1. A is correct. Positive value added is generated by overweighting securities that have returns
greater than the benchmark and underweighting securities that have returns less than the
benchmark. Performance attribution systems can decompose the value added into multiple
sources. The most common decomposition is between value added due to asset allocation and
value added due to security selection. Fund A overweighted the equity class ( 66% versus
60%) which performed better than the bond class, and the equity portion of Fund A
outperformed the equity benchmark (15.0% versus 7.0%). Section 2. LO.a.
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