diff --git a/tests/portfolio/test_repository.py b/tests/portfolio/test_repository.py
index 958d93b9..6db72cac 100644
--- a/tests/portfolio/test_repository.py
+++ b/tests/portfolio/test_repository.py
@@ -21,7 +21,13 @@ from tradingagents.portfolio.exceptions import (
 )
 from tradingagents.portfolio.models import Holding, Portfolio, Trade
 from tradingagents.portfolio.repository import PortfolioRepository
-from tests.portfolio.conftest import requires_supabase
+
+# Define skip marker inline — avoids problematic absolute import from conftest
+import os
+requires_supabase = pytest.mark.skipif(
+    not os.getenv("SUPABASE_CONNECTION_STRING"),
+    reason="SUPABASE_CONNECTION_STRING not set -- skipping integration tests",
+)
 
 
 # ---------------------------------------------------------------------------
diff --git a/tests/portfolio/test_risk_metrics.py b/tests/portfolio/test_risk_metrics.py
new file mode 100644
index 00000000..485247d2
--- /dev/null
+++ b/tests/portfolio/test_risk_metrics.py
@@ -0,0 +1,507 @@
+"""Tests for tradingagents/portfolio/risk_metrics.py.
+
+Coverage:
+- Happy-path: all metrics computed from sufficient data
+- Sharpe / Sortino: correct annualisation, sign, edge cases
+- VaR: 5th-percentile logic
+- Max drawdown: correct peak-to-trough
+- Beta: covariance / variance calculation
+- Sector concentration: weighted from holdings_snapshot
+- Insufficient data: returns None gracefully
+- Single snapshot: n_days = 0, all None
+- Type validation: raises TypeError for non-PortfolioSnapshot input
+
+Run::
+
+    pytest tests/portfolio/test_risk_metrics.py -v
+"""
+
+from __future__ import annotations
+
+import math
+
+import pytest
+
+from tradingagents.portfolio.models import PortfolioSnapshot
+from tradingagents.portfolio.risk_metrics import (
+    _daily_returns,
+    _mean,
+    _percentile,
+    _std,
+    compute_risk_metrics,
+)
+
+
+# ---------------------------------------------------------------------------
+# Helper factories
+# ---------------------------------------------------------------------------
+
+
+def make_snapshot(
+    total_value: float,
+    date: str = "2026-01-01",
+    holdings: list[dict] | None = None,
+    portfolio_id: str = "pid",
+) -> PortfolioSnapshot:
+    """Create a minimal PortfolioSnapshot for testing."""
+    return PortfolioSnapshot(
+        snapshot_id="snap-1",
+        portfolio_id=portfolio_id,
+        snapshot_date=date,
+        total_value=total_value,
+        cash=0.0,
+        equity_value=total_value,
+        num_positions=len(holdings) if holdings else 0,
+        holdings_snapshot=holdings or [],
+    )
+
+
+def nav_snapshots(nav_values: list[float]) -> list[PortfolioSnapshot]:
+    """Build a list of snapshots from NAV values, one per day."""
+    return [
+        make_snapshot(v, date=f"2026-01-{i + 1:02d}")
+        for i, v in enumerate(nav_values)
+    ]
+
+
+# ---------------------------------------------------------------------------
+# Internal helper tests
+# ---------------------------------------------------------------------------
+
+
+class TestDailyReturns:
+    def test_single_step(self):
+        assert _daily_returns([100.0, 110.0]) == pytest.approx([0.1])
+
+    def test_multi_step(self):
+        r = _daily_returns([100.0, 110.0, 99.0])
+        assert r[0] == pytest.approx(0.1)
+        assert r[1] == pytest.approx((99.0 - 110.0) / 110.0)
+
+    def test_zero_previous_returns_zero(self):
+        r = _daily_returns([0.0, 100.0])
+        assert r == [0.0]
+
+    def test_empty_list(self):
+        assert _daily_returns([]) == []
+
+    def test_one_element(self):
+        assert _daily_returns([100.0]) == []
+
+
+class TestMean:
+    def test_basic(self):
+        assert _mean([1.0, 2.0, 3.0]) == pytest.approx(2.0)
+
+    def test_single(self):
+        assert _mean([5.0]) == pytest.approx(5.0)
+
+    def test_empty_raises(self):
+        with pytest.raises(ValueError, match="empty"):
+            _mean([])
+
+
+class TestStd:
+    def test_sample_std(self):
+        # [1, 2, 3] sample std = sqrt(1) = 1
+        assert _std([1.0, 2.0, 3.0]) == pytest.approx(1.0)
+
+    def test_zero_variance(self):
+        assert _std([5.0, 5.0, 5.0]) == pytest.approx(0.0)
+
+    def test_insufficient_data_returns_zero(self):
+        assert _std([1.0], ddof=1) == 0.0
+
+
+class TestPercentile:
+    def test_median(self):
+        assert _percentile([1.0, 2.0, 3.0, 4.0, 5.0], 50) == pytest.approx(3.0)
+
+    def test_5th_percentile_all_equal(self):
+        assert _percentile([0.01] * 10, 5) == pytest.approx(0.01)
+
+    def test_0th_percentile_is_min(self):
+        assert _percentile([3.0, 1.0, 2.0], 0) == pytest.approx(1.0)
+
+    def test_100th_percentile_is_max(self):
+        assert _percentile([3.0, 1.0, 2.0], 100) == pytest.approx(3.0)
+
+    def test_empty_raises(self):
+        with pytest.raises(ValueError):
+            _percentile([], 50)
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — type validation
+# ---------------------------------------------------------------------------
+
+
+class TestTypeValidation:
+    def test_non_snapshot_raises_type_error(self):
+        with pytest.raises(TypeError, match="PortfolioSnapshot"):
+            compute_risk_metrics([{"total_value": 100.0}])  # type: ignore[list-item]
+
+    def test_mixed_list_raises(self):
+        snap = make_snapshot(100.0)
+        with pytest.raises(TypeError):
+            compute_risk_metrics([snap, "not-a-snapshot"])  # type: ignore[list-item]
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — insufficient data
+# ---------------------------------------------------------------------------
+
+
+class TestInsufficientData:
+    def test_empty_list(self):
+        result = compute_risk_metrics([])
+        assert result["sharpe"] is None
+        assert result["sortino"] is None
+        assert result["var_95"] is None
+        assert result["max_drawdown"] is None
+        assert result["beta"] is None
+        assert result["sector_concentration"] == {}
+        assert result["return_stats"]["n_days"] == 0
+
+    def test_single_snapshot(self):
+        result = compute_risk_metrics([make_snapshot(100_000.0)])
+        assert result["sharpe"] is None
+        assert result["sortino"] is None
+        assert result["var_95"] is None
+        assert result["max_drawdown"] is None
+        assert result["return_stats"]["n_days"] == 0
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — Sharpe ratio
+# ---------------------------------------------------------------------------
+
+
+class TestSharpe:
+    def test_zero_std_returns_none(self):
+        # All identical NAV → zero std → Sharpe cannot be computed
+        snaps = nav_snapshots([100.0, 100.0, 100.0, 100.0])
+        result = compute_risk_metrics(snaps)
+        assert result["sharpe"] is None
+
+    def test_positive_trend_positive_sharpe(self):
+        # Uniformly rising NAV → positive mean return, positive Sharpe
+        nav = [100.0 * (1.001 ** i) for i in range(30)]
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        assert result["sharpe"] is not None
+        assert result["sharpe"] > 0.0
+
+    def test_negative_trend_negative_sharpe(self):
+        nav = [100.0 * (0.999 ** i) for i in range(30)]
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        assert result["sharpe"] is not None
+        assert result["sharpe"] < 0.0
+
+    def test_annualisation_factor(self):
+        # Manually verify: r = [0.01, 0.01, -0.005]
