is a method of portfolio construction designed to minimize costs, tax liability, and volatility while providing an opportunity to outperform a broad stock market as a whole. The core of the portfolio consists of passive or other low-cost investment vehicles designed to track the major market indices, such as the Standard and Poor’s 500 Index (S&P 500), Fixed Income and additional base model markets. These Core components are configured to accurately cover exposures to the broad markets. Additional positions, designed to augment overall performance are known as satellite investments, and are added to the portfolio in the form of actively managed investments. There are a wide range of strategies that qualify as Satellite positions.