Paper Title
Performance Attribution with Excel

Abstract
Performance Attribution or Investment Performance Attribution is a set of techniques that performance analysts use to explain why a portfolio's performance differed from a benchmark. Factor models have become an indispensable tool for modern portfolio management and risk management. They provide agreater understanding of sources of risk and return, and the ability to attribute portfolio performance, to forecast both absolute risk and benchmark related risk and to improve portfolio construction. In this paper, I implement two widely used factor based attribution models using Microsoft® Execl that looks at portfolio returns over time, calculates its exposure to factors and then decomposes portfolio returns into individual factor components, as well as the residual return (alpha) component. Keywords - Performance Attribution, CAPM. Fama-French, Excel