mcmc

Alpha-Beta separation and core satellite are both ways of creating alpha for your portfolio.

1. Alpha-Beta separation. The alpha is generated from a long short portfolio (Beta Neutral), or a portfolio in which the manager has expertise. The Beta is created by investing in portfolio where you want the Beta exposure.
2. Core+ Satellite. The core is your portfolio which meets like the minimum return on investment (or matches your liabilities). Satellite portfolios are the ones that you add to generate alpha.

My two cents.