House for self consumption as part of investment portfolio?

I have a doubt on inclusion of residence in which client is currently staying as part of his total investment portfolio and thereby asset allocation? For an individual IPS should this be part of total investment portfolio while calculating the portfolio return?

most CFA individual IPS questions I did last year explicitly excluded the residence from the portfolio. As it serves primarily as a residence as opposed to an investment I would say that it’s always safe to exclude it.

^ agree. It is not at all debatable.

I am a little confused if Jishnu is asking this from real life perspective or an exam perspective. Becuase I see his status as CFA passed level 3.

Nevertheless, if there is a need to include/exclude residence portfolio its explicitly stated. If nothing is explicitly mentioned, I would do as gringo said (that is not including it in the asset base) - remember to mention in assumptions that you are excluding the primary residence from asset base. I remember an old CFAI paper dont remember the year, the template answer had this statement and it made sense as well.