Performance Attribution Purpose Decompose portfolio returns into explainable components to understand where value was added or lost. This skill covers equity attribution (Brinson-Fachler), factor-based attribution, fixed-income attribution, currency effects, and multi-period linking methods. Layer 5 — Policy & Planning Direction retrospective When to Use - Explaining where portfolio returns came from relative to a benchmark - Evaluating whether a manager added value through allocation, selection, or both - Decomposing returns into systematic factor exposures and residual alpha - Attributing f…