Program is any investment strategy, fund, managed account etc. you offer to investors.
Portfolio is a combination of selected programs (or other instruments such as stocks, ETFs, indices etc.). For example when building a fund of funds you add several of your programs including their allocations into a portfolio. See this article for more information about creating portfolios.
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This procedure is part of a repeatable fund factsheet production workflow. Continue with Fund factsheet production software and Fundpeak Knowledge Base.