1. Winner Fund invests in three asset classes: U.S. equities, U.S. bonds, and international equities. The asset allocation weights of Super-perform and the expected performance of each asset class and the benchmark are shown below.

   The contribution of security selection to excess performance is

   a.

   4.36%

   b.

   9.48%

   c.

   5.66%

   d.

   3.97%

    

Asset Class U.S equities U.S. Bonds International equities Portfolio Benchmark Weight Weight Return 32% 20% 48% 56% 30% Portfolio Benchmark Return 14% 20% 8% 12% 15% 7% -4%