<br />
THE JOURNAL OF 1996<br />
PERFORMANCE Celebrating 30 Years<br />
MEASUREMENT 2026<br />
®<br />
THE PERFORMANCE MEASUREMENT RESOURCE VOLUME 24 : NUMBER 4<br />
VOLUME 30 : NUMBER 1<br />
INSIDE THIS ISSUE - FALL 2025<br />
n OPINION: IMPROVING ATTRIBUTION EVEN FURTHER:<br />
THE COUNTER-FACTUAL MODEL<br />
n THE IMPORTANCE OF DATA QUALITY CHECKS IN TOTAL<br />
RETURN CALCULATIONS<br />
n INTEGRATING RISK AND RETURN: A UNIFIED APPROACH TO<br />
PERFORMANCE ATTRIBUTION<br />
n THE JOURNAL INTERVIEW - SHIFAT HASAN, CFA, CMA<br />
n COMPARATIVE ANALYSIS OF ICB AND GICS CLASSIFICATION SYSTEMS<br />
n THE INVESTMENT PERFORMANCE MEASUREMENT PROFESSIONAL<br />
n LANDMARK ARTICL<a title="JPM_Fall 2025_30-1 page 1" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=1"> THE JOURNAL OF 1996 PERFOR</a>
<a title="JPM_Fall 2025_30-1 page 2" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=2"> Train Your Entire Performance staff for half pric</a>
<a title="JPM_Fall 2025_30-1 page 3" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=3"> The Journal of Performance Measurement® </a>
<a title="JPM_Fall 2025_30-1 page 4" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=4"> The Journal of Performance Measurement </a>
<a title="JPM_Fall 2025_30-1 page 5" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=5"> THERE’S A LOT ON YOUR PLATE— RISING CLIENT DEMAND</a>
<a title="JPM_Fall 2025_30-1 page 6" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=6"> Letter from the Editor This issue marks the</a>
<a title="JPM_Fall 2025_30-1 page 7" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=7"> The Standard for Investment Data Management. Emp</a>
<a title="JPM_Fall 2025_30-1 page 8" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=8"> Letter from the Publisher As you can see fr</a>
<a title="JPM_Fall 2025_30-1 page 9" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=9"> The Journal of Performance Measureme</a>
<a title="JPM_Fall 2025_30-1 page 10" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=10"> VOICES IN VERIFICATION An interview series hosted</a>
<a title="JPM_Fall 2025_30-1 page 11" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=11"> VOICES IN VERIFICATION “Seek out internships or p</a>
<a title="JPM_Fall 2025_30-1 page 12" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=12"> VOICES IN VERIFICATION Kathleen Seagle,</a>
<a title="JPM_Fall 2025_30-1 page 13" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=13"> OPINION Improving Attribution Even Further: The C</a>
<a title="JPM_Fall 2025_30-1 page 14" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=14"> from a group of four or five choices which are de</a>
<a title="JPM_Fall 2025_30-1 page 15" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=15"> new ideas from a hash of an outline I sent him, s</a>
<a title="JPM_Fall 2025_30-1 page 16" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=16"> The Importance of Data Quality Checks in Total Re</a>
<a title="JPM_Fall 2025_30-1 page 17" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=17"> Table 2: Start Portfolio </a>
<a title="JPM_Fall 2025_30-1 page 18" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=18"> The above impact of 10 bp on the return is small,</a>
<a title="JPM_Fall 2025_30-1 page 19" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=19"> 5. CAN CHANGING THE TIMING OF CASH FLOWS </a>
<a title="JPM_Fall 2025_30-1 page 20" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=20"> extra step that is now taken is that the new clie</a>
<a title="JPM_Fall 2025_30-1 page 21" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=21"> Table 17: Calculation Weights and Returns; Trade </a>
<a title="JPM_Fall 2025_30-1 page 22" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=22"> tribution. Recall the situation in Section 3 abou</a>
<a title="JPM_Fall 2025_30-1 page 23" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=23"> weight of -105%, a securities weight of 205% and </a>
<a title="JPM_Fall 2025_30-1 page 24" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=24"> Integrating Risk and Return: A Unified Approach t</a>
<a title="JPM_Fall 2025_30-1 page 25" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=25"> 2. The assignment of an expected return to each </a>
<a title="JPM_Fall 2025_30-1 page 26" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=26"> tation of the weighted sum of correlations, viewi</a>
<a title="JPM_Fall 2025_30-1 page 27" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=27"> dress this issue, we draw upon modern portfolio t</a>
<a title="JPM_Fall 2025_30-1 page 28" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=28"> = × � , − </a>
<a title="JPM_Fall 2025_30-1 page 29" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=29"> risk–return trade-off. In contrast, an analysis o</a>
<a title="JPM_Fall 2025_30-1 page 30" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=30"> served ratio for the review period or by using ma</a>
<a title="JPM_Fall 2025_30-1 page 31" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=31"> Table 4 This table provides the results for the </a>
<a title="JPM_Fall 2025_30-1 page 32" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=32"> Table 5 Brinson Volatility Attribu</a>
<a title="JPM_Fall 2025_30-1 page 33" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=33"> Table 7 Contribution to IR ALP</a>
