Oyster recognizes that many investors shy away from derivatives such as futures, options, and swaps. Although derivatives can be risky, Oyster surmises, they don’t have to be. A core position can be structured with a derivative investment with little-to-no capital outlay. The remaining assets in the mandate can be invested in some other opportunity then “ported” back to the core position. If the outside investment earns a profit in excess of costs, the mandate will outperform. Oyster describes how a common factor or alternative risk premia could be used as a potential source of alpha. He also describes four volatility investment strategy categories and shows how an investment in one of them could also be used to achieve outperformance through portable alpha.