Which of the following is TRUE according to the Brinson, Hood Beebower (BHB) paper and the Ibbotson/Kaplan paper? Strategic asset allocation (ie policy allocation) explains about 90% of the differences in returns achieved by various pension funds but 30% of the variability of a pension plan's return over time. Strategic asset allocation (ie policy allocation) explains either 30% or 90% of the variability of a pension plan's return over time depending on the plan. Strategic asset allocation explains approximately 90% of a pension plan's return variability over time but only 30% of a mutual fund's return variability over time. Strategic asset allocation (ie, policy allocation) explains about 90% of the variability of a fund's returns over time but just 30% of difference in returns between pension plans