+        # mean = 0.005, std = std([0.01, 0.01, -0.005], ddof=1)
+        # sharpe = mean / std * sqrt(252)
+        returns = [0.01, 0.01, -0.005]
+        mu = sum(returns) / len(returns)
+        variance = sum((r - mu) ** 2 for r in returns) / (len(returns) - 1)
+        sigma = math.sqrt(variance)
+        expected = mu / sigma * math.sqrt(252)
+
+        # Build snapshots that produce exactly these returns
+        navs = [100.0]
+        for r in returns:
+            navs.append(navs[-1] * (1 + r))
+        snaps = nav_snapshots(navs)
+        result = compute_risk_metrics(snaps)
+        assert result["sharpe"] == pytest.approx(expected, rel=1e-4)
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — Sortino ratio
+# ---------------------------------------------------------------------------
+
+
+class TestSortino:
+    def test_no_downside_returns_none(self):
+        # All positive returns → no downside → Sortino = None
+        nav = [100.0, 101.0, 102.5, 104.0, 106.0]
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        # No negative returns in this series → sortino is None
+        assert result["sortino"] is None
+
+    def test_mixed_returns_yields_sortino(self):
+        # Volatile up/down series
+        nav = [100.0, 105.0, 98.0, 103.0, 101.0, 107.0, 99.0, 104.0]
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        # Should compute when there are downside returns
+        assert result["sortino"] is not None
+
+    def test_sortino_greater_than_sharpe_for_skewed_up_distribution(self):
+        # Many small up returns, few large down returns
+        # In a right-skewed return series, Sortino > Sharpe
+        nav = [100.0]
+        for _ in range(25):
+            nav.append(nav[-1] * 1.003)   # small daily gain
+        # Add a few moderate losses
+        for _ in range(5):
+            nav.append(nav[-1] * 0.988)
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        if result["sharpe"] is not None and result["sortino"] is not None:
+            assert result["sortino"] > result["sharpe"]
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — VaR
+# ---------------------------------------------------------------------------
+
+
+class TestVaR:
+    def test_insufficient_data_returns_none(self):
+        snaps = nav_snapshots([100.0, 101.0, 102.0, 103.0])  # only 3 returns
+        result = compute_risk_metrics(snaps)
+        assert result["var_95"] is None
+
+    def test_var_is_non_negative(self):
+        nav = [100.0 + i * 0.5 + ((-1) ** i) * 3 for i in range(40)]
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        assert result["var_95"] is not None
+        assert result["var_95"] >= 0.0
+
+    def test_var_near_zero_for_stable_portfolio(self):
+        # Very low volatility → VaR close to 0
+        nav = [100_000.0 + i * 10 for i in range(30)]
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        # Returns are essentially constant positive → VaR ≈ 0
+        assert result["var_95"] is not None
+        assert result["var_95"] < 0.001
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — Max drawdown
+# ---------------------------------------------------------------------------
+
+
+class TestMaxDrawdown:
+    def test_no_drawdown(self):
+        # Monotonically increasing NAV
+        nav = [100.0 + i for i in range(10)]
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        assert result["max_drawdown"] == pytest.approx(0.0)
+
+    def test_simple_drawdown(self):
+        # Peak=200, trough=100 → drawdown = (100-200)/200 = -0.5
+        nav = [100.0, 150.0, 200.0, 150.0, 100.0]
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        assert result["max_drawdown"] == pytest.approx(-0.5, rel=1e-4)
+
+    def test_recovery_still_records_worst(self):
+        # Goes down then recovers
+        nav = [100.0, 80.0, 90.0, 110.0]
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps)
+        # Worst trough: 80/100 - 1 = -0.2
+        assert result["max_drawdown"] == pytest.approx(-0.2, rel=1e-4)
+
+    def test_two_snapshots(self):
+        snaps = nav_snapshots([100.0, 90.0])
+        result = compute_risk_metrics(snaps)
+        assert result["max_drawdown"] == pytest.approx(-0.1, rel=1e-4)
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — Beta
+# ---------------------------------------------------------------------------
+
+
+class TestBeta:
+    def test_no_benchmark_returns_none(self):
+        snaps = nav_snapshots([100.0, 102.0, 101.0, 103.0, 104.0])
+        result = compute_risk_metrics(snaps, benchmark_returns=None)
+        assert result["beta"] is None
+
+    def test_empty_benchmark_returns_none(self):
+        snaps = nav_snapshots([100.0, 102.0, 101.0, 103.0, 104.0])
+        result = compute_risk_metrics(snaps, benchmark_returns=[])
+        assert result["beta"] is None
+
+    def test_perfect_correlation_beta_one(self):
+        # Portfolio returns = benchmark returns → beta = 1
+        nav = [100.0, 102.0, 101.0, 103.5, 105.0]
+        snaps = nav_snapshots(nav)
+        returns = [(nav[i] - nav[i - 1]) / nav[i - 1] for i in range(1, len(nav))]
+        result = compute_risk_metrics(snaps, benchmark_returns=returns)
+        assert result["beta"] == pytest.approx(1.0, rel=1e-4)
+
+    def test_double_beta(self):
+        # Portfolio returns = 2 × benchmark → beta ≈ 2
+        bench = [0.01, -0.005, 0.008, 0.002, -0.003]
+        port_returns = [r * 2 for r in bench]
+        # Build NAV from port_returns
+        nav = [100.0]
+        for r in port_returns:
+            nav.append(nav[-1] * (1 + r))
+        snaps = nav_snapshots(nav)
+        result = compute_risk_metrics(snaps, benchmark_returns=bench)
+        assert result["beta"] == pytest.approx(2.0, rel=1e-3)
+
+    def test_zero_variance_benchmark_returns_none(self):
+        bench = [0.0, 0.0, 0.0, 0.0]
+        snaps = nav_snapshots([100.0, 101.0, 102.0, 103.0, 104.0])
+        result = compute_risk_metrics(snaps, benchmark_returns=bench)
+        assert result["beta"] is None
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — Sector concentration
+# ---------------------------------------------------------------------------
+
+
+class TestSectorConcentration:
+    def test_empty_holdings(self):
+        snap = make_snapshot(100_000.0, holdings=[])
+        result = compute_risk_metrics([snap, make_snapshot(105_000.0)])
+        assert result["sector_concentration"] == {}
+
+    def test_single_sector(self):
+        holdings = [
+            {"ticker": "AAPL", "shares": 100, "avg_cost": 150.0, "sector": "Technology"},
+        ]
+        # Sector concentration reads from the LAST snapshot
+        last_snap = make_snapshot(100_000.0, holdings=holdings)
+        result = compute_risk_metrics([make_snapshot(98_000.0), last_snap])
+        # Technology weight = (100 * 150) / 100_000 * 100 = 15 %
+        assert "Technology" in result["sector_concentration"]
+        assert result["sector_concentration"]["Technology"] == pytest.approx(15.0, rel=0.01)
+
+    def test_multiple_sectors_sum_to_equity_fraction(self):
+        holdings = [
+            {"ticker": "AAPL", "shares": 100, "avg_cost": 100.0, "sector": "Technology"},
+            {"ticker": "JPM",  "shares": 50,  "avg_cost": 200.0, "sector": "Financials"},
+        ]
+        total_nav = 100_000.0
+        last_snap = make_snapshot(total_nav, holdings=holdings)
+        result = compute_risk_metrics([make_snapshot(99_000.0), last_snap])
+        conc = result["sector_concentration"]
