Q17’s answer is to “exclude the Hartford portfolio from the core-plus fixed income composite for the period it was below the minimum asset level.”
In the Kaplan note, “Because portfolios may drop below the minimum for a short period , the IPC Guidance Statement on Composite Definition recommends that a policy be put in place to identify percentage or period of breaches after which a portfolio should be removed from the composite.”
Q17 states the portfolio is below minimum level for nine month. So, I guess we consider that a long period? But how do we know how long is a long period instead of short period if no definition is mentioned like this question?