VAR (Value at risk) and weighted portfolio?

I am calculating my VAR(value at risk) for a portfolio. Assuming I have 10 funds within that portfolio and would like to apportion their VAR according to the portfolio size. At which stage of my VAR computation do I do that?
Do I weight it when I am calculating the VAR for respectively fund, or should I do it when I am combining to calculate the portfolio VAR? If the latter, what formula should I use as in attendance is correlation between all the funds.

Assume that an investor sell an S&P 500 stock-index futures contract at 975 and buys this contract after a fe

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Answers:   One have to calculate the portfolio tight and standard deviation from the individual means and the full correlation matrix, using the weights. The formulas are explained here:
http://en.wikipedia.org/wiki/Value_at_ri...

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