No. Most nutrients which are not absorbed, will leave the body directly in a natural route. So by stools or urine of your dog. This is one of the benefits of a natural product in comparison with a synthetic preparation like medicines.
HOKAMIX contains some nutrients, like fat soluble vitamins, which can be stored (e.g. in the liver or fat tissue) when they are not utilized directly. But the quantities in HOKAMIX are so close to the recommended requirements that this will give no risks.