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A composite is an aggregation of discretionary portfolios into a single group that represents a particular investment objective or strategy. Composites are the primary vehicle for presenting performance to a prospective client. Which of the following statements concerning composites is least accurate? A. All actual fee-paying discretionary portfolios must be included in at least one composite. B. Firm composites must be defined according to similar investment objectives and/or strategies. C. Portfolios may not be switched from one composite to another. |