When allocating capital to multiple managers, completion portfolios provide customized exposures to help manage unintended risks due to underlying manager bias and align the total portfolio to the investors’ preferred positioning. The benefits of completion portfolios as a critical tool for asset owners was highlighted, in our Completion Portfolio paper, which included these four ways to use completion portfolios:

• Better management of factor and portfolio risks
• Gaining efficient access to desirable risk premia
• Unshackling portfolio managers to focus on opportunities for alpha
• Opportunistic allocations

This paper provides a case study of an actual completion portfolio used in multiple global equity funds at Russell Investments. We examine how the approach enhances the total portfolio outcome according to each of the four use cases.