A portfolio has a ‘weighting’ in each fund and as such the portfolio will have an asset allocation and portfolio factsheets can be produced.
A panel has no ‘weightings’ and therefore is just a list of funds. You would use a panel when you want to create a list of funds for example as an ‘approved’ list or a ‘recommended’ list of funds.
You can create as many portfolios or panels as you like and identify them by having a different name for each portfolio or panel.
