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Efficient way to build a core-satellite portfolio by using exchange-traded funds

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par Vincent LLOVIO
Université Toulouse Capitole 1 - TSE - Master 1 in Economics 2016

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2.3 One last word!

In 2014, 50% of ETF investors have run a core/satellite strategy, which represents a 2% increase than 2013 9 . According to the features of this approach, a higher use will not be surprising. But this later needs a large amount of invested money. For instance, according to Quisenberry (2006), the core portfolio can be effectively managed with a minimum of $250 000 of investment. So a lot of investors cannot implement this strategy under this constraint.

To implement this strategy, advisers have to take into account the investor's goal to align the asset allocation with his need. Overall, with this approach, investors expect to take an advantage in terms of return from the smart asset allocation and the active manager selection. The cost-and tax-effectiveness of Exchange-Traded Fund (ETF) can facilitate the implementation of this portfolio construction.

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