The evaluation of a strategy that was designed to trade across a group of securities without consideration of securities that were in the group at one point in time, but no longer remain in the group. Often securities will be taken out of a group (such as an index) if they underperform, or if they are delisted from an exchange. This can lead to an overstatement of historical performance, since any company that went out of business is no longer a part of the analysis.
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