Which investment analysis method provides a conclusion about a portfolio's style over time?

Holdings-based style analysis is pivotal for understanding a portfolio’s investment style over time. This method examines the actual holdings within the portfolio rather than relying solely on past returns or performance metrics. By assessing the specific assets that make up the portfolio, this analysis can determine whether the portfolio aligns with certain style characteristics, such as value, growth, or blend styles.

This approach allows investors and analysts to draw conclusions about the investment philosophy employed by the manager across different time periods, providing insights into how consistently the portfolio adheres to its designated style. It incorporates the analysis of weights and sector allocations, which reflects the underlying strategy being employed.

In contrast, performance appraisal analysis focuses more on measuring returns against benchmarks, rather than dissecting the underlying holdings and their contributions to style. Macro attribution analysis seeks to explain performance based on macroeconomic factors and themes rather than individual asset characteristics. Risk management assessment covers the risk profile and potential threats to the investment but does not provide insights into style consistency over time.