In a particular year, Big Mutual Fund (BMF) earned a total return by making the following investments in the two asset classes, with corresponding returns:

	Weight %	Return %
Bonds	10	6
Stocks	90	16

The return on a bogey portfolio was based on the following investments in the two asset markets with corresponding returns.

	Weight %	Return %
Bonds (Bond index)	50	5
Stocks (Stock index)	50	15

Consider the following statements.

I. The contribution of asset allocation across markets to the total excess return was 3%. II. The contribution of selection within markets to the total excess return was 2%.

Which of the following is correct?