5. The World Value fund has value weights on asset classes and returns as given in the table below. There are four major asset classes: Europe, Pacific, Emerging and North America (Canada and USA). The table also shows the weights and returns of the fund's benchmark portfolio, the World Index. World Value Fund weight (%) World Value Fund return (%) World Index weight (%) World Index return (%) Europe Pacific Emerging North America Canada USA 22.2 28.0 16.3 33.5 11.5 22.0 -3.4 4.5 12.8 3.4 5.0 2.6 20.0 18.5 12.0 49.5 5.1 44.4 0.1 10.6 2.7 2.7 4.7 2.8 (a.) How did the World Value fund perform compared with the benchmark, twerperformance or un- derperformance? (b) Provide a performance attribution of World Value's return in terms of its broad asset class allo- cation and stock selection relative to the benchmark (c.) Provide a specific performance attribution within the North America asset class. Hint: Con- sider the North America portfolio only. Calculate the weights of Canada and USA in the North American portfolio. 1