The following information relates to the performance of a manager in 2020.

	Actual return	Actual Weight	Benchmark weight	Return on the benchmark
Equity	7.45%	0.4	0.3	6.24%
Bonds	3.60%	0.3	0.5	3.40%
Cash	0.80%	0.3	0.2	0.80%

Details of investments in different sectors of the equity market are as follows:

Sector	Beginning of month weights (%)	S&P 500 (%)	Sector return (%)
Basic material	1.96	6.3	5.9
Business services	5.8	7.1	4.0
Capital goods	1.91	2.8	3.1
Consumer cyclical	18.47	18.5	7.8
Consumer non-cyclical	30.37	19.4	10.0
Credit sensitive	24.01	20.8	5.0
Energy	13.53	13.2	2.6
Technology	3.95	11.9	0.8

Using the above data, answer the following questions:

1. Has the manager over-performed or under-performance
2. What was the contribution from sector allocation to security selection?
3. Confirm that the sum of contribution of security selection, sector selection and asset allocation is equal manager's total excess return in relation to the bogey.

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The following information relates to the performance of a manager in 2020. Benchmark weight Return on the benchmark Actual return 7.45% Actual Weight 0.4 Equity 0.3 6.24% Bonds 3.60% 0.3 0.5 3.40% Cash 0.80% 0.3 0.2 0.80% Details of investments in different sectors of the equity market are as follows: Sector Beginning of month weights (%) S&P 500 (%) Sector return (%) Basic material 1.96 6.3 5.9 Business services 5.8 7.1 4.0 1.91 2.8 3.1 18.47 18.5 7.8 30.37 19.4 10.0 Capital goods Consumer cyclical Consumer non-cyclical Credit sensitive Energy Technology 24.01 20.8 5.0 13.53 13.2 2.6 & 3.95 11.9 0.8 Details of investments in different sectors of the equity market are as follows: Sector Beginning of month weights (%) S&P 500 (%) Sector return (%) 1.96 6.3 5.9 5.8 7.1 4.0 1.91 2.8 3.1 Basic material Business services Capital goods Consumer cyclical Consumer non-cyclical Credit sensitive 18.47 18.5 7.8 30.37 19.4 10.0 24.01 20.8 5.0 Energy 13.53 13.2 2.6 Technology 3.95 11.9 0.8 The following information relates to the performance of a manager in 2020. Benchmark weight Return on the benchmark Actual return Actual Weight Equity 7.45% 0.4 0.3 6.24% Bonds 3.60% 0.3 0.5 3.40% Cash 0.80% 0.3 0.2 0.80% The following information relates to the performance of a manager in 2020. Benchmark weight Return on the benchmark Actual return 7.45% Actual Weight 0.4 Equity 0.3 6.24% Bonds 3.60% 0.3 0.5 3.40% Cash 0.80% 0.3 0.2 0.80% Details of investments in different sectors of the equity market are as follows: Sector Beginning of month weights (%) S&P 500 (%) Sector return (%) Basic material 1.96 6.3 5.9 Business services 5.8 7.1 4.0 1.91 2.8 3.1 18.47 18.5 7.8 30.37 19.4 10.0 Capital goods Consumer cyclical Consumer non-cyclical Credit sensitive Energy Technology 24.01 20.8 5.0 13.53 13.2 2.6 & 3.95 11.9 0.8 Details of investments in different sectors of the equity market are as follows: Sector Beginning of month weights (%) S&P 500 (%) Sector return (%) 1.96 6.3 5.9 5.8 7.1 4.0 1.91 2.8 3.1 Basic material Business services Capital goods Consumer cyclical Consumer non-cyclical Credit sensitive 18.47 18.5 7.8 30.37 19.4 10.0 24.01 20.8 5.0 Energy 13.53 13.2 2.6 Technology 3.95 11.9 0.8 The following information relates to the performance of a manager in 2020. Benchmark weight Return on the benchmark Actual return Actual Weight Equity 7.45% 0.4 0.3 6.24% Bonds 3.60% 0.3 0.5 3.40% Cash 0.80% 0.3 0.2 0.80%