The table below presents data on the performance of a portfolio as well as the reference portfolio during the last month.

	portfolio		reference portfolio
	Individual Department Performance	Individual Weighting Ratio	Individual Weighting Ratio	Individual Department Performance
Stocks	2.0%	0.7	0.6	2.5%
Bonds	1.0%	0.2	0.3	1.2%
Cash	0.5%	0.1	0.1	0.5%

a. What has been the manager's performance in the last month? How much is below or above the market? b. What was the contribution of the choice of securities to the yield? c. What was the contribution of the distribution of assets to the return?

The two columns (second and third column of the table) under the title portfolio refer to portfolio, whereas the two columns (fourth and fifth column of the table) under the title reference portfolio refer to benchmark.