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Policy Portfolio

We have our Policy Portfolio that is based on our long term capital market expectations and is made up of our strategic asset allocations.  If we want to deviate from our strategic asset allocation in the short term, we can make some tactical asset allocation decisions.  But all of these decisions occur within the same portfolio (I’m assuming there is only 1 overall portfolio).  My question is, when do Core Portfolio and Satellite portfolios come into play - where it seems as if there is actually more than 1 portfolio?
Thanks in advance

A Fund might consist of more than one allocation ( core- more passive beta capture , satelite - more active , trying for alpha )
Usually for larger Funds there are separate managers for each allocation

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