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The benchmark portfolio has an asset allocation of 65% stocks, 30% bond and 5% cash. The annual returns on these three asset classes are 7.70%,

The benchmark portfolio has an asset allocation of 65% stocks, 30% bond and 5% cash. The annual returns on these three asset classes are 7.70%, 4.10% and 1.30%. Over the same time period, a portfolio manager had an asset allocation of 72% stocks, 23% bonds and the balance in cash. The returns on the three asset classes in the manager's portfolio were 7.69%, 4.20% and 1.51% respectively. 


What was the contribution to the manager's value-added, in % (to three decimal places) from his asset allocation skills?

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