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Whitepaper

What Is Overlay? A Look at Four Common Applications

December 14, 2022

An overlay program is a comprehensive portfolio management solution designed to help investors increase expected return and reduce tracking error relative to a targeted policy allocation. The scope of the program can be narrow or broad depending on each investor’s objectives and constraints. The most common overlay components are cash overlay, rebalancing overlay, transition overlay, and currency overlay.

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Antony Motl, CFA

Portfolio Manager

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