Strategy Attribution

What Strategy Attribution is for

Strategy Attribution explains how each Strategy Configuration contributed to the selected Portfolio Run Output. It connects member intent, allocation, positions, costs, and risk usage to the coordinated account outcome.

The attribution unit is the immutable Strategy Configuration, not only the Strategy name. Two Configurations of the same Strategy remain separate when their parameters, markets, sizing, or bindings differ.

Read the member summary

For each retained member, review the applicable values:

• Strategy and Configuration identity;
• immutable Strategy version;
• allocation or weight range;
• participation and admitted-intent counts;
• gross and net P&L;
• commissions, slippage, and cost drag;
• trade count and turnover;
• exposure and open-risk contribution;
• drawdown or loss contribution; and
• risk-bucket or account-limit usage.

Totals reconcile to the Portfolio result under the recorded account-currency, capital-sharing, and cost conventions.

Separate occurrence from explanation

Attribution tells you where the retained result came from. It does not automatically explain why a member performed well or poorly.

• A large positive contribution can reflect a large allocation.
• A small contribution can reflect admission or shared-risk limits.
• Trade count is not capital efficiency.
• Percentage contribution can be unstable when the Portfolio total is near zero.
• Members can overlap in time and risk even when their P&L rows look independent.

Use Portfolio Policy for allocation rules and Admission & Conflicts for account-level decisions that changed member intent.

Review Robust member evidence

When Robust evidence applies, attribution can extend beyond P&L to:

• aligned member-return dependence;
• diversification and concentration;
• contribution to risk;
• cost and time concentration by member;
• drawdown and recovery contribution; and
• changes across retained counterfactuals or stress scenarios.

Sparse overlap, changing membership, or insufficient member history remains visible as Not applicable or Blocked.

Investigate an unexpected contribution

1. Verify the Portfolio version, candidate, and member Configuration.
2. Compare the member's intended allocation with the realized range.
3. Inspect clipped, suppressed, or rejected intents.
4. Compare its positions and trades with the account-level records.
5. Review shared-risk utilization and costs.
6. Confirm the attribution artifact and exact units are available.

Do not compare a historical member row with the current Portfolio Composer unless the versions match exactly.