A university Endowment Fund is evaluated using Top-Down and Bottom-Up analysis, and against a 40:60 (Bondsquuity) benchmark. The evaluation used the Fund and Benchmark performance over a 1-year period and the results are provided below in annualised terms. Excess Returns and Volatility: Average Excess returns above _ _ ' Volatility risk free Regression of weekly excess fund returns (Fund return risk free return) regressed against excess benchmark returns (benchmark return risk free return) are presented below: Standard Standard error Standard Error , , Alpha Devnatlon (Alpha) (Beta) ()Errors Bottom-Up Attribution Analysis Results Selection Effect = -1.1% Allocation Effect = 2.5%. You are required to