In implementing a core$-$satellite investment strategy within an equity portfolio, which of the following best characterizes the role of the satellite allocation?

Group of answer choices

To pursue tactical tilts or thematic exposures through concentrated, actively managed strategies intended to generate excess return relative to the benchmark

To replicate market exposure at low cost using cap$-$weighted index funds to ensure benchmark consistency

To provide duration matching and liability hedging by incorporating fixed income instruments into an equity allocation