Table below provides the information regarding the performance of a fund manager in recent month. The return and weight of each asset class in both managed portfolio and benchmark/bogey portfolios are presented respectively. Please show full workings in the space below. Stocks Bonds Cash Portfolio Weight 0.65 0.25 0.10 Portfolio Return 6.50% 3.00% 0.60% Benchmark Weight 0.53 0.32 0.15 Benchmark Return 8.60% 2.60% 0.60% a. Calculate the returns of the managed portfolio and the return of the benchmark/bogey portfolio. Based on the excess return of the managed portfolio, did the fund manager perform well relative to the benchmark portfolio? (3 marks) I b. Which of the asset allocation or sector and security selection strategies has negatively affected the performance of the fund manager? Please show full workings for contribution of asset allocation to performance and contribution of security selection to performance. (8 marks)