Small, Value, or Small/Value?

This article focuses narrowly on a very concrete question that investors and advisors may consider frequently. Given a goal of enhancing a portfolio’s long-term return by tilting it toward the size and value factors, and given an existing core exposure to the broad stock market, is it better to add one (small/value) satellite or two (one small-cap and one value) satellites? The results here suggest that, all things considered, adding one small/value satellite is the better option.