Following our series on the measurement of portfolio performance. After Sharpe ratios and Treynor and Jensen's Alpha, consider measures which do not depend on a template. And first analysis of the allocation.

As we have seen previously, analysis of fund performance is to identify managers performing funds in light of the results. Performance attribution introduces another dimension. This method seeks to further explain why a particular fund has outperformed (or underperformed) compared to the index or benchmark portfolio. It is therefore a tool to identify and explain the causes of good or bad performance. (more...)