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How we invest can make a big difference come tax time. At the more basic end, this could mean factoring franking credits as part of our share portfolio. Or it could mean decisions on when to sell to manage capital gains.

The idea of separating a portfolio into core and satellite exposures has moved from institutional asset allocation frameworks into the mainstream toolkit of retail investors. Its appeal lies in its apparent simplicity. A stable, low-cost core provides broad, diversified market exposure, while smaller satellite allocations pursue incremental returns.

The first phase of the AI trade was about compute, but the second phase is being driven by constraints.