Ashley Asset Management exceeded the benchmark by 33bps. Interest rate management has added 20bps (22bps − 10bps + 8bps) and bond selection 18bps. This is a total of 38bps, which is more than 100% of their outperformance.
Thierry Asset Management exceeded the benchmark by 119bps. Immunization against interest rate exposure added 2bps and bond selection reduced performance by 16bps an overall impact of -14bps. Clearly Thierry Asset Management did not add contribution through their stated objective, most of it came from sector selection!
