After Morningstar X-Ray: seeing what is inside your funds.

For years, the free way for a UK investor to see what a collection of funds added up to was Morningstar's Portfolio Manager and its X-Ray. In April 2025 Morningstar told users it was withdrawing both, and they went later that year. The question X-Ray answered has not gone away.

What the question is

A fund is one line on a platform statement, but it can hold thousands of companies in dozens of countries. Hold four or five funds across an ISA and a SIPP, plus a few shares directly, and nobody can say from the statements alone how much of the total is in the United States, in technology, or in dollars.

Those are not idle questions. A global index fund is weighted by the size of the companies in it, so most of its value is in the US and a large part of that in a handful of technology companies. Add an S&P 500 fund and some US shares, and the overlap can be far larger than the line-by-line view suggests.

Working it out yourself

• For each fund, take the breakdown by region, sector or currency from its latest factsheet.
• Multiply each percentage by what you hold in that fund, in pounds.
• Add your direct holdings in their own region, sector and currency: a UK share is UK, a US share is US and in dollars.
• Add the parts up and divide by the total.

Three things make this harder than it looks. Factsheets differ in how they define regions and sectors, so the categories do not always line up. Currency is the currency of what the fund owns, not the currency it is priced in: a global fund priced in pounds in London is still mostly a dollar holding, unless it is a currency-hedged share class. And everything outside funds (property, cash, private investments) belongs in the total too, or the percentages describe only part of what you own.

How Fairworth does it

Fairworth looks through every fund you hold and adds what is inside it to everything else you own: shares, gilts, property, private funds and cash. The Exposure view splits the whole by sector, geography and currency, and the Overview shows asset class, sector and currency side by side. A technology share you own directly and the technology inside a world tracker count towards the same total.

Each fund's breakdown is kept per share class (ISIN), so everyone holding the same fund sees the same split. Where the market-data provider publishes a fund's sector breakdown, it is used. Where it does not, and for a fund's regions and currencies, the split is estimated by AI from the fund's name and identifier; the model sees nothing about you or your holdings. A currency-hedged share class counts in the currency it is hedged to.

What Fairworth does not do is list the individual companies inside your funds or measure the overlap between two funds company by company. Exposure is by sector, region and currency.

Morningstar is named as a matter of public fact; this page is not affiliated with or endorsed by it. This page is information, not investment advice.