The articles state that investors can transfer gains from a “satellite” portfolio into a “core” portfolio. They also specify that this transfer direction is one-way: gains cannot be moved from core portfolios back into satellite portfolios.
The outlets emphasize that this constraint is intentional and serves a risk-management purpose. By preventing transfers from core to satellite, the structure aims to protect any “excess gains” or outperformance that may have accumulated within core portfolios. In other words, the rules are designed to preserve the gains already achieved in the more stable or primary holdings, while allowing satellite performance to contribute to the broader core allocation.
While both sources repeat the same rule, they differ in how they frame its importance. One article highlights the protection of excess gains in core portfolios as a key reason for the restriction, while neither provides additional procedural details or examples beyond the directional transfer constraint.
