Glossary · Portfolio operations
A strategy is a specific investment approach with defined holdings and weights — the component parts that models are assembled from.
The distinction between a strategy and a model matters when blending. A model is usually a combination of strategies with target weights; a strategy is the thing being combined.
Keeping them separate is what makes it possible to compare managers on like terms and to swap one component without rebuilding the whole allocation.
Questions this did not answer? Ask them directly — that is what the twenty minutes is for.