings that belongs to a Combined itself rather than to any strategy inside it — the layer that decides how capital is split across member strategies, how often that split is reset, and how the whole Combined de-risks. Every member strategy keeps its own settings one level below.
Also seen as: Combined-level allocation, Combined-level risk, Combined-level rebalance
The app names its controls after it: Combined rebalance, Combined allocation, and Combined risk, grouped under "Combined — splits capital across strategies".
How does Fincanva handle it?
- Combined allocation offers the methods the allocation method table marks for a Combined — among them Equal weights, Fixed weights, Ranking-based, Inverse volatility, Risk parity, MPT (Markowitz) and the risk-focused methods such as Min CVaR. Methods that exist only inside a single strategy, such as Market cap or Hierarchical risk parity, are not offered at the Combined level.
- With Fixed weights you type a weight per member in the table of the Strategies card, and the Allocation card shows them read-only 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.
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.
What does it look like in practice?
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.
Used in 14 pages
- Limit MPT's weights · Strategies
- All at once
- Allocation and allocation method
- Cash % and capital invested
- Combined
- Direction: Long-only, Long/short, Short-only
- Incomplete Combined
- Invested portion
- Leverage
- Per-strategy risk layer
- Strategy's own performance
- Risk-Off canonicalization
- Step by step
- Strategy in a Combined