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The table presents the actual return of each sector of the manager's portfolio in column (1), the fraction of the portfolio allocated to each sector

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The table presents the actual return of each sector of the manager's portfolio in column (1), the fraction of the portfolio allocated to each sector in column (2), the benchmark or neutral sector allocations in column (3), and the returns of sector indexes in column 4. Equity 3.0% 0.60 Bonds 1.3% 0.30 Cash Actual Actual Benchmark Index Return Weight Weight Return 3.2% 1.4% 0.5% 0.50 0.40 0.10 0.5% 0.10 What is the contribution of security selection to relative performance? 15% 15% 0-3% o 3%

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