Understanding Attribution Analysis

John is a portfolio manager who has recently completed a performance attribution analysis for his equity fund. He wants to determine how much of the portfolio's return can be attributed to his asset allocation decisions compared to the selection of individual securities. In his analysis, he identifies that the fund outperformed its benchmark by 2%. The asset allocation decision accounted for a positive contribution of 1%, while the selection of individual securities contributed a further 1% to the overall performance.

Based on this information, which of the following statements about attribution analysis is correct?