CoachA platform’s centre book is the book the centre trades itself with the fund’s capital, alongside the pods: to hedge exposures the pods share, to add to positions many pods hold, or to trade its own strategies. A factor overlay is a centre-book position that offsets the sum of the pods’ exposures to a common factor, so that the fund keeps the pods’ specific returns without their shared risk.
fm_platform.sim, firm.podshop.overlay.