Abstract: Methods and apparatuses, including computer program products, are described for performance attribution for an investment fund. A server determines a selected asset allocation for a primary investment fund based upon a manager-selected weight and asset class exposures. The server determines a first rate of return based upon the selected asset allocation. The server generates a comparison investment fund. The server determines a second rate of return for the comparison investment fund. The server compares the second rate of return and a third rate of return for the primary investment fund to generate a fund selection contribution value. The server compares the first rate of return and the second rate of return to generate an opportunity set contribution value. The server determines a level of performance attributable to a manager of the primary investment fund based upon the fund selection contribution value and the opportunity set contribution value.