The key stages are Brinson and Fachler in 1985, Karnosky and Singer in 1994 and the three geometric methodologies apparently developed in isolation – Burnie, Knowles and Teder, Bain and the geometric methodology shown in detail in Appendix A. The arithmetic smoothing methodologies are interesting but are ultimately unnecessary; Karnosky and Singer, although at first sight appearing to be arithmetic, is actually geometric because of the use of continuously compounded returns. The multi-currency geometric methodology is that detailed in Appendix B. The majority of fixed income methodologies are arithmetic in nature, no doubt in part due to smaller excess returns. Wagner and Tito is a variation of Fama decomposition using duration as a measur....