question 58 states in portfolio B, it will include the equity carve out of a balanced mandate into the large cap composite. I was under the impression that equity carve out won’t be allowed anymore in 2010, unless it’s seperately managed
I think the key sentence here is: Asset Allocation among sub-portfolios is done quarterly & each sub-portfolios holds frictional cash… Meaning that they are kind of managed individually within a large portfolio…
VinceMTL Wrote: ------------------------------------------------------- > I think the key sentence here is: > > Asset Allocation among sub-portfolios is done > quarterly & each sub-portfolios holds frictional > cash… > > Meaning that they are kind of managed individually > within a large portfolio… I know, I read that too. CFA always comes up with these ambitigous statements where you have to like thinking twice.