Three levels of attribution: from display to decisions

Level 1: Display

Make it readable first—period returns, benchmark comparisons, allocation breakdowns, and top drivers. Consistency is the foundation for faster understanding across meetings and reports.

Level 2: Explain

Answer “why”: allocation, selection, currency, rates, credit, styles, and strategy exposures. Fix the calculation basis so attribution stays comparable and trustworthy.

Level 3: Decide

Point to the next action: which exposures to adjust, which strategies to rebalance, and how it affects policy limits. Attribution should connect to limit monitoring and workflow so insights become execution.