{
  "periods": [
    {
      "period": "P1",
      "port_return": 0.057999999999999996,
      "bench_return": 0.05,
      "active_return": 0.007999999999999993,
      "sectors": [
        {
          "sector": "Tech",
          "port_weight": 0.5,
          "port_return": 0.1,
          "bench_weight": 0.4,
          "bench_return": 0.08,
          "allocation": 0.002999999999999999,
          "selection": 0.008000000000000002,
          "interaction": 0.002,
          "total": 0.013000000000000001
        },
        {
          "sector": "Health",
          "port_weight": 0.3,
          "port_return": 0.04,
          "bench_weight": 0.3,
          "bench_return": 0.05,
          "allocation": 0,
          "selection": -0.0030000000000000005,
          "interaction": 0,
          "total": -0.0030000000000000005
        },
        {
          "sector": "Energy",
          "port_weight": 0.2,
          "port_return": -0.02,
          "bench_weight": 0.3,
          "bench_return": 0.01,
          "allocation": 0.003999999999999999,
          "selection": -0.009,
          "interaction": 0.002999999999999999,
          "total": -0.002000000000000001
        }
      ],
      "total": {
        "allocation": 0.006999999999999998,
        "selection": -0.003999999999999998,
        "interaction": 0.004999999999999999,
        "total": 0.008
      }
    },
    {
      "period": "P2",
      "port_return": 0.004,
      "bench_return": 0.004999999999999999,
      "active_return": -0.0009999999999999992,
      "sectors": [
        {
          "sector": "Tech",
          "port_weight": 0.4,
          "port_return": -0.049999999999999996,
          "bench_weight": 0.4,
          "bench_return": -0.04,
          "allocation": 0,
          "selection": -0.003999999999999998,
          "interaction": 0,
          "total": -0.003999999999999998
        },
        {
          "sector": "Health",
          "port_weight": 0.4,
          "port_return": 0.03,
          "bench_weight": 0.3,
          "bench_return": 0.02,
          "allocation": 0.0015000000000000007,
          "selection": 0.0029999999999999996,
          "interaction": 0.0010000000000000002,
          "total": 0.0055000000000000005
        },
        {
          "sector": "Energy",
          "port_weight": 0.2,
          "port_return": 0.06,
          "bench_weight": 0.3,
          "bench_return": 0.05,
          "allocation": -0.0045,
          "selection": 0.0029999999999999983,
          "interaction": -0.0009999999999999994,
          "total": -0.0025000000000000005
        }
      ],
      "total": {
        "allocation": -0.002999999999999999,
        "selection": 0.0019999999999999996,
        "interaction": 8.673617379884035e-19,
        "total": -0.0009999999999999987
      }
    }
  ],
  "linked": {
    "method": "carino",
    "port_return": 0.062232000000000065,
    "bench_return": 0.05525000000000002,
    "active_return": 0.006982000000000044,
    "K": 0.9445214874210852,
    "factors": [
      {
        "period": "P1",
        "k": 0.9487711583344541,
        "factor": 1.0044992845265726
      },
      {
        "period": "P2",
        "k": 0.9955202415016206,
        "factor": 1.0539942762125847
      }
    ],
    "sectors": [
      {
        "sector": "Tech",
        "allocation": 0.003013497853579717,
        "selection": 0.003820017171362245,
        "interaction": 0.002008998569053145,
        "total": 0.008842513593995106
      },
      {
        "sector": "Health",
        "allocation": 0.0015809914143188777,
        "selection": 0.00014848497505803556,
        "interaction": 0.0010539942762125849,
        "total": 0.002783470665589498
      },
      {
        "sector": "Energy",
        "allocation": -0.0007249771048503419,
        "selection": -0.0058785107321014,
        "interaction": 0.001959503577367133,
        "total": -0.004643984259584609
      }
    ],
    "total": {
      "allocation": 0.0038695121630482527,
      "selection": -0.0019100085856811194,
      "interaction": 0.005022496422632863,
      "total": 0.006981999999999997
    }
  },
  "warnings": [],
  "summary": "The portfolio returned +6.22% against +5.53% for the benchmark, so it beat by 70 bps. The biggest driver was the overlap of the two (interaction) at +50 bps, then sector bets (allocation) at +39 bps and stock picking (selection) at -19 bps. Tech helped most (+88 bps), mostly from the holdings picked inside it. Energy hurt most (-46 bps), mostly from the holdings picked inside it."
}