diff --git a/src/portfolio/runner.py b/src/portfolio/runner.py
new file mode 100644
index 0000000..75020a9
--- /dev/null
+++ b/src/portfolio/runner.py
@@ -0,0 +1,43 @@
+"""PortfolioRunner: faccia live del portafoglio (capitale pool, sizing, ribilancio, ledger).
+Riusa i worker esistenti come esecutori e il data layer Cerbero v2."""
+from __future__ import annotations
+
+from pathlib import Path
+
+from src.portfolio.base import SleeveSpec, Portfolio
+from src.portfolio.ledger import PortfolioLedger
+from src.live.strategy_worker import StrategyWorker
+from src.live.pairs_worker import PairsWorker
+from src.live.multi_runner import MLWorkerWrapper
+from src.live.strategy_loader import load_strategy
+
+# Codice-breve sleeve -> nome modulo Strategy in scripts/strategies/
+_STRAT_MODULE = {
+    "MR01": "MR01_bollinger_fade", "MR02": "MR02_donchian_fade",
+    "MR07": "MR07_return_reversal", "SH01": "SH01_shape_ml",
+    # DIP01/TR01/ROT02 sono honest a sé: vedi nota nel design (worker dedicati in fase 2)
+}
+DATA_DIR = Path("data/paper_trades")
+
+
+def build_worker_for(spec: SleeveSpec, alloc_capital: float, leverage: float,
+                     data_dir: Path = DATA_DIR, position_size: float = 0.15):
+    """Costruisce il worker esecutore per uno sleeve con capitale = quota allocata."""
+    if spec.kind == "pairs":
+        return PairsWorker(
+            asset_a=spec.a, asset_b=spec.b, tf=spec.tf, params=spec.params,
+            capital=alloc_capital, position_size=position_size, leverage=leverage,
+            fee_rt=0.001, name="PR01_pairs_reversion", data_dir=data_dir,
+        )
+    module = _STRAT_MODULE.get(spec.name)
+    if module is None:
+        raise ValueError(f"sleeve live non ancora supportato: {spec.name} "
+                         f"(honest DIP01/TR01/ROT02 richiedono worker dedicati, fase 2)")
+    strategy = load_strategy(module)
+    worker = StrategyWorker(
+        strategy=strategy, asset=spec.asset, tf=spec.tf, capital=alloc_capital,
+        position_size=position_size, leverage=leverage, params=spec.params, data_dir=data_dir,
+    )
+    if spec.kind == "ml":                       # SH01: retraining periodico
+        return MLWorkerWrapper(worker, {"retrain_hours": 24})
+    return worker
diff --git a/tests/portfolio/test_runner_build.py b/tests/portfolio/test_runner_build.py
new file mode 100644
index 0000000..3cfc7ab
--- /dev/null
+++ b/tests/portfolio/test_runner_build.py
@@ -0,0 +1,20 @@
+from src.portfolio.runner import build_worker_for
+from src.portfolio.base import SleeveSpec
+from src.live.strategy_worker import StrategyWorker
+from src.live.pairs_worker import PairsWorker
+
+
+def test_build_single_worker_capital_from_alloc(tmp_path):
+    spec = SleeveSpec(kind="single", name="MR01", sid="MR01_BTC", asset="BTC",
+                      params={"bb_window": 50, "k": 2.5, "sl_atr": 2.0, "max_bars": 24})
+    w = build_worker_for(spec, alloc_capital=300.0, leverage=2.0, data_dir=tmp_path)
+    assert isinstance(w, StrategyWorker)
+    assert w.capital == 300.0 and w.leverage == 2.0
+
+
+def test_build_pairs_worker(tmp_path):
+    spec = SleeveSpec(kind="pairs", name="PR01", sid="PR_ETHBTC", a="ETH", b="BTC",
+                      params={"n": 50, "z_in": 2.0, "z_exit": 0.75, "max_bars": 72})
+    w = build_worker_for(spec, alloc_capital=200.0, leverage=2.0, data_dir=tmp_path)
+    assert isinstance(w, PairsWorker)
+    assert w.capital == 200.0