You have the task of assessing the performance of a portfolio manager against a benchmark portfolio. Both benchmark and the actively managed portfolio are invested in Stocks, Bonds and Cash Market as follows

Benchmark Weight Return

Stocks 60% 5.81%

Bonds 30% 1.45%

Cash 10% 0.48%

Manager Weight Return

Stocks 70% 6.14%

Bonds 7% 2.82%

Cash 23% 0.48%

Compare the actively managed (manager's) portfolio performance against the benchmark. Analyze the selection and allocation contributions and assess the manager's ability in Selection and Allocation. Was there any over or underperformance?