We show that gauge invariant composites in the fermionic realization of
SU(N)1 conformal field theory explicitly exhibit the holomorphic
factorization of the corresponding WZW primaries. In the SU(2)1 case we show
that the holomorphic sector realizes the spinon Y(sl2) algebra, thus
allowing the classification of the chiral Fock space in terms of semionic
quasi-particle excitations created by the composite fermions.Comment: SU(N)_1 case included. Final version to appear in Mod. Phys. Lett. A.
Latex, 13 page