A university Endowment Fund is evaluated using Top-Down and Bottom-Up analysis, and against a 40:60 (Bonds:Equity) benchmark. The evaluation used the Fund and Benchmark performance over a 10 year period and the results are provided below in annualised terms. Excess Returns and Volatility: Average Excess returns above risk free Volatility 14.3% 25.6% Fund Benchmark 12.9% 16.9% Regression Results: Alpha Standard error (Alpha) Beta Standard Error (Beta) Standard Deviation (Errors) Fund - 1.27% 0.95% 1.7 4.65% 19% Bottom-Up Attribution Analysis Results Selection Effect = -1.1% Allocation Effect = 2.5%. Please explain why the Jensen's Alpha from the Top-Down analysis does not equal the over/under performance of the Endowment fund through Bottom-up analysis. A university Endowment Fund is evaluated using Top-Down and Bottom-Up analysis, and against a 40:60 (Bonds:Equity) benchmark. The evaluation used the Fund and Benchmark performance over a 10 year period and the results are provided below in annualised terms. Excess Returns and Volatility: Average Excess returns above risk free Volatility 14.3% 25.6% Fund Benchmark 12.9% 16.9% Regression Results: Alpha Standard error (Alpha) Beta Standard Error (Beta) Standard Deviation (Errors) Fund - 1.27% 0.95% 1.7 4.65% 19% Bottom-Up Attribution Analysis Results Selection Effect = -1.1% Allocation Effect = 2.5%. Please explain why the Jensen's Alpha from the Top-Down analysis does not equal the over/under performance of the Endowment fund through Bottom-up analysis