Performance Attribution

CFA Mock 2011 Question 9.

Question A.

Why is a Macro attribution report is required? Wouldn’t macro attribution report be required at a fund sponsor level? The analyst beings by gathering portfolio returns, valuation and external cash flows for each asset manager

And why the two addtional inputs needed are policy allocation and benchmark returns? I thought the components for Macro performance attribution are NRABIA?

I am just so confused…

NRABIA is performed once you have both your Portfolio allocation and your benchmarks returns isn’t it?

It is not enough to just memorize NRABIA - without knowing what the N R A B I A stand for … esp at Level 3.