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Micro Attribution

Hi,

We know that the portfolio return can be broken up into 3 components: P = M + S + A

M = Market index return
S = Excess return to style
A = Active return

Which components of the micro performance attribution (sector allocation, allocation/selection integration, within-sector allocation) are part of the active return ?
More specifically, is the sector allocation a style contribution or an active return contribution ?

Thanks in advance,

Bern

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