GIPS不太懂3.A.8 - 金融分析師

在準備L3時，看不太懂Standard 3.A.8
原文如下(2011 Schweser)：
For periods beginning on or after January 1, 2010,
carve-outs must not be included in a composite unless the carve-out
is actually managed separately with its own cash balance.

Discussion: For periods prior to January 1, 2010, if carve-outs are included
in a composite, cash must be allocated to the carve-out in a timely and
consistent manner. A carve out is a sub-set of a portfolio's assets used
to create a track record that reflects the performance of a specific asset
class (e.g., the equity component of a balanced portfolio). This requirement
assures that the effects of the cash allocation on the returns of a portfolio
are realized.

以下則是GIPS對carve-outs的定義
A portion of a PORTFOLIO that is by itself representative of a distinct
investment strategy. It is used to create a track record for a narrower
mandate from a multiple-strategy PORTFOLIO managed to a broader mandate. For
periods beginning on or after 1 January 2010, a CARVE-OUT MUST be
managed separately with its own cash balance.

想詢問：
1.這邊的carve-outs，指的是多重策略型投資組合之下的次分類項，例如平衡型投資組合
下的權益項目？
2.所謂carve-outs與現金帳分別管理，指的是？

先謝過各位！

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