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The returns from the cash component of her portfolio must be included in her portfolio results, even though it may be managed by another department of the firm (for GIPS compliance, the Firm must claim compliance). Cash returns must be included in portfolio total-return calculations as long as the portfolio manager has control over the amount of the portfolio that is allocated to cash. This requirement stands even if the manager does not actually control the investment of the cash, as the case is when excess cash is held in a money market account. Keep in mind that the inclusion of cash is likely to reduce portfolios experiencing positive gains.