问题如下：
2. Based on Exhibit 1, the value added of the diversified asset portfolio attributable to the asset allocation decision in 2015 was closest to:
选项：
A. 2.3%.
B. 3.9%.
C. 6.1%.
解释：
A is correct.
The value added from asset allocation is calculated as the sum of the differences in the weights between the strategic (benchmark) allocation and the actual subportfolio allocation multiplied by each subportfolio’s benchmark return.
Thus, the value added by the active asset allocation decision is calculated as:
Value added from asset allocation decision = 0.03(31.6%) – 0.07(–2.6%) + 0.04(28.3%) = 2.3%.
B is incorrect. It is the value added from security selection.
C is incorrect. It is the total value added.
考点：Decomposition of Value Added
解析：注意题干“value added ... attributable to asset allocation ”。代入计算公式：
Value added from asset allocation decision = 0.03(31.6%) – 0.07(–2.6%) + 0.04(28.3%) = 2.3%
为什么用portfolio allocation 的权重减去 strategic asset allocation?
