Combined Attribution
Full attribution waterfall: strategy → tactical decisions → vehicle selection
Illustrative — attribution methodology demonstration. Every figure (waterfall, quarterly breakdown, vehicle alpha) is a placeholder pending real product-level realized returns.
Total Active Return
+0.69%
Combined allocation + selection + vehicle alpha
Top Contributors
Private Equity+2.501%
Absolute Return+0.931%
Tax Exempt FI+0.135%
Top Detractors
Emerging Markets-0.652%
U.S. Large Cap-0.502%
Developed Intl - Large Cap-0.161%
Attribution Decomposition
Contribution of each effect to total active return
Attribution Hierarchy
Click rows to expand/collapse
▾Total Active Return+0.210%
▾Allocation Effect (Tactical Positioning)+0.371%
·Absolute Return+0.900%
·U.S. Large Cap-0.482%
·Emerging Markets-0.394%
·Developed Intl - Large Cap+0.167%
·Tax Exempt FI+0.142%
·U.S. Small Cap-0.091%
▾Selection Effect (Vehicle Selection)-0.834%
·Private Equity+2.490%
·Developed Intl - Large Cap-0.749%
·Emerging Markets-0.472%
·High Yield+0.170%
·U.S. Small Cap+0.148%
·U.S. Mid Cap-0.147%
▾Interaction Effect-0.795%
·Developed Intl - Large Cap+0.420%
·Emerging Markets+0.214%
·High Yield-0.034%
·Absolute Return+0.022%
▾Vehicle Alpha (Fund Level)+0.481%
·Private Equity Fund+0.228%
·Long/Short Equity Fund+0.124%
·High-Yield Fixed Income Fund+0.078%
·Emerging Markets Equity Fund+0.036%
·Mid-Cap Equity Fund+0.025%
Quarterly Attribution Breakdown
Estimated quarterly decomposition based on full-period attribution
| Period | Allocation Effect | Selection Effect | Interaction Effect | Total Active Return |
|---|---|---|---|---|
| Q1 2024 | +0.104% | -0.234% | -0.223% | +0.059% |
| Q2 2024 | +0.067% | -0.150% | -0.143% | +0.038% |
| Q3 2024 | +0.115% | -0.259% | -0.246% | +0.065% |
| Q4 2024 | +0.085% | -0.192% | -0.183% | +0.048% |
| Full Year | +0.371% | -0.834% | -0.795% | +0.210% |
Quarterly figures are estimated by proportionally distributing the full-period attribution using benchmark return weights.
Tactical allocation added +0.371% — ISC overweights were well-positioned.
Vehicle selection cost -0.834% — fund managers underperformed their benchmarks.
Private Equity was the top contributor at +2.501%.
Emerging Markets was the largest detractor at -0.652%.