Country allocation 16 Country stock selection 17 Country sector weight 18 Currency contribution 19 Country contribution Same as 7 but use industry/country/sec tor in place of asset. Measures the impact that currency exposure has on the active portfolio's total return, resulting from differences between managed country and benchmark country weights. Measures the impact that currency exposure has on the active portfolio's total return that results from the performance of different currencies. Measures how well a portfolio's currency exposure has been managed relative to the currency exposure in a benchmark portfolio. Measures the impact on the active portfolio return from selecting different countries in proportions that are different from the benchmark. Within each country, measures the impact that stock selection has on the active portfolio's total return. It provides a measure of a portfolio manager's ability to select stocks within a country. Within each country, measures the impact of relative sector weightings on the active portfolio's total return. Contribution to total return from currency exposure Contribution to total return from country exposure. Same as 7 but by group w!(t-l)-w*(t-l)\x{\rZ(t)-tcb(t)\-\rb(t)-tb(t) wpc(t-l)x^r;(t)-tp(t)\-\rbc(t)-tb(t) 12 + 13 "(t)-^("(t) Mt-l)-ut(t-l)]x[£l(t)-eb(t)]   wl{i)(t-l) <t(7)(t-l) -b {t) ^ wvc{t-\) w"c{t-\) N B = l N N X^(^('-i)^)^IX^)^-i;