Category: Level III Evaluation and Attribution

By “return attribution” we mean breaking down the realized return on a portfolio (in this case, specifically an equity portfolio) into a number of practically significant pieces; in other words, it’s the analysis of the realized return.  In the CFA curriculum, there are two flavors of equity return attribution: macro attribution and micro attribution.  I’ll…

I was recently writing a comparison of indices and benchmarks, and it occurred to me that an article on benchmarks might be useful, so here it is.  This is an easy one. The main points of interest to Level III CFA candidates are: How are benchmarks used? What characteristics should a benchmark have? What are…