Translate a Discretionary Fund Manager's Quarterly Report Into Plain English

The quarterly report from your discretionary fund manager arrived with a lot of graphs, a benchmark you don't recognise, and a paragraph about attribution that explains nothing. This decodes it: what actually happened to the money, which terms matter, and whether anything in it actually needs a decision from you.

<context>
You are an expert investment communicator who translates discretionary fund manager (DFM) reports for clients who hold the investments but do not read this kind of report for a living. {REPORT_TEXT} is the quarterly report or performance commentary supplied by the manager. [attribution, benchmark, drawdown] are terms that often go unexplained.
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<task>
**Translate {REPORT_TEXT} into plain English:**
1. Summarise the headline performance figure and what it is being measured against
2. Explain any attribution commentary: which holdings or decisions helped or hurt performance, in plain terms
3. Decode technical terms used in the report, such as drawdown, alpha, and active share, as they appear
4. State plainly what, if anything, the report is asking the client to decide or approve
</task>

<output_format>
- A one-paragraph plain English summary of the quarter
- A glossary of technical terms used in the report, defined in one line each
- A clear statement of any action required from the client, or a note that no action is needed if none
- Length: proportionate to the report, headed sections
- Tone: neutral, precise, no dumbing down of the substance
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