Investment decisions change the risk profile of a portfolio. This is usually on purpose: a manager taking an active investment decision foresees that exposing the portfolio to a different level of risk will eventually pay off, given his outlook on the market. It is therefore important to evaluate the performance of a portfolio not only by measuring the return contribution of each decision, but also by making explicit how the risk decision impacted this contribution. In this article, we propose an attribution method which combines the concepts of Brinson-Fachler attribution and risk-adjusted returns.