2. In a particular year, Wiseguys Mutual Fund earned a return of 15% by making the following investments in the following asset classes:

Asset Class	Weight	Return
Bonds	10%	6%
Stocks	90%	16%

The return on a benchmark portfolio was 11%, calculated as follows:

Asset Class	Weight	Return
Bonds (Lehman Index)	40%	5%
Stocks (S&P 500 Index)	60%	15%

For Wiseguys Mutual Fund:

a. What is the contribution of asset allocation across markets to the total excess return?

b. What is the contribution of security selection?