Attribution analysis of portfolios typically aims to discover the impact that a portfolio manager’s investment choices and strategies had on overall profitability. They can help determine whether success was the result of an educated choice or simply good luck. Usually a benchmark is chosen and the portfolio’s performance is assessed relative to it. This post, however, considers the question of whether a non-referential assessment is possible. That is, can we deconstruct and assess a portfolio’s performance without employing a benchmark? Such an analysis would require access to historical return as well as the portfolio’s weights and perhaps the volatility of interest rates, if some of the components exhibit a dependence on them. This list of required variables is by no means exhaustive.