Braden Dennis

But it's 36 percent public equities.

22% private equities, 20% real asset, 13% government bonds, and then 9% credit.

So for me, if you want to view it a bit more into something that might be measurable compared to certain ETFs, you might use something that's

at least has a kind of breakdown that would be 58, 60% of equities, 22% fixed income.

I'm included government bonds and credit in that.

And then 20% real asset.

But even that, it's really hard to find a good benchmark to compare it, especially when you start factoring the 20% real asset.

Before I go on, anything you want to add there, Dan?

That's just a stupid thing.

No, exactly.

And just to reinforce that, just think about it a second, right?

If you're 21, 22, you're contributing to CPP, you won't be drawing that likely for another 40 plus years.

So and you have your parents, my parents, like, you know, people that are in their 60s and 70s.

that are actively drawing that right now and then anywhere in between, right?

So you have to make sure that the plan is well-balanced and able to not only meet its near-term obligations