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.
The aggregation of two or more of a client's individual portfolios that satisfies a specified common set of standards or conditions, e.g., all of the client's equity managers, or, at a higher level, the aggregation of all of a client's individual portfolios into a single consolidated portfolio. (AIMR-PPS)