PROBLEM 5 Hilltop Investments runs a superannuation fund which is benchmarked against the market index. Hilltop uses asset allocation and security selection to try to outperform the benchmark. Senior management decides on asset allocation, and there is a dedicated equity analyst for each of the three industry groups of mining, nancial and industrial. The following table Summarises the fund's performance in the past year] Industw Hlto- fund sector 15.4% 160% 14-6% 120% Hilltop's board of directors has employed you to conduct a performance attribution analysis, which is to include separate reSults for asset allocation, security selection and the interaction effect. Your report will be used as an input to determining the annual performance bonuses to be paid to senior management and the equity analysts. Prepare the analysis and write a brief report. Who deserves a bonus