Consider the following information regarding the performance of a money manager. The table presents the actual return of each sector of the managers portfolio in column (1), the fraction of the portfolio allocated to each sector in column (2), the benchmark or neutral sector allocation in column (3), and the returns of the sector indexes in column (4). (12 points)

	(1) Actual return	(2) actual weight	(3) Benchmark Weight	(4) Index Return
Equity	3%	0.60	0.6	2.9 (S&P 500)
Bonds	1.5%	0.25	0.3	1.2 (Bond Index)
Cash	0.6%	0.15	0.1	0.45

1). What was managers return in the month? What was the over or underperformance?

2). Whats contribution of security selection to the relative performance? Show your calculations.