Performance Attribution in Portfolio Evaluation

As an investment analyst, you are tasked with evaluating a portfolio that has shown a 10% return over the past year. The benchmark for this portfolio is expected to yield a return of 8%. During your analysis, you decide to perform performance attribution to determine how much of the portfolio's return can be attributed to the asset allocation decision versus the selection of individual securities within those asset classes.

Which of the following components does performance attribution primarily assess?