Broad-market index exposure: US total market, developed ex-US, emerging markets. Held in tax-efficient wrappers (UCITS or IFSC AIF). Rebalanced annually. This is the part that should be boring on purpose.
Core, satellite, and the role of each
5 min · For educational purposes only
A clean global portfolio separates the boring efficient core from the targeted satellite bets. Don't blur them.
The core (70–80% of the global sleeve)
The satellite (20–30%)
Targeted exposures: thematic ETFs, single-country tilts, sector concentrations, factor strategies (quality, momentum), alternatives. Higher conviction, smaller positions, more active management. This is where you express views.
The discipline
- Never let satellite drift into core by size — rebalance when it does
- Measure each satellite against its specific benchmark, not the core
- Have a written thesis for every satellite position and review it annually
Key takeaways
- Core is broad and boring; satellite is conviction-based.
- Don't let high-conviction trades quietly become the portfolio.
- Written theses for every active position survive market noise.