Performance attribution on the NPS portfolio
| Classification | Rate of return | Contribution to revenue | |
|---|---|---|---|
| Tactical asset allocation (TAA) | Benchmark control | 0.06% | 1.0% |
| Proportion control | −0.24% | −3.9% | |
| Subtotal | −0.18% | −2.9% | |
| Stock selection | 0.13% | 2.2% | |
| Strategic asset allocation (SAA) | 6.04% | 100.6% | |
| Error term | 0.01% | 0.1% | |
| Total rate of return | 6.01% | 100.0% | |
| Classification | Rate of return | Contribution to revenue | |
|---|---|---|---|
| Tactical asset allocation (TAA) | Benchmark control | 0.06% | 1.0% |
| Proportion control | −0.24% | −3.9% | |
| Subtotal | −0.18% | −2.9% | |
| Stock selection | 0.13% | 2.2% | |
| Strategic asset allocation (SAA) | 6.04% | 100.6% | |
| Error term | 0.01% | 0.1% | |
| Total rate of return | 6.01% | 100.0% | |
Note(s): The table shows the performance of TAA and SAA for the NPS over a five-year period from 2008 to 2012
Source(s): *The data of Won et al. (2013) are reconstructed by the authors of this study
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