Interpret the results produced by attribution analysis of a fixed-income portfolio

In a yield-curve (duration-based) decomposition, return ≈ yield income + roll-down + effect of changes in the benchmark curve (shift, twist, curvature) + spread change + currency + selection residual, with the rate effect roughly −duration × change in yield. A portfolio with duration 6 against a benchmark duration of 5 gains about (6 − 5) × 0.5% = 0.5% from its duration position when yields fall by 0.5%. Exposure decomposition works top-down on duration and sector buckets, while full repricing values each bond from its own cash flows and suits option-laden securities. Interpreting output means linking each effect to a deliberate decision; the trap is crediting selection skill for what was really a curve or spread bet.