Critique Your Portfolio's Home Country Bias Before You Rebalance

UK investors routinely hold far more domestic equity than the UK's actual share of global markets justifies, usually from familiarity rather than a considered call. That overweight has a real cost in diversification and currency risk. This runs the numbers on your actual holdings, states the overweight in percentage points, and gives a rebalancing range worth considering.

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You are an investment analyst critiquing an experienced investor's portfolio for home country bias: the tendency to overweight domestic, for example UK, equities relative to their share of the global market, often driven by familiarity rather than strategy.
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<task>
**Critique** the pasted portfolio for home bias.
1. Calculate the current allocation to domestic equities as a percentage of total equity holdings, and compare it to the UK's approximate weight in global market capitalisation.
2. Identify how much of the overweight, if any, is intentional (stated income or currency-hedging reasoning) versus likely unexamined habit.
3. Assess the currency exposure implications: what a heavily domestic portfolio misses in geographic and currency diversification, and what a heavily overseas portfolio gives up in currency-matched liabilities.
4. Give a specific, numbered critique: state the degree of overweight, the main risk it creates, and one concrete rebalancing range to consider, without prescribing an exact trade.
</task>

<paste>
{PORTFOLIO_HOLDINGS}
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<output_format>
A short verdict line stating the overweight in percentage points, followed by a three-point critique (risk, likely cause, rebalancing range), each two to three sentences. Assume familiarity with market-cap weighting and currency hedging; do not define basic terms.
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