For example, if the portfolio manager is a genuine bottom up stock picker who ignores sector benchmark weights, then any value in measuring the impact of sector allocation against these …

The return attribution of these decisions depends on the rationale behind the decision in the first place. 375 376 Reading 5 Return Attribution For example, if an investment committee makes …

; Contribution analysis (or absolute return attribution) Return (or regression)-based attribution Holding-based (or buy/hold) attribution Transaction-based attribution Security-level attribution …

Introduction The objective of performance attribution, as stated by Menchero (2000), is to explain portfolio performance relative to a benchmark, identify the sources of excess return, and relate …

Total Portfolio Versus Micro Attribution Performance attribution analysis consists of comparing a portfolio's performance with that of a benchmark and decomposing the excess return into …

Attribution variations Contribution analysis (or absolute return attribution) Return (or regression)-based attribution Holding-based (or buy/hold) attribution Transaction-based attribution Security …

The document outlines the learning outcomes for the 2026 Level I CFA curriculum, covering various topics such as Ethical and Professional Standards, Overview and Return Measurement, …

Overview Performance attribution analysis consists of comparing a portfolio’s performance to that of a benchmark and decomposing the excess return into pieces to explain the impact of …

Mastery The candidate should be able to: p. explain the inputs necessary for a holdings-based and a transactions-based return attribution analysis and the problems associated with each; q. …