Winner Fund invests in three asset classes: U.S. equities, U.S. bonds, and international equities. The asset allocation weights of Super-perform and the expected performance of each asset class and the benchmark are shown below.

The contribution of security selection to excess performance is

a.

4.36%

b.

9.48%

c.

5.66%

d.

3.97%

Asset Class Weight Weight Return Portfolio Benchmark Portfolio Benchmark Return U.S equities 32% 56% 20% 15% U.S. Bonds 20% 30% 8% 7% International 48% 14% 12% -4% equities