lcw77

Assume that you have a multi-asset class portfolio that includes equities and bonds etc. Now you want to include the equity in an equity composite as a carve-out - you can only do this is if you also include the part of the original portfolio's cash portion that can be allocated to the equity component (the policy that is used to determine the amount of the cash portfolio needs to be disclosed). If you don't include the cash, then it doesn't qualify as a carve-out