Determinants of Portfolio Performance

  title={Determinants of Portfolio Performance},
  author={Gary P. Brinson and L. Hood and G. L. Beebower},
  journal={Financial Analysts Journal},
In order to delineate investment responsibility and measure performance contribution, pension plan sponsors and investment managers need a clear and relevant method of attributing returns to those activities that compose the investment management process—investment policy, market timing, and security selection. The authors provide a simple framework based on a passive, benchmark portfolio representing the plan's long-term asset classes, weighted by their long-term allocations. Returns on this… 

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