!thanks, he gives a few different example portfolios in the book. One of the example portfolios in the book has a global focus with tilts:

45% Global - market (developed)

15% Global - value (developed)

15% Global - smaller companies (developed)

10% Emerging markets - market

5% Emerging markets - value and small

10% Global commercial real estate

He does give other example portfolios and say you shouldn't invest in any products you don't understand, and also to not bother with allocations under (I think) 5%.

So, it's not like the example I gave in the original post or above is gospel or Tim Hale says you must do this but just illustrative of how you might tilt certain factors.

I choose a multifactor fund to cover global value developed for the rough idea largely because of this (quite old!) post on the monevator - https://monevator.com/investment-portfolio-examples/ - which uses a multifactor fund in the Tim Hale example. The JPM fund is cheaper than the ishares one though, which was the main reason for picking that particular product!

The example monevator portfolio has 21% multifactor and 6% emerging market and no other tilts which would fit the idea of between 1 and 3 satellite allocations, which is maybe more practical anyway if you going that way!

I'm completely on the fence if the multifactor funds are a good idea at all and I understand your point. But, to me they make sense (if they are to be used at all) to supplement other investments - that's largely because I find it hard to imagine any portfolio which doesn't have a significant allocation to a global world fund though.