This question has three parts. Show all calculations.

In a performance attribution analysis of the Amelia Pond, a Fund Manager, the performance of her firms balanced fund relative to the benchmarks in a Index Fund revealed the following measures of outperformance (positive percentages), matching performance (zero percentage) and underperformance (negative percentages).

Asset class	Asset allocation	Share selection
Equity	+0.90%	-0.30%
Bonds	-0.20%	-0.15%
Cash	0.00%	0.00%

(NOTE: Different asset class weightings and differential returns between the Balanced Fund and the Benchmark Index Fund have been taken into account in calculating the figures in the table.)

a. What is the total over-, matching- or under-performance of the balanced fund relative to the benchmarks overall? 5 marks

b. By which investment management style (asset allocation or share selection), if any, has the manager outperformed in total relative to key benchmark indexes, and if so, by what percentage? 5 marks

c. By which investment management style (asset allocation or share selection), if any, has the manager underperformed in total relative to key benchmark indexes, and if so, by what percentage? 5 marks