Sharesight and ChatGPT Ideas

I’m still contemplating on possibly utilizing Sharesight as a tool for our Portfolio. However, after watching more recent videos, as well as testing some of my results on the tool, it’s not perfect.

I do think that the Exposure Report is cool, where we can see our how our funds are overlapping with the ETFs. ChatGPT, if used correctly, can show the same details.

Benchmarking with other ETFs might come in handy, but I never found the need to benchmark as our portfolio goals are independent and self sufficient, so there’s no purpose in having the need to benchmark.

Regarding creating several portfolios, this feature might be beneficial. For instance, our current EFI portfolio focuses on Income and ETFs. That’s 2 right there. KFI-BInvT is Income and ETFs. That’s another 2. KSuper is Income and ETFs. That’s another 2. ESuper is Income and ETFs. That’s another 2. That makes a total of 8 portfolios.

One of the main issues that I see with Sharesight is they lack automation of trades. Currently, they allow for importing the files, or you can manually input them. Both of these features aren’t sustainable in the long run, especially those who have many accounts or heavier volume.

I also use lot trades methods, so there’s no method for me to offset lot trades when I make a Sell order, so in essence, the realized and unrealized capital gains calculations will be off as I don’t always use the FIFO method.

I haven’t yet tested DRPs method on Sharesight, but currently we’ve opted to use DRPs in KSuper and ESuper only, and not for EFI and KFI-BInvT.

Regarding tax calculations, I’m in the lower tax bracket, so there’s no way that Sharesight would understand having low % taxes when calculating my tax return. However, ESuper has fixed taxes at 15%.

I’ve tested on importing all of my trades yesterday from the Westpac trading platform. Trades were from as far back as 2018. After breaking the files into smaller sections so that it can upload, after importing, came up with almost all reconciliation errors on my balances. Only thing I can think of is that prior to using Westpac, I used ANZ Share Investing. After ANZ updated their website and created a bunch of bugs that they couldn’t fix as it prevented me from making any trades, I forced transfer our holdings through CHESS from ANZ to Westpac. Pretty much means our beginning balances wouldn’t be zero since we had existing/carry forward positions. Would take me more time and effort to reconcile everything, so I decided to delete the whole portfolio.

I’ll do more due diligence later.