Macro Attribution

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Could we be asked to calculate the different levels that constitute a macro attribution. Basically I’m asking if we need to remember these formulas?
Asset categories = Wi x (Ri - Rf)
Benchmark Level = Wi x Wij (Rbij - Ri)
Investment Managers = Wi x Wij (Raij - Rbij)
Thanks
 
very much in the weeds (in my opinion)…i would probably skim it moments before entering the exam.
However, definitions for all components of macro, micro are highly testable
 
Try to remember something intuitive about it.
Asset category is a passive investment in a particular index, so the attribution is any return less the risk free.
Benchmark is a passive investment in the manager’s benchmark, so the attribution is the weight given to that manager x the weight given to the asset x difference between the manager’s and sponsor’s benchmark. This also tells you the misfit return.
Investment managers tells you the true active return and is attributable to the weight given to the manager x weight given to the asset x difference between active return and manager’s benchmark.
Also remember that the total fund return is all of the attributions less any contributions.
 
It´s in the online-test (OKelly), so better know it.
I can´t remember the formula, but have just practised by going through the OKelly case several times.
 
the CFAI text has a good illustration comparing it to supply/demand. take a look.
 
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