bpdulog

Have a look at the CFAI macro attribution, pg152 vol 6. It makes more sense really. The IM element can be worked out by using benchmark weights to sum up the actual returns from each manager, less the benchmark returns.

I.e. sum of [manager benchmark weight*asset category benchmark weight*(actual return - benchmark return)] try it with exhibit 3 and 5 in CFAI text, you're only adding up 4 numbers at the end of the day, prob about as complicated as it will get!

In schweser they've just notated it differently, the definitions of the various elements are the same. I like remembering the principle rather than all the formulae.