CISI ICWIM Question Answer
Ex-ante security attribution seeks to identify:
Portfolio outperformance
Why the portfolio performed the way it did
An appropriate benchmark
Future risks
Ex-ante attribution focuses on predicting future risks and returns, whereas ex-post attribution analyzes past performance.
Why is Option D Correct?
Ex-ante means “before the event”, so it identifies potential risks before they impact returns.
Used in risk forecasting and portfolio stress testing.
Why Not Other Options?
A & B (Portfolio outperformance, past performance) → These relate to ex-post (historical) attribution.
???? Reference: CFA Institute (Performance Attribution), CISI Wealth & Investment Management.
TESTED 09 Apr 2026
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