For decades, portfolio construction followed a simple division of labour - the core delivered broad market beta, while the satellite played a small supporting role, used selectively to pursue excess returns through active management. That blueprint is being rewritten and the challenge for allocators, is this: satellite allocations are the drivers of outperformance and missing a theme can cost portfolios dearly. Today’s forces shaping investment outcomes extend beyond traditional asset-class boundaries. Artificial intelligence, defence spending, energy security, infrastructure investment and geopoli...