You manage a client$$s portfolio and according to the investment policy statement $($IPS$)$ you should

invest $60\%$ in stocks, $30\%$ in long$-$term bonds, and $10\%$ in money$-$market securities$.$ The table below

shows your actual investment allocation and performance over the past year.

Actual weight Benchmark Performance Actual Performance

Stocks $55\%-2\%-1\%$

LT Bonds $40\%4\%3\%$

Money Market $5\%1\mathrm{.}5\%1\%$

a$.$ Please compare your actual performance to the benchmark performance.

b$.$ Please attribute your portfolio$$s performance to asset allocation and selection.