Contribution to active total return by: la Asset lb Industry lc Investment style Id Country le Currency 2 Contribution to active local return by: 2a Asset 2b Industry 2c Investment style 2d Country 3         Specific contribution 4         Factor contribution   5        Market timing 6        Expected return 7        Exceptional return 8        Stock selection The ttth asset's contribution to total active return The z'th industry's contribution to total active return The &th investment style's contribution to total active return The cth country's contribution to total active return The gth currency's contribution to total active return The ttth asset's contribution to local active return The z'th industry's contribution to local active return The &th investment style's contribution to local active return The cth country's contribution to local active return Contribution of specific return to the active return Contribution of all factors to the active return (assume total of k factors) Active beta times the difference between the realized return on the market and the long-run market return Active beta times the long-run market return Active return minus the expected return Exceptional return minus the sum of market timing and factor contribution w{tfRn{t) b?(t-l)TFt(t) bak(t-l)TFk(t) bac(t-l)TFc(t) baJt-l)TFJt) w"(t)TR!(t) same as lb same as lc same as Id wa(t)ru(t) K ^b*(t-l)TFk(t) k = l ra(t)-p(t)¥Jt) r"(t)- $"(t)fm(t) - $a(t)\rm(t)-Tm(t)] - Factor contribution