Attribution Analysis of Portfolio Performance

Consider a portfolio manager who utilizes a multi-factor model to assess the performance of their equity portfolio over the last year. The portfolio has outperformed its benchmark by 200 basis points (bps). The manager conducts attribution analysis to determine the sources of this excess return. The factors considered include sector allocation, stock selection, and market timing.

During the analysis, the manager finds that sector allocation contributed positively by 150 bps, stock selection contributed negatively by 70 bps, while market timing added 120 bps. Based on this information, which statement about the attribution analysis outcome is correct?