<a title="JPM_Fall 2025_30-1 page 34" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=34"> Grégoire, Philippe, and Herve Van Oppens (2006). </a>
<a title="JPM_Fall 2025_30-1 page 35" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=35"> We’re Everything You Need in a GIPS® Standards Ve</a>
<a title="JPM_Fall 2025_30-1 page 36" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=36"> The Journal Interview Shifat Hasan, CFA, CMA is </a>
<a title="JPM_Fall 2025_30-1 page 37" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=37"> responsible for policy and governance and really,</a>
<a title="JPM_Fall 2025_30-1 page 38" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=38"> do you explain what you do for a living to friend</a>
<a title="JPM_Fall 2025_30-1 page 39" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=39"> SH: Yes, French fries. PF: Oh, that's awesome. </a>
<a title="JPM_Fall 2025_30-1 page 40" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=40"> Comparative Analysis of ICB and GICS Classificati</a>
<a title="JPM_Fall 2025_30-1 page 41" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=41"> 20133 and 2014,4 which does examine each classifi</a>
<a title="JPM_Fall 2025_30-1 page 42" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=42"> Table 2: Industry/Sector Naming Convention – ICB </a>
<a title="JPM_Fall 2025_30-1 page 43" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=43"> Figure 2: Allocation of Stocks Placed in a Differ</a>
<a title="JPM_Fall 2025_30-1 page 44" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=44"> Figure 4: Scatterplots of Betas for Companies Uni</a>
<a title="JPM_Fall 2025_30-1 page 45" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=45"> Figure 5: Allocation of Stocks Placed in a Differ</a>
<a title="JPM_Fall 2025_30-1 page 46" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=46"> ICB and GICS Consumer Discretionary The FTSE All</a>
<a title="JPM_Fall 2025_30-1 page 47" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=47"> are cyclical in nature (discretionary). This incl</a>
<a title="JPM_Fall 2025_30-1 page 48" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=48"> Figure 12: Allocation of Stocks Placed in a Diffe</a>
<a title="JPM_Fall 2025_30-1 page 49" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=49"> Figure 14: Allocation of Stocks Placed in a Diffe</a>
<a title="JPM_Fall 2025_30-1 page 50" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=50"> ICB Telecommunications to GICS Industrials, 4, 1</a>
<a title="JPM_Fall 2025_30-1 page 51" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=51"> Figure 18: Allocation of Stocks Placed in a Diffe</a>
<a title="JPM_Fall 2025_30-1 page 52" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=52"> American Express, Visa, and Mastercard, with a co</a>
<a title="JPM_Fall 2025_30-1 page 53" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=53"> Figure 22: GICS Classifications used in LSEG Glob</a>
<a title="JPM_Fall 2025_30-1 page 54" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=54"> Table 3: Summary of Findings from Risk Model Comp</a>
<a title="JPM_Fall 2025_30-1 page 55" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=55"> = ( − )( − ) Where: </a>
<a title="JPM_Fall 2025_30-1 page 56" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=56"> Concluding Remarks on ICB vs GICS Industry/Sector</a>
<a title="JPM_Fall 2025_30-1 page 57" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=57"> The Investment Performance Measurement Profession</a>
<a title="JPM_Fall 2025_30-1 page 58" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=58"> istrators, and data vendors create integration ch</a>
<a title="JPM_Fall 2025_30-1 page 59" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=59"> · Policies and procedures are clearly document</a>
<a title="JPM_Fall 2025_30-1 page 60" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=60"> Evaluation of Portfolio Performance: Aggregate Re</a>
<a title="JPM_Fall 2025_30-1 page 61" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=61"> Fall 2025 </a>
<a title="JPM_Fall 2025_30-1 page 62" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=62"> The Journal of Performance Measurement </a>
<a title="JPM_Fall 2025_30-1 page 63" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=63"> Fall 2025 </a>
<a title="JPM_Fall 2025_30-1 page 64" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=64"> The Journal of Performance Measurement </a>
<a title="JPM_Fall 2025_30-1 page 65" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=65"> Fall 2025 </a>
<a title="JPM_Fall 2025_30-1 page 66" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=66"> The Journal of Performance Measurement </a>
<a title="JPM_Fall 2025_30-1 page 67" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=67"> Fall 2025 </a>
<a title="JPM_Fall 2025_30-1 page 68" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=68"> The Journal of Performance Measurement </a>
<a title="JPM_Fall 2025_30-1 page 69" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=69"> Fall 2025 </a>
<a title="JPM_Fall 2025_30-1 page 70" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=70"> The Journal of Performance Measurement </a>
<a title="JPM_Fall 2025_30-1 page 71" href="https://secure.viewer.zmags.com/publication/5f3ee3e9?page=71"> The Journal of Performance Measurement Manuscript</a>