Benchmark Selection for Multi-Asset Class Portfolio

As a portfolio manager, you are tasked with evaluating the performance of a multi-asset class portfolio that includes equities, fixed income, and real estate investments. To ensure an appropriate assessment of the portfolio's performance, you need to select the most suitable benchmark. Each asset class generally has its own set of benchmarks, and some portfolios are diversified across various asset classes. In this context, you must consider which type of benchmark would accurately represent the risk and return profile of the composite portfolio.

Which of the following benchmarks would be the most appropriate choice for this multi-asset class portfolio evaluation?