It’s about the performance evaluation.
What about it?
you havent heard?
It’s kind of disappointing since it doesn’t need the global performance attribution and multi-period performance attribution formulas. It tests “the test of benchmark quality”, and fundamental factor model micro attribution(the other micro attribution method). In other words, no need for calculation, but do need to understand those numbers. By the way, “Active Impact” actually appears once in a table in Curriculum. Amazingly, Schweser explains it in one line (Book 5, Page 97). I am still not sure what it is, but I think it’s (Rpj-Rbj). Correct me if I’m wrong.