PART ONE: Sector Performance

Sector	Portfolio Weighting	(2) S&P Weighting	(3) Differences in Weighting	(4) Portfolio Return	(5) S&P Return	(6) Sector Over- or Under Performance	(7) = (3) x (6) Sector Allocation Contributions
Telecommunications Services	3.10%	5.90%	A 2.80%	2.50%	3.10%	K 0.60%	U 0.02%
Utilities	7.50%	3.80%	B -3.70%	3.10%	1.90%	L -1.20%	V 0.04%
Information Technology	14.30%	17.90%	C 3.60%	4.90%	3.20%	M -1.70%	W -0.06%
Materials	6.30%	3.70%	D -2.60%	4.80%	5.10%	N 0.30%	X -0.01%
Financials	13.40%	17.10%	E 3.70%	6.20%	4.80%	O -1.40%	Y -0.05%
Consumer Discretionary	12.70%	13.50%	F 0.80%	2.10%	4.00%	P 1.90%	Z 0.02%
Industrials	14.10%	11.90%	G -2.20%	4.90%	3.10%	Q -1.80%	AA 0.04%
Energy	8.40%	8.00%	H -0.40%	3.70%	8.60%	R 4.90%	BB -0.02%
Healthcare	15.30%	11.70%	I -3.60%	9.80%	5.70%	S -4.10%	CC 0.015%
Consumer Staples	4.90%	6.50%	J 1.60%	1.50%	13.20%	T 11.70%	DD 0.19%

2. Did the performance turned in by the investment manager underperform or outperform the S&P 500? By how much? Show your work.