Which of the following does not explain why the attribution of returns of ESG factors...

The challenge of attributing ESG returns comes from thediversity of ESG approaches (option C)and thedifficulties in assessing performance impact from exclusions (option B). However, while engagement impact can be hard to measure,it is not typically considered a primary attribution challengein portfolio performance evaluation frameworks. Instead, attribution models generally focus onquantitative exposures and sector weightingsrather than engagement outcomes.