+        assert "Technology" in conc
+        assert "Financials" in conc
+        # Technology: 10_000 / 100_000 = 10 %
+        assert conc["Technology"] == pytest.approx(10.0, rel=0.01)
+        # Financials: 10_000 / 100_000 = 10 %
+        assert conc["Financials"] == pytest.approx(10.0, rel=0.01)
+
+    def test_uses_current_value_when_available(self):
+        holdings = [
+            {
+                "ticker": "AAPL",
+                "shares": 100,
+                "avg_cost": 100.0,
+                "current_value": 20_000.0,  # current, not cost
+                "sector": "Technology",
+            },
+        ]
+        last_snap = make_snapshot(100_000.0, holdings=holdings)
+        result = compute_risk_metrics([make_snapshot(98_000.0), last_snap])
+        # current_value preferred: 20_000 / 100_000 * 100 = 20 %
+        assert result["sector_concentration"]["Technology"] == pytest.approx(20.0, rel=0.01)
+
+    def test_missing_sector_defaults_to_unknown(self):
+        holdings = [
+            {"ticker": "AAPL", "shares": 100, "avg_cost": 100.0},  # no sector key
+        ]
+        last_snap = make_snapshot(100_000.0, holdings=holdings)
+        result = compute_risk_metrics([make_snapshot(100_000.0), last_snap])
+        assert "Unknown" in result["sector_concentration"]
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — return_stats
+# ---------------------------------------------------------------------------
+
+
+class TestReturnStats:
+    def test_n_days_matches_returns_length(self):
+        snaps = nav_snapshots([100.0, 102.0, 101.0])
+        result = compute_risk_metrics(snaps)
+        assert result["return_stats"]["n_days"] == 2
+
+    def test_mean_and_std_present(self):
+        snaps = nav_snapshots([100.0, 102.0, 101.0, 103.5])
+        result = compute_risk_metrics(snaps)
+        stats = result["return_stats"]
+        assert stats["mean_daily"] is not None
+        assert stats["std_daily"] is not None
+
+    def test_empty_stats(self):
+        result = compute_risk_metrics([])
+        stats = result["return_stats"]
+        assert stats["mean_daily"] is None
+        assert stats["std_daily"] is None
+        assert stats["n_days"] == 0
+
+
+# ---------------------------------------------------------------------------
+# compute_risk_metrics — full integration scenario
+# ---------------------------------------------------------------------------
+
+
+class TestFullScenario:
+    def test_90_day_realistic_portfolio(self):
+        """90-day NAV series with realistic up/down patterns."""
+        import random
+
+        random.seed(42)
+        nav = [100_000.0]
+        for _ in range(89):
+            daily_r = random.gauss(0.0005, 0.01)  # ~12.5 % annual, 10 % vol
+            nav.append(nav[-1] * (1 + daily_r))
+
+        bench_returns = [random.gauss(0.0004, 0.009) for _ in range(89)]
+
+        holdings = [
+            {"ticker": "AAPL", "shares": 100, "avg_cost": 175.0, "sector": "Technology"},
+            {"ticker": "JPM",  "shares": 50,  "avg_cost": 200.0, "sector": "Financials"},
+        ]
+        snaps = []
+        for i, v in enumerate(nav):
+            h = holdings if i == len(nav) - 1 else []
+            snaps.append(
+                PortfolioSnapshot(
+                    snapshot_id=f"snap-{i}",
+                    portfolio_id="pid",
+                    snapshot_date=f"2026-01-{i + 1:02d}" if i < 31 else f"2026-02-{i - 30:02d}" if i < 59 else f"2026-03-{i - 58:02d}",
+                    total_value=v,
+                    cash=0.0,
+                    equity_value=v,
+                    num_positions=2,
+                    holdings_snapshot=h,
+                )
+            )
+
+        result = compute_risk_metrics(snaps, benchmark_returns=bench_returns)
+
+        # All key metrics should be present
+        assert result["sharpe"] is not None
+        assert result["sortino"] is not None
+        assert result["var_95"] is not None
+        assert result["max_drawdown"] is not None
+        assert result["beta"] is not None
+        assert result["return_stats"]["n_days"] == 89
+
+        # Sector concentration from last snapshot
+        assert "Technology" in result["sector_concentration"]
+        assert "Financials" in result["sector_concentration"]
+
+        # Sanity bounds
+        assert -10.0 < result["sharpe"] < 10.0
+        assert result["max_drawdown"] <= 0.0
+        assert result["var_95"] >= 0.0
+        assert result["beta"] > 0.0  # should be positive for realistic market data
diff --git a/tests/unit/test_portfolio_tools.py b/tests/unit/test_portfolio_tools.py
new file mode 100644
index 00000000..6ddade5b
--- /dev/null
+++ b/tests/unit/test_portfolio_tools.py
@@ -0,0 +1,424 @@
+"""Tests for tradingagents/agents/utils/portfolio_tools.py.
+
+All tests use in-memory / temporary-filesystem data — no Supabase DB required.
+
+Coverage:
+- get_enriched_holdings: happy path, missing price, invalid JSON, empty list
+- compute_portfolio_risk_metrics: happy path, insufficient data, invalid JSON
+- load_portfolio_risk_metrics: file present, file missing, invalid JSON input
+- load_portfolio_decision: file present, file missing
+
+Run::
+
+    pytest tests/unit/test_portfolio_tools.py -v
+"""
+
+from __future__ import annotations
+
+import json
+import os
+from pathlib import Path
+
+import pytest
+
+from tradingagents.agents.utils.portfolio_tools import (
+    compute_portfolio_risk_metrics,
+    get_enriched_holdings,
+    load_portfolio_decision,
+    load_portfolio_risk_metrics,
+)
+from tradingagents.portfolio.models import Holding, Portfolio, PortfolioSnapshot
+from tradingagents.portfolio.report_store import ReportStore
+
+
+# ---------------------------------------------------------------------------
+# Fixtures
+# ---------------------------------------------------------------------------
+
+
+PORTFOLIO_ID = "aaaa1111-0000-0000-0000-000000000001"
+DATE = "2026-03-20"
+
+
+@pytest.fixture
+def sample_holdings_list() -> list[dict]:
+    return [
+        {
+            "holding_id": "h1",
+            "portfolio_id": PORTFOLIO_ID,
+            "ticker": "AAPL",
+            "shares": 100.0,
+            "avg_cost": 150.0,
+            "sector": "Technology",
+            "industry": "Consumer Electronics",
+            "created_at": "",
+            "updated_at": "",
+        },
+        {
+            "holding_id": "h2",
+            "portfolio_id": PORTFOLIO_ID,
+            "ticker": "MSFT",
+            "shares": 50.0,
+            "avg_cost": 300.0,
+            "sector": "Technology",
+            "industry": "Software",
+            "created_at": "",
+            "updated_at": "",
+        },
+    ]
+
+
+@pytest.fixture
+def sample_prices() -> dict[str, float]:
+    return {"AAPL": 182.50, "MSFT": 420.00}
+
+
+@pytest.fixture
+def sample_snapshots() -> list[dict]:
+    """30 snapshot dicts for risk metrics computation."""
+    navs = [100_000.0 * (1.001 ** i) for i in range(30)]
+    return [
+        {
+            "snapshot_id": f"snap-{i}",
+            "portfolio_id": PORTFOLIO_ID,
+            "snapshot_date": f"2026-02-{i + 1:02d}",
+            "total_value": v,
+            "cash": 0.0,
+            "equity_value": v,
+            "num_positions": 2,
+            "holdings_snapshot": [],
+            "metadata": {},
+        }
+        for i, v in enumerate(navs)
+    ]
+
+
+@pytest.fixture
+def tmp_reports(tmp_path: Path) -> Path:
+    """Temporary reports directory backed by pytest tmp_path."""
