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The euro appreciated while the pound depreciated. Primo had a greater stake in the euro-denominated assets relative to the benchmark, resulting in a positive currency allocation effect. British stocks outperformed Dutch stocks resulting in a negative market allocation effect for Primo. Finally, within the Dutch and British investments, Primo outperformed with the Dutch investments and under performed with the British investments. Since they had a greater proportion invested in Dutch stocks relative to the benchmark, we assume that they had a positive security allocation effect in total. However, this cannot be known for certain with this information. It is the best choice, however