nannan66

I thought they were the same, but it this were asked on the exam, here is the bull-$#!% I'd write:

Alpha Beta separation applies at the micro level. For example a market neutral fund could add beta exposure with index futures.

Portable alpha is a strategy employed at the macro level. For example a DB pension plan sponsor might hire a long short manager to generate alpha of 350 bps and combine this with a passive strategy that tracks some index.