# Performance attribution (Brinson-Fachler)

Periods: P1, P2 | Linking: Carino (log-linked, sums exactly to the cumulative active return)

## 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.

## Cumulative, linked

Portfolio +6.2232% | Benchmark +5.5250% | Active +0.6982%

| Sector | Allocation | Selection | Interaction | Total |
| --- | ---: | ---: | ---: | ---: |
| Tech | +0.3013% | +0.3820% | +0.2009% | +0.8843% |
| Health | +0.1581% | +0.0148% | +0.1054% | +0.2783% |
| Energy | -0.0725% | -0.5879% | +0.1960% | -0.4644% |
| **Total** | +0.3870% | -0.1910% | +0.5022% | +0.6982% |

## Period P1

Portfolio +5.8000% | Benchmark +5.0000% | Active +0.8000%

| Sector | Wp | Rp | Wb | Rb | Allocation | Selection | Interaction | Total |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Tech | +50.00% | +10.00% | +40.00% | +8.00% | +0.3000% | +0.8000% | +0.2000% | +1.3000% |
| Health | +30.00% | +4.00% | +30.00% | +5.00% | +0.0000% | -0.3000% | +0.0000% | -0.3000% |
| Energy | +20.00% | -2.00% | +30.00% | +1.00% | +0.4000% | -0.9000% | +0.3000% | -0.2000% |
| **Total** | | | | | +0.7000% | -0.4000% | +0.5000% | +0.8000% |

## Period P2

Portfolio +0.4000% | Benchmark +0.5000% | Active -0.1000%

| Sector | Wp | Rp | Wb | Rb | Allocation | Selection | Interaction | Total |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Tech | +40.00% | -5.00% | +40.00% | -4.00% | +0.0000% | -0.4000% | +0.0000% | -0.4000% |
| Health | +40.00% | +3.00% | +30.00% | +2.00% | +0.1500% | +0.3000% | +0.1000% | +0.5500% |
| Energy | +20.00% | +6.00% | +30.00% | +5.00% | -0.4500% | +0.3000% | -0.1000% | -0.2500% |
| **Total** | | | | | -0.3000% | +0.2000% | +0.0000% | -0.1000% |

_Not financial advice. Attribution explains past returns; it does not predict future ones._