Tree Fort Capital runs a large commingled portfolio of domestic equities, and a number of separately managed accounts for its largest investors. The separate accounts are multi-asset portfolios that hold stocks, bonds, derivatives and cash. In compiling its returns data, the performance analyst suggests that the equity holdings of the separate portfolios be isolated from the other assets, and used on a standalone basis calculate the funds equity returns. Explain why this action might be out of compliance with GIPS?