+    d = tmp_path / "reports"
+    d.mkdir()
+    return d
+
+
+# ---------------------------------------------------------------------------
+# Tests: get_enriched_holdings
+# ---------------------------------------------------------------------------
+
+
+class TestGetEnrichedHoldings:
+    def test_happy_path_returns_enriched_data(
+        self, sample_holdings_list, sample_prices
+    ):
+        result_str = get_enriched_holdings.invoke(
+            {
+                "holdings_json": json.dumps(sample_holdings_list),
+                "prices_json": json.dumps(sample_prices),
+                "portfolio_cash": 10_000.0,
+            }
+        )
+        result = json.loads(result_str)
+
+        assert "holdings" in result
+        assert "portfolio_summary" in result
+        assert len(result["holdings"]) == 2
+
+        aapl = next(h for h in result["holdings"] if h["ticker"] == "AAPL")
+        assert aapl["current_price"] == pytest.approx(182.50)
+        assert aapl["current_value"] == pytest.approx(182.50 * 100.0)
+        assert aapl["cost_basis"] == pytest.approx(150.0 * 100.0)
+        assert aapl["unrealized_pnl"] == pytest.approx((182.50 - 150.0) * 100.0)
+
+        summary = result["portfolio_summary"]
+        equity = 182.50 * 100 + 420.0 * 50
+        total = 10_000.0 + equity
+        assert summary["total_value"] == pytest.approx(total)
+        assert summary["cash"] == pytest.approx(10_000.0)
+        assert summary["cash_pct"] == pytest.approx(10_000.0 / total)
+
+    def test_holding_with_missing_price_has_none_enrichment(
+        self, sample_holdings_list
+    ):
+        # Only AAPL price provided — MSFT enrichment should remain None
+        prices = {"AAPL": 182.50}
+        result_str = get_enriched_holdings.invoke(
+            {
+                "holdings_json": json.dumps(sample_holdings_list),
+                "prices_json": json.dumps(prices),
+                "portfolio_cash": 0.0,
+            }
+        )
+        result = json.loads(result_str)
+        msft = next(h for h in result["holdings"] if h["ticker"] == "MSFT")
+        assert msft["current_price"] is None
+
+    def test_empty_holdings_returns_zero_equity(self, sample_prices):
+        result_str = get_enriched_holdings.invoke(
+            {
+                "holdings_json": "[]",
+                "prices_json": json.dumps(sample_prices),
+                "portfolio_cash": 50_000.0,
+            }
+        )
+        result = json.loads(result_str)
+        assert result["holdings"] == []
+        assert result["portfolio_summary"]["equity_value"] == pytest.approx(0.0)
+        assert result["portfolio_summary"]["total_value"] == pytest.approx(50_000.0)
+
+    def test_invalid_holdings_json_returns_error(self, sample_prices):
+        result_str = get_enriched_holdings.invoke(
+            {
+                "holdings_json": "not-json",
+                "prices_json": json.dumps(sample_prices),
+                "portfolio_cash": 0.0,
+            }
+        )
+        result = json.loads(result_str)
+        assert "error" in result
+
+    def test_invalid_prices_json_returns_error(self, sample_holdings_list):
+        result_str = get_enriched_holdings.invoke(
+            {
+                "holdings_json": json.dumps(sample_holdings_list),
+                "prices_json": "{bad json}",
+                "portfolio_cash": 0.0,
+            }
+        )
+        result = json.loads(result_str)
+        assert "error" in result
+
+    def test_weight_sums_to_equity_fraction(
+        self, sample_holdings_list, sample_prices
+    ):
+        result_str = get_enriched_holdings.invoke(
+            {
+                "holdings_json": json.dumps(sample_holdings_list),
+                "prices_json": json.dumps(sample_prices),
+                "portfolio_cash": 0.0,
+            }
+        )
+        result = json.loads(result_str)
+        total_weight = sum(
+            h["weight"] for h in result["holdings"] if h["weight"] is not None
+        )
+        assert total_weight == pytest.approx(1.0, rel=1e-4)
+
+    def test_zero_cash_with_holdings(self, sample_holdings_list, sample_prices):
+        result_str = get_enriched_holdings.invoke(
+            {
+                "holdings_json": json.dumps(sample_holdings_list),
+                "prices_json": json.dumps(sample_prices),
+                "portfolio_cash": 0.0,
+            }
+        )
+        result = json.loads(result_str)
+        summary = result["portfolio_summary"]
+        assert summary["cash_pct"] == pytest.approx(0.0, abs=1e-9)
+
+
+# ---------------------------------------------------------------------------
+# Tests: compute_portfolio_risk_metrics
+# ---------------------------------------------------------------------------
+
+
+class TestComputePortfolioRiskMetrics:
+    def test_happy_path_30_snapshots(self, sample_snapshots):
+        result_str = compute_portfolio_risk_metrics.invoke(
+            {
+                "nav_history_json": json.dumps(sample_snapshots),
+                "benchmark_returns_json": "[]",
+            }
+        )
+        result = json.loads(result_str)
+        assert "sharpe" in result
+        assert "sortino" in result
+        assert "var_95" in result
+        assert "max_drawdown" in result
+        assert "return_stats" in result
+        assert result["return_stats"]["n_days"] == 29
+
+    def test_single_snapshot_returns_none_metrics(self):
+        snap = {
+            "snapshot_id": "s1",
+            "portfolio_id": PORTFOLIO_ID,
+            "snapshot_date": "2026-01-01",
+            "total_value": 100_000.0,
+            "cash": 0.0,
+            "equity_value": 100_000.0,
+            "num_positions": 0,
+        }
+        result_str = compute_portfolio_risk_metrics.invoke(
+            {
+                "nav_history_json": json.dumps([snap]),
+                "benchmark_returns_json": "[]",
+            }
+        )
+        result = json.loads(result_str)
+        assert result["sharpe"] is None
+        assert result["var_95"] is None
+
+    def test_invalid_nav_json_returns_error(self):
+        result_str = compute_portfolio_risk_metrics.invoke(
+            {
+                "nav_history_json": "not-json",
+                "benchmark_returns_json": "[]",
+            }
+        )
+        result = json.loads(result_str)
+        assert "error" in result
+
+    def test_invalid_snapshot_record_returns_error(self):
+        bad_snap = {"total_value": 100.0}  # missing required fields
+        result_str = compute_portfolio_risk_metrics.invoke(
+            {
+                "nav_history_json": json.dumps([bad_snap]),
+                "benchmark_returns_json": "[]",
+            }
+        )
+        result = json.loads(result_str)
+        assert "error" in result
+
+    def test_with_benchmark_returns_beta(self, sample_snapshots):
+        # Use a non-constant benchmark so variance > 0 and beta is computed
+        bench = [0.001 * (1 + 0.1 * (i % 5 - 2)) for i in range(29)]
+        result_str = compute_portfolio_risk_metrics.invoke(
+            {
+                "nav_history_json": json.dumps(sample_snapshots),
+                "benchmark_returns_json": json.dumps(bench),
+            }
+        )
+        result = json.loads(result_str)
+        assert result["beta"] is not None
+
+    def test_empty_list_returns_null_metrics(self):
+        result_str = compute_portfolio_risk_metrics.invoke(
+            {
+                "nav_history_json": "[]",
+                "benchmark_returns_json": "[]",
+            }
+        )
+        result = json.loads(result_str)
