Equity Mates Investing Podcast Best of the Best: Building a portfolio of great managers - Daniel Kelly | Viola Private Wealth
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Dec 17, 2025 Daniel Kelly, Chief Investment Officer at Viola Private Wealth, shares insights on building resilient investment portfolios for high-net-worth families. He discusses the innovative Core Squared Satellite model, emphasizing the importance of managing liquidity and diversifying with five alternative asset classes. Daniel reveals red flags in fund managers, the evolving landscape of AI in investing, and untapped opportunities in Australia’s private markets. His advice? Focus on well-structured ETFs while leveraging expert strategies to enhance portfolio performance.
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Portfolio Construction As Team Selection
- Build portfolios like a sports team where each sleeve has a distinct role and doesn't overlap with others.
- A well-constructed portfolio can deliver real positive returns even if equities return 0% by relying on complementary sleeves.
Use Core Squared Satellite Model
- Use a Core Squared Satellite model: a liquid traditional core and a semi-liquid alternative core plus illiquid satellite deals.
- Match the split to client liquidity needs and tilt cores towards growth or income as required.
Prioritise Liquidity Profiles
- Always assess a client's liquidity preference separately from risk profile and dictate appropriate illiquidity exposure.
- Use a liquidity questionnaire to determine how much illiquid private market exposure a client can tolerate.