Consider the following information regarding the performance of a money manager in a recent month. 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 allocations in column (3), and the returns of sector indexes in column (4).

	Actual Return	Actual Weight	Benchmark Weight	Index Return
Equity	5.0%	0.70	0.75	3.0%
Bonds	-1.0%	0.15	0.20	1.0%
Cash	0.5%	0.15	0.05	0.5%

(4) What is the return of the mutual fund? What is the return of the bogey portfolio? Did the mutual fund outperform or underperform the bogey portfolio?

(3) What was the contribution of security selection to the manager's over- or under-performance relative to benchmark in the month?

What was the contribution of asset allocation to the manager's over- or under-performance relative to benchmark in the month?