I purchased a couple of "world allocation" (aka "Go Anywhere") mutual funds. When I plugged one of them (FAIRX) into Morningstar and it showed up as a "large blend" fund. So I figured I could categorize it as a large cap fund in a asset allocation breakdown (eg. 50% large cap, 20% small cap, 20% foreign, 10% bond). Since FAIRX is not truly a large cap fund and has a relatively high turnover, how should I categorize it in my asset allocation breakdown? Or is selling it the only way to conform to the breakdown?
As this article explains, "world allocation" fund managers have great freedom to dynamically spread their investments throughout different parts of the world and among various asset classes like stocks, bonds, and commodities at any given time.