1b Given the following sub-asset class performance and manager specific benchmarks determine the attrib Each sub-asset class has only one manager Objective Manager Policy asset bub-asset Manager Manager Benchmark Benchmark class class Return Allocation Return Return Equities Global 7.50% 40% ' 3E ?% Emerging Equities market 10.00% 10% 8% 9% Investment Bonds grade 030% 20% 1% 1% Bonds High yield 9.00% 10% 5% 1% Global Real estate-{El :'S 9.00% 20% 2% 7% Attribution from c.ub-Asset Class Allocations = Attribution from Manager Skill (Alpha) = 1c In what areas did the Portfolio outperform the Policy Benchmark? In what areas did the Portfolio underrerform the Policy Benchmark