+        assert result["sharpe"] is None
+        assert result["return_stats"]["n_days"] == 0
+
+
+# ---------------------------------------------------------------------------
+# Tests: load_portfolio_risk_metrics
+# ---------------------------------------------------------------------------
+
+
+class TestLoadPortfolioRiskMetrics:
+    def test_returns_metrics_when_file_exists(self, tmp_reports):
+        store = ReportStore(base_dir=tmp_reports)
+        metrics = {"sharpe": 1.23, "sortino": 1.87, "var_95": 0.018}
+        store.save_risk_metrics(DATE, PORTFOLIO_ID, metrics)
+
+        result_str = load_portfolio_risk_metrics.invoke(
+            {
+                "portfolio_id": PORTFOLIO_ID,
+                "date": DATE,
+                "reports_dir": str(tmp_reports),
+            }
+        )
+        result = json.loads(result_str)
+        assert result["sharpe"] == pytest.approx(1.23)
+        assert result["sortino"] == pytest.approx(1.87)
+
+    def test_returns_error_when_file_missing(self, tmp_reports):
+        result_str = load_portfolio_risk_metrics.invoke(
+            {
+                "portfolio_id": "nonexistent-id",
+                "date": DATE,
+                "reports_dir": str(tmp_reports),
+            }
+        )
+        result = json.loads(result_str)
+        assert "error" in result
+        assert "nonexistent-id" in result["error"]
+
+    def test_loaded_metrics_match_saved(self, tmp_reports):
+        store = ReportStore(base_dir=tmp_reports)
+        full_metrics = {
+            "sharpe": 0.85,
+            "sortino": 1.10,
+            "var_95": 0.025,
+            "max_drawdown": -0.12,
+            "beta": 0.93,
+            "sector_concentration": {"Technology": 40.0, "Healthcare": 20.0},
+            "return_stats": {"mean_daily": 0.0003, "std_daily": 0.009, "n_days": 60},
+        }
+        store.save_risk_metrics(DATE, PORTFOLIO_ID, full_metrics)
+
+        result_str = load_portfolio_risk_metrics.invoke(
+            {
+                "portfolio_id": PORTFOLIO_ID,
+                "date": DATE,
+                "reports_dir": str(tmp_reports),
+            }
+        )
+        result = json.loads(result_str)
+        assert result["beta"] == pytest.approx(0.93)
+        assert result["sector_concentration"]["Technology"] == pytest.approx(40.0)
+
+
+# ---------------------------------------------------------------------------
+# Tests: load_portfolio_decision
+# ---------------------------------------------------------------------------
+
+
+class TestLoadPortfolioDecision:
+    def test_returns_decision_when_file_exists(self, tmp_reports):
+        store = ReportStore(base_dir=tmp_reports)
+        decision = {
+            "sells": [{"ticker": "XYZ", "shares": 50, "rationale": "Stop loss triggered"}],
+            "buys": [{"ticker": "AAPL", "shares": 10, "rationale": "Strong momentum"}],
+            "holds": ["MSFT", "GOOGL"],
+            "target_cash_pct": 0.05,
+        }
+        store.save_pm_decision(DATE, PORTFOLIO_ID, decision)
+
+        result_str = load_portfolio_decision.invoke(
+            {
+                "portfolio_id": PORTFOLIO_ID,
+                "date": DATE,
+                "reports_dir": str(tmp_reports),
+            }
+        )
+        result = json.loads(result_str)
+        assert result["sells"][0]["ticker"] == "XYZ"
+        assert result["buys"][0]["ticker"] == "AAPL"
+        assert "MSFT" in result["holds"]
+
+    def test_returns_error_when_file_missing(self, tmp_reports):
+        result_str = load_portfolio_decision.invoke(
+            {
+                "portfolio_id": "no-such-portfolio",
+                "date": DATE,
+                "reports_dir": str(tmp_reports),
+            }
+        )
+        result = json.loads(result_str)
+        assert "error" in result
+        assert "no-such-portfolio" in result["error"]
+
+    def test_decision_fields_preserved(self, tmp_reports):
+        store = ReportStore(base_dir=tmp_reports)
+        decision = {
+            "sells": [],
+            "buys": [],
+            "holds": ["AAPL"],
+            "target_cash_pct": 0.10,
+            "rationale": "Market uncertainty — staying defensive.",
+        }
+        store.save_pm_decision(DATE, PORTFOLIO_ID, decision)
+
+        result_str = load_portfolio_decision.invoke(
+            {
+                "portfolio_id": PORTFOLIO_ID,
+                "date": DATE,
+                "reports_dir": str(tmp_reports),
+            }
+        )
+        result = json.loads(result_str)
+        assert result["rationale"] == "Market uncertainty — staying defensive."
+        assert result["target_cash_pct"] == pytest.approx(0.10)
diff --git a/tradingagents/agents/utils/portfolio_tools.py b/tradingagents/agents/utils/portfolio_tools.py
new file mode 100644
index 00000000..1a733256
--- /dev/null
+++ b/tradingagents/agents/utils/portfolio_tools.py
@@ -0,0 +1,339 @@
+"""LangChain tools that expose Portfolio Manager data to agents.
+
+These tools wrap the existing Portfolio / Holding / PortfolioSnapshot data
+models and the ReportStore filesystem APIs so that any LangChain-compatible
+agent can:
+
+1. **Enrich holdings** with current prices to obtain P&L, weights, and
+   unrealised gain/loss — using :meth:`Holding.enrich` and
+   :meth:`Portfolio.enrich`.
+2. **Compute portfolio risk metrics** (Sharpe, Sortino, VaR, max drawdown,
+   beta, sector concentration) from a NAV history — using the pure-Python
+   :func:`~tradingagents.portfolio.risk_metrics.compute_risk_metrics`.
+3. **Load saved risk metrics** from the filesystem — using
+   :meth:`~tradingagents.portfolio.report_store.ReportStore.load_risk_metrics`.
+4. **Load PM decisions** from the filesystem — using
+   :meth:`~tradingagents.portfolio.report_store.ReportStore.load_pm_decision`.
+
+All tools accept and return plain strings / JSON strings so they are
+compatible with any LangChain tool-calling LLM without custom serialisers.
+
+Usage::
+
+    from tradingagents.agents.utils.portfolio_tools import (
+        get_enriched_holdings,
+        compute_portfolio_risk_metrics,
+        load_portfolio_risk_metrics,
+        load_portfolio_decision,
+    )
+
+    # In an agent's tool list:
+    tools = [
+        get_enriched_holdings,
+        compute_portfolio_risk_metrics,
+        load_portfolio_risk_metrics,
+        load_portfolio_decision,
+    ]
+"""
+
+from __future__ import annotations
+
+import json
+from typing import Annotated
+
+from langchain_core.tools import tool
+
+from tradingagents.portfolio.models import Holding, Portfolio, PortfolioSnapshot
+from tradingagents.portfolio.report_store import ReportStore
+from tradingagents.portfolio.risk_metrics import compute_risk_metrics
+
+
+# ---------------------------------------------------------------------------
+# Tool 1 — Enrich holdings with current prices
+# ---------------------------------------------------------------------------
+
+
+@tool
+def get_enriched_holdings(
+    holdings_json: Annotated[
+        str,
+        "JSON array of holding objects. Each object must have: holding_id, "
+        "portfolio_id, ticker, shares, avg_cost. Optional: sector, industry, "
+        "created_at, updated_at.",
+    ],
+    prices_json: Annotated[
+        str,
+        "JSON object mapping ticker symbol to current market price. "
+        'Example: {"AAPL": 182.50, "MSFT": 415.20}',
+    ],
+    portfolio_cash: Annotated[
+        float,
+        "Cash balance of the portfolio (USD). Used to compute cash_pct.",
+    ] = 0.0,
+) -> str:
+    """Enrich portfolio holdings with current prices to compute P&L and weights.
