Model Sleeve: Where the Strategy Lives
This sleeve holds the strategy exactly as the manager runs it. Cash targets and thresholds are set by the manager — they are not adjustable per account by the advisor.
Key Behaviors
Even a 0% cash target still carries a small operating buffer — cash within that buffer is expected and simply means the sleeve is tracking the strategy correctly
Above the buffer, drift trades (automatic trades triggered when the sleeve's cash drifts above its operating buffer) generate and buy evenly across the holdings
Cash inside the Model Sleeve does not appear in the Managed Portfolio cash calculations
ℹ️ If you see cash in a Model Sleeve and aren't sure if it's expected, check the manager's stated cash target first before escalating.
Small residual cash (typically <1–2%) is normal operating behavior.
Protected Sleeve: Frozen Cash
The Protected Sleeve holds positions and cash that the advisor wishes to separate from the actively traded portion of the account. It is non-transactional — no custodial activity will be reconciled here involving cash or positions.
Key Behaviors
Cash only moves in and out by the advisor's direction via the Move Positions button in Account Details
The Rebalancer does not touch Protected Sleeve cash
The CMA does not route cash through the Protected Sleeve
No automatic trades or rebalance flags are generated from this sleeve
How to Move Cash To / From Protected
Navigate: Account Details → Managed Portfolio Sleeve → View Holdings → Move Positions