Abstract
Although a core/satellite structure makes a great deal of sense on a pretax basis, it makes even more sense on an after-tax basis. Implementing the strategy “optimally,” however, is crucial to a positive outcome. Of note, the strategy must use a broad, tax-managed core portfolio. High-net-worth investors should consider adopting the core/satellite structure, but they must be aware of its limitations, such as high transition/tax costs and noisy inputs.
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