+
+    Uses the existing ``Holding.enrich()`` and ``Portfolio.enrich()`` methods
+    from the portfolio data model.  For each holding the following runtime
+    fields are populated:
+
+    - ``current_price`` — latest market price
+    - ``current_value`` — current_price × shares
+    - ``cost_basis`` — avg_cost × shares
+    - ``unrealized_pnl`` — current_value − cost_basis
+    - ``unrealized_pnl_pct`` — unrealized_pnl / cost_basis (as fraction)
+    - ``weight`` — current_value / total_portfolio_value (as fraction)
+
+    Portfolio-level summary fields returned:
+
+    - ``total_value`` — cash + sum(current_value)
+    - ``equity_value`` — sum(current_value)
+    - ``cash_pct`` — cash / total_value
+
+    Args:
+        holdings_json: JSON array of holding dicts (see parameter description).
+        prices_json: JSON object of ticker → price mappings.
+        portfolio_cash: Cash balance of the portfolio.
+
+    Returns:
+        JSON string with keys ``holdings`` (list of enriched dicts) and
+        ``portfolio_summary`` (total_value, equity_value, cash, cash_pct).
+    """
+    try:
+        raw_holdings: list[dict] = json.loads(holdings_json)
+    except json.JSONDecodeError as exc:
+        return json.dumps({"error": f"Invalid holdings_json: {exc}"})
+
+    try:
+        prices: dict[str, float] = json.loads(prices_json)
+    except json.JSONDecodeError as exc:
+        return json.dumps({"error": f"Invalid prices_json: {exc}"})
+
+    # Deserialise holdings
+    holdings: list[Holding] = []
+    for raw in raw_holdings:
+        try:
+            holdings.append(Holding.from_dict(raw))
+        except (KeyError, ValueError, TypeError) as exc:
+            return json.dumps({"error": f"Invalid holding record: {exc}"})
+
+    # First pass — compute equity total for total_value
+    equity = sum(
+        prices.get(h.ticker, 0.0) * h.shares for h in holdings
+    )
+    total_value = portfolio_cash + equity
+
+    # Second pass — enrich each holding
+    enriched: list[dict] = []
+    for holding in holdings:
+        price = prices.get(holding.ticker)
+        if price is not None:
+            holding.enrich(price, total_value)
+        enriched.append(
+            {
+                **holding.to_dict(),
+                "current_price": holding.current_price,
+                "current_value": holding.current_value,
+                "cost_basis": holding.cost_basis,
+                "unrealized_pnl": holding.unrealized_pnl,
+                "unrealized_pnl_pct": holding.unrealized_pnl_pct,
+                "weight": holding.weight,
+            }
+        )
+
+    # Portfolio-level summary
+    portfolio = Portfolio(
+        portfolio_id="",
+        name="",
+        cash=portfolio_cash,
+        initial_cash=portfolio_cash,
+    )
+    portfolio.enrich(holdings)
+
+    return json.dumps(
+        {
+            "holdings": enriched,
+            "portfolio_summary": {
+                "total_value": portfolio.total_value,
+                "equity_value": portfolio.equity_value,
+                "cash": portfolio_cash,
+                "cash_pct": portfolio.cash_pct,
+            },
+        },
+        indent=2,
+    )
+
+
+# ---------------------------------------------------------------------------
+# Tool 2 — Compute risk metrics from NAV history
+# ---------------------------------------------------------------------------
+
+
+@tool
+def compute_portfolio_risk_metrics(
+    nav_history_json: Annotated[
+        str,
+        "JSON array of snapshot objects ordered oldest-first. Each object "
+        "must have: snapshot_id, portfolio_id, snapshot_date, total_value, "
+        "cash, equity_value, num_positions. Optional: holdings_snapshot "
+        "(list of dicts with ticker/sector/shares/avg_cost for sector "
+        "concentration), metadata.",
+    ],
+    benchmark_returns_json: Annotated[
+        str,
+        "Optional JSON array of daily benchmark returns (e.g. SPY), aligned "
+        "1-to-1 with the portfolio returns derived from nav_history_json. "
+        'Pass an empty JSON array "[]" to skip beta computation.',
+    ] = "[]",
+) -> str:
+    """Compute portfolio risk metrics from a NAV (Net Asset Value) time series.
+
+    This tool uses the pure-Python ``compute_risk_metrics()`` function from
+    the Portfolio Manager's risk metrics module.  No LLM is involved.
+
+    Metrics returned:
+
+    - ``sharpe`` — annualised Sharpe ratio (rf = 0)
+    - ``sortino`` — annualised Sortino ratio (downside deviation)
+    - ``var_95`` — 95 % historical Value at Risk (positive fraction = max loss)
+    - ``max_drawdown`` — worst peak-to-trough as a fraction (negative)
+    - ``beta`` — portfolio beta vs. benchmark (null when no benchmark given)
+    - ``sector_concentration`` — sector weights in % from the last snapshot
+    - ``return_stats`` — summary: mean_daily, std_daily, n_days
+
+    Requires at least 2 snapshots for any metrics.  Returns null for metrics
+    that cannot be computed from the available data.
+
+    Args:
+        nav_history_json: JSON array of snapshot dicts (see above).
+        benchmark_returns_json: JSON array of floats or ``"[]"``.
+
+    Returns:
+        JSON string containing the metrics dict, or an ``{"error": ...}``
+        dict on input validation failure.
+    """
+    try:
+        raw_snapshots: list[dict] = json.loads(nav_history_json)
+    except json.JSONDecodeError as exc:
+        return json.dumps({"error": f"Invalid nav_history_json: {exc}"})
+
+    try:
+        bench_returns: list[float] = json.loads(benchmark_returns_json)
+    except json.JSONDecodeError as exc:
+        return json.dumps({"error": f"Invalid benchmark_returns_json: {exc}"})
+
+    # Deserialise snapshots
+    snapshots: list[PortfolioSnapshot] = []
+    for raw in raw_snapshots:
+        try:
+            snapshots.append(PortfolioSnapshot.from_dict(raw))
+        except (KeyError, ValueError, TypeError) as exc:
+            return json.dumps({"error": f"Invalid snapshot record: {exc}"})
+
+    try:
+        metrics = compute_risk_metrics(
+            snapshots,
+            benchmark_returns=bench_returns if bench_returns else None,
+        )
+    except (TypeError, ValueError) as exc:
+        return json.dumps({"error": f"Risk metrics computation failed: {exc}"})
+
+    return json.dumps(metrics, indent=2)
+
+
+# ---------------------------------------------------------------------------
+# Tool 3 — Load saved risk metrics from filesystem
+# ---------------------------------------------------------------------------
+
+
+@tool
+def load_portfolio_risk_metrics(
+    portfolio_id: Annotated[str, "UUID of the portfolio."],
+    date: Annotated[str, "ISO date string, e.g. '2026-03-20'."],
+    reports_dir: Annotated[
+        str,
+        "Root reports directory. Defaults to 'reports' (relative to CWD) "
+        "which matches the standard report_paths convention.",
+    ] = "reports",
+) -> str:
+    """Load previously saved risk metrics for a portfolio on a given date.
+
+    Uses :meth:`~tradingagents.portfolio.report_store.ReportStore.load_risk_metrics`
+    to read from ``reports/daily/{date}/portfolio/{portfolio_id}_risk_metrics.json``.
+
+    Args:
+        portfolio_id: Portfolio UUID.
+        date: ISO date string.
+        reports_dir: Root reports directory (defaults to ``"reports"``).
+
+    Returns:
+        JSON string of the risk metrics dict, or an ``{"error": ...}`` dict
+        when the file is not found or cannot be read.
+    """
+    store = ReportStore(base_dir=reports_dir)
+    try:
+        metrics = store.load_risk_metrics(date, portfolio_id)
+    except Exception as exc:
+        return json.dumps({"error": f"Failed to load risk metrics: {exc}"})
+
+    if metrics is None:
+        return json.dumps(
+            {
+                "error": (
+                    f"No risk metrics found for portfolio '{portfolio_id}' "
+                    f"on date '{date}'. "
+                    "Run compute_portfolio_risk_metrics first and save the result."
