In schweser volume 2 - exam 1, question 22.6, can someone kindly help explain the answer they gave for calculating the multi year excess return and attribution analysis? I also cannot find it in the cfai books, is it covered? Thanks a lot.

donâ€™t know the actual example but the multi period active return is required.

I did not see the question, but in general multi-period excess return is as follows: The excess return in period 1 earns the benchmark return from period 2 The excess return in period 2 earns the portfolio return from period 1. The formula is R (A,2) (Total active return over two periods) = R(a,1)*(1+R b,2) + Ra,2*(1+R p,1)