What aspect must fixed-income attribution capture in portfolio management?

In fixed-income attribution within portfolio management, capturing the return impact of the manager's investment decisions is crucial. This aspect focuses on how various choices made by the portfolio manager—such as selection of bonds, allocation to different credit qualities, and duration management—contribute to the overall performance of the portfolio.

Accurately attributing returns allows managers and stakeholders to analyze whether excess returns can be credited to specific decisions or market factors. This process helps in understanding if the manager's strategies were effective and aids in refining future investment approaches to enhance performance.

While the other options—such as liquidity risks, market movements, and sector performance—are certainly relevant to a comprehensive understanding of fixed-income investments and risk factors, they do not specifically focus on the attribution of performance to managerial decisions. Instead, they provide context and considerations that can affect a portfolio's risk and return but are not the central aim of fixed-income attribution analysis.