Problem 7 The WorldValue fund has value weights on asset classes and returns as given in the table below. There are four major asset classes: Europe, Pacific, Emerging and North America. The table also shows the weights and returns of the fund's benchmark portfolio, the World Index. Europe Pacific Emerging North America 22.2 28.0 16.3 33.5 3.4 4.5 12.8 20.0 18.5 12.0 49.5 0.1 4.7 10.6 2.7 World Value Fund weight (%) World Value Fund return (%) World Index weight (%) World Index return (%) 3.4 (a.) How did the World Value fund perform compared with the benchmark, over-performance or under-performance? (b.) Provide a performance attribution of World Value's return in terms of its broad asset class allocation and stock selection relative to the benchmark