manasib

The composite internal dispersion is a measure of the variability of portfolio-level returns for only those portfolios that are included in the composite for the full year around the composite return. First, the firm must identify which portfolios were in the composite for the full year. Second, the firm must calculate the annual return for each of the portfolios that were included in the composite for the full year. The internal dispersion measure is then calculated using these portfolio-level annual returns. The specific measure of dispersion presented is a required disclosure. If the firm has less than five portfolios in a composite, a measure of dispersion is not required.