one quick thing I don´t have very clear (I guess not for exam purposes…): if I have portfolios for french equities, german equities, spanish equities, etc… Can I aggregate all of them (asset weighted) to construct a “european equities” composite? I have the feeling that it would be wrong, and in order to create a “european equities” composite I should aggregate different european equities portfolios, but I am not sure how this really works any idea? thx

You can create composites anyway you want. You can create european equities composite and separate composite for german/spanish ect. Make sure your benchmark is relevant though (if one is privded, if not provided disclose the reason for not providing it, if provided disclose benchmark rebalancing policies)

but each one would have each own´s benchmark, while the composite would have a broad one (for example, euro stoxx 50) would it still be correct? thx again

i believe so.

Yes, or you could do a beginning of the period asset weighted custom benchmark…

thanks guys, now I get. You know, I couldn´t figure out a situation where a portfolio was inclueded in more than one composite, but now I see. I guess I can have those portfolios into local market composites, “european equity” composite, “global equity” composite, etc it starts to make sense thx again