+                )
+            }
+        )
+    return json.dumps(metrics, indent=2)
+
+
+# ---------------------------------------------------------------------------
+# Tool 4 — Load PM decision from filesystem
+# ---------------------------------------------------------------------------
+
+
+@tool
+def load_portfolio_decision(
+    portfolio_id: Annotated[str, "UUID of the portfolio."],
+    date: Annotated[str, "ISO date string, e.g. '2026-03-20'."],
+    reports_dir: Annotated[
+        str,
+        "Root reports directory. Defaults to 'reports'.",
+    ] = "reports",
+) -> str:
+    """Load the Portfolio Manager agent's decision for a given date.
+
+    Uses :meth:`~tradingagents.portfolio.report_store.ReportStore.load_pm_decision`
+    to read from
+    ``reports/daily/{date}/portfolio/{portfolio_id}_pm_decision.json``.
+
+    The PM decision JSON contains the agent's allocation choices:
+    sells, buys, holds, target cash %, and detailed rationale per action.
+
+    Args:
+        portfolio_id: Portfolio UUID.
+        date: ISO date string.
+        reports_dir: Root reports directory (defaults to ``"reports"``).
+
+    Returns:
+        JSON string of the PM decision dict, or an ``{"error": ...}`` dict
+        when the file is not found.
+    """
+    store = ReportStore(base_dir=reports_dir)
+    try:
+        decision = store.load_pm_decision(date, portfolio_id)
+    except Exception as exc:
+        return json.dumps({"error": f"Failed to load PM decision: {exc}"})
+
+    if decision is None:
+        return json.dumps(
+            {
+                "error": (
+                    f"No PM decision found for portfolio '{portfolio_id}' "
+                    f"on date '{date}'."
+                )
+            }
+        )
+    return json.dumps(decision, indent=2)
diff --git a/tradingagents/portfolio/__init__.py b/tradingagents/portfolio/__init__.py
index 6bddef33..130fe017 100644
--- a/tradingagents/portfolio/__init__.py
+++ b/tradingagents/portfolio/__init__.py
@@ -8,6 +8,7 @@ Import the primary interface classes from this package:
         Holding,
         Trade,
         PortfolioSnapshot,
+        compute_risk_metrics,
         PortfolioError,
         PortfolioNotFoundError,
         InsufficientCashError,
@@ -34,6 +35,7 @@ from tradingagents.portfolio.models import (
     Trade,
 )
 from tradingagents.portfolio.repository import PortfolioRepository
+from tradingagents.portfolio.risk_metrics import compute_risk_metrics
 
 __all__ = [
     # Models
@@ -43,6 +45,8 @@ __all__ = [
     "PortfolioSnapshot",
     # Repository (primary interface)
     "PortfolioRepository",
+    # Risk metrics computation
+    "compute_risk_metrics",
     # Exceptions
     "PortfolioError",
     "PortfolioNotFoundError",
diff --git a/tradingagents/portfolio/risk_metrics.py b/tradingagents/portfolio/risk_metrics.py
new file mode 100644
index 00000000..46896dd7
--- /dev/null
+++ b/tradingagents/portfolio/risk_metrics.py
@@ -0,0 +1,302 @@
+"""Pure-Python risk metrics computation for the Portfolio Manager.
+
+This module computes portfolio-level risk metrics from a time series of
+NAV (Net Asset Value) snapshots.  It is intentionally **LLM-free** — all
+calculations are deterministic Python / NumPy.
+
+Metrics computed
+----------------
+- **Sharpe ratio** — annualised, risk-free rate = 0
+- **Sortino ratio** — like Sharpe but denominator uses downside deviation only
+- **95 % VaR** — historical simulation (5th percentile of daily returns),
+  expressed as a *positive* fraction (e.g. 0.02 = 2 % expected max loss)
+- **Max drawdown** — worst peak-to-trough decline as a fraction (negative)
+- **Beta** — portfolio vs. an optional benchmark return series
+- **Sector concentration** — weight per GICS sector (%) from the most-recent
+  snapshot's ``holdings_snapshot`` field
+
+Usage::
+
+    from tradingagents.portfolio import compute_risk_metrics, PortfolioSnapshot
+
+    metrics = compute_risk_metrics(snapshots, benchmark_returns=spy_returns)
+    # {
+    #   "sharpe": 1.23,
+    #   "sortino": 1.87,
+    #   "var_95": 0.018,
+    #   "max_drawdown": -0.142,
+    #   "beta": 0.91,
+    #   "sector_concentration": {"Technology": 35.4, "Healthcare": 18.2, ...},
+    #   "return_stats": {"mean_daily": 0.0008, "std_daily": 0.011, "n_days": 90},
+    # }
+
+See ``docs/portfolio/00_overview.md`` — Phase 3 for the full specification.
+"""
+
+from __future__ import annotations
+
+import math
+from typing import Any
+
+from tradingagents.portfolio.models import PortfolioSnapshot
+
+
+# ---------------------------------------------------------------------------
+# Constants
+# ---------------------------------------------------------------------------
+
+TRADING_DAYS_PER_YEAR: int = 252
+MIN_PERIODS_SHARPE: int = 2       # minimum data points for Sharpe / Sortino
+MIN_PERIODS_VAR: int = 5          # minimum data points for VaR
+MIN_PERIODS_DRAWDOWN: int = 2     # minimum data points for max drawdown
+MIN_PERIODS_BETA: int = 2         # minimum data points for beta
+
+
+# ---------------------------------------------------------------------------
+# Helpers
+# ---------------------------------------------------------------------------
+
+
+def _daily_returns(nav_series: list[float]) -> list[float]:
+    """Compute daily percentage returns from an ordered NAV series.
+
+    Returns a list one element shorter than the input.  Each element is
+    ``(nav[t] - nav[t-1]) / nav[t-1]``.  Periods where the previous NAV
+    is zero are skipped (appended as 0.0 to avoid division by zero).
+    """
+    returns: list[float] = []
+    for i in range(1, len(nav_series)):
+        prev = nav_series[i - 1]
+        if prev == 0.0:
+            returns.append(0.0)
+        else:
+            returns.append((nav_series[i] - prev) / prev)
+    return returns
+
+
+def _mean(values: list[float]) -> float:
+    """Arithmetic mean of a list.  Raises ValueError on empty input."""
+    if not values:
+        raise ValueError("Cannot compute mean of empty list")
+    return sum(values) / len(values)
+
+
+def _std(values: list[float], ddof: int = 1) -> float:
+    """Sample standard deviation.
+
+    Args:
+        values: List of floats.
+        ddof: Degrees of freedom adjustment (1 = sample std, 0 = population).
+
+    Returns:
+        Standard deviation, or 0.0 when insufficient data.
+    """
+    n = len(values)
+    if n <= ddof:
+        return 0.0
+    mu = _mean(values)
+    variance = sum((x - mu) ** 2 for x in values) / (n - ddof)
+    return math.sqrt(variance)
+
+
+def _percentile(values: list[float], pct: float) -> float:
+    """Return the *pct*-th percentile of *values* using linear interpolation.
+
+    Args:
+        values: Non-empty list of floats.
+        pct: Percentile in [0, 100].
+
+    Returns:
+        Interpolated percentile value.
