Calculate the portfolio manager's allocation effect, given the manager's weights are 70.7% in equity, 19.2% in bonds, and remainder is in cash. The benchmark is 60% equity, 30% bonds, and 10% cash. The returns for the portfolio are 7.8% in equity, 6.9% in bonds, and 1.03% in cash. The benchmark returns are 7%, 4%, and 0.62%, respectively. (Answer to 2 decimal places in percent, so 2.42 for 2.42%).