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Since hedging is an important part of her investment activity, the hedging results must also be included in her portfolio results in order to be GIPS compliant. Such results are considered to be carve-out returns and may not be included in a separate composite. According to GIPS, carve-out returns excluding cash cannot be used to create a stand-alone composite. When a single asset class is carved out of a multiple-asset portfolio and the returns are presented as part of a single-asset composite, cash must be allocated to the carve-out returns and the allocation method must be disclosed. Beginning January 1, 2010, carve-out returns must not be included in single asset class composite returns unless the carve-outs are actually managed separately with their own cash allocations.