+    """
+    if not values:
+        raise ValueError("Cannot compute percentile of empty list")
+    sorted_vals = sorted(values)
+    n = len(sorted_vals)
+    # Linear interpolation index
+    index = (pct / 100.0) * (n - 1)
+    lower = int(index)
+    upper = lower + 1
+    frac = index - lower
+    if upper >= n:
+        return sorted_vals[-1]
+    return sorted_vals[lower] * (1.0 - frac) + sorted_vals[upper] * frac
+
+
+# ---------------------------------------------------------------------------
+# Public API
+# ---------------------------------------------------------------------------
+
+
+def compute_risk_metrics(
+    snapshots: list[PortfolioSnapshot],
+    benchmark_returns: list[float] | None = None,
+    trading_days_per_year: int = TRADING_DAYS_PER_YEAR,
+) -> dict[str, Any]:
+    """Compute portfolio risk metrics from a NAV time series.
+
+    Args:
+        snapshots: Ordered list of :class:`~tradingagents.portfolio.models.PortfolioSnapshot`
+            objects (oldest first).  Each snapshot contributes one NAV data
+            point (``snapshot.total_value``).  At least 2 snapshots are
+            required; fewer than that returns ``None`` for all rate metrics.
+        benchmark_returns: Optional list of daily returns for a benchmark
+            (e.g. SPY) aligned 1-to-1 with the *portfolio* daily returns
+            derived from ``snapshots``.  Must be the same length as
+            ``len(snapshots) - 1``.  When provided, beta is computed.
+        trading_days_per_year: Number of trading days used to annualise
+            Sharpe and Sortino ratios.  Defaults to 252.
+
+    Returns:
+        A dict with keys:
+
+        - ``sharpe`` (:class:`float` | ``None``) — annualised Sharpe ratio
+        - ``sortino`` (:class:`float` | ``None``) — annualised Sortino ratio
+        - ``var_95`` (:class:`float` | ``None``) — 95 % historical VaR
+          (positive = expected max loss as a fraction of portfolio value)
+        - ``max_drawdown`` (:class:`float` | ``None``) — worst peak-to-trough
+          as a fraction (negative value)
+        - ``beta`` (:class:`float` | ``None``) — portfolio beta vs. benchmark
+        - ``sector_concentration`` (:class:`dict[str, float]`) — sector weights
+          in % from the most-recent snapshot, or ``{}`` when not available
+        - ``return_stats`` (:class:`dict`) — summary stats:
+          ``mean_daily``, ``std_daily``, ``n_days``
+
+    Raises:
+        TypeError: If any element of *snapshots* is not a ``PortfolioSnapshot``.
+    """
+    # ------------------------------------------------------------------
+    # Validate input
+    # ------------------------------------------------------------------
+    for i, snap in enumerate(snapshots):
+        if not isinstance(snap, PortfolioSnapshot):
+            raise TypeError(
+                f"snapshots[{i}] must be a PortfolioSnapshot, got {type(snap).__name__}"
+            )
+
+    # ------------------------------------------------------------------
+    # Extract NAV series and compute daily returns
+    # ------------------------------------------------------------------
+    nav_series = [s.total_value for s in snapshots]
+    returns = _daily_returns(nav_series)
+
+    n_days = len(returns)
+
+    return_stats: dict[str, Any] = {
+        "mean_daily": _mean(returns) if returns else None,
+        "std_daily": _std(returns) if n_days >= 2 else None,
+        "n_days": n_days,
+    }
+
+    # Pre-compute mean once for reuse in Sharpe and Sortino
+    mu: float | None = _mean(returns) if n_days >= MIN_PERIODS_SHARPE else None
+
+    # ------------------------------------------------------------------
+    # Sharpe ratio  (annualised, rf = 0)
+    # ------------------------------------------------------------------
+    sharpe: float | None = None
+    if mu is not None:
+        sigma = _std(returns)
+        if sigma > 0.0:
+            sharpe = mu / sigma * math.sqrt(trading_days_per_year)
+
+    # ------------------------------------------------------------------
+    # Sortino ratio  (downside deviation denominator)
+    # ------------------------------------------------------------------
+    sortino: float | None = None
+    if mu is not None:
+        downside = [r for r in returns if r < 0.0]
+        sigma_down = _std(downside) if len(downside) >= 2 else 0.0
+        if sigma_down > 0.0:
+            sortino = mu / sigma_down * math.sqrt(trading_days_per_year)
+
+    # ------------------------------------------------------------------
+    # 95 % Value at Risk  (historical simulation — 5th percentile)
+    # ------------------------------------------------------------------
+    var_95: float | None = None
+    if n_days >= MIN_PERIODS_VAR:
+        # 5th-percentile return (worst end of distribution)
+        fifth_pct = _percentile(returns, 5.0)
+        # Express as a *positive* loss fraction
+        var_95 = -fifth_pct if fifth_pct < 0.0 else 0.0
+
+    # ------------------------------------------------------------------
+    # Max drawdown  (peak-to-trough over the full window)
+    # ------------------------------------------------------------------
+    max_drawdown: float | None = None
+    if len(nav_series) >= MIN_PERIODS_DRAWDOWN:
+        peak = nav_series[0]
+        worst = 0.0
+        for nav in nav_series[1:]:
+            if nav > peak:
+                peak = nav
+            if peak > 0.0:
+                drawdown = (nav - peak) / peak
+                if drawdown < worst:
+                    worst = drawdown
+        max_drawdown = worst  # 0.0 when no drawdown occurred
+
+    # ------------------------------------------------------------------
+    # Beta  (vs. benchmark, when provided)
+    # ------------------------------------------------------------------
+    beta: float | None = None
+    if benchmark_returns is not None and len(benchmark_returns) >= MIN_PERIODS_BETA:
+        # Align lengths
+        min_len = min(len(returns), len(benchmark_returns))
+        r_p = returns[-min_len:]
+        r_b = benchmark_returns[-min_len:]
+        if min_len >= MIN_PERIODS_BETA:
+            mu_p = _mean(r_p)
+            mu_b = _mean(r_b)
+            covariance = sum(
+                (r_p[i] - mu_p) * (r_b[i] - mu_b) for i in range(min_len)
+            ) / (min_len - 1)
+            var_b = _std(r_b) ** 2
+            if var_b > 0.0:
+                beta = covariance / var_b
+
+    # ------------------------------------------------------------------
+    # Sector concentration  (from last snapshot's holdings_snapshot)
+    # ------------------------------------------------------------------
+    sector_concentration: dict[str, float] = {}
+    if snapshots:
+        last_snap = snapshots[-1]
+        holdings = last_snap.holdings_snapshot or []
+        total_value = last_snap.total_value
+
+        if holdings and total_value and total_value > 0.0:
+            sector_totals: dict[str, float] = {}
+            for h in holdings:
+                sector = h.get("sector") or "Unknown"
+                shares = float(h.get("shares", 0.0))
+                # Use current_value if available; fall back to shares * avg_cost
+                current_value = h.get("current_value")
+                if current_value is not None:
+                    value = float(current_value)
+                else:
+                    avg_cost = float(h.get("avg_cost", 0.0))
+                    value = shares * avg_cost
+                sector_totals[sector] = sector_totals.get(sector, 0.0) + value
+
+            sector_concentration = {
+                sector: round(total / total_value * 100.0, 2)
+                for sector, total in sector_totals.items()
+            }
+
+    return {
+        "sharpe": round(sharpe, 4) if sharpe is not None else None,
+        "sortino": round(sortino, 4) if sortino is not None else None,
+        "var_95": round(var_95, 6) if var_95 is not None else None,
+        "max_drawdown": round(max_drawdown, 6) if max_drawdown is not None else None,
+        "beta": round(beta, 4) if beta is not None else None,
+        "sector_concentration": sector_concentration,
+        "return_stats": {
+            "mean_daily": round(return_stats["mean_daily"], 6)
+            if return_stats["mean_daily"] is not None
+            else None,
+            "std_daily": round(return_stats["std_daily"], 6)
+            if return_stats["std_daily"] is not None
+            else None,
+            "n_days": n_days,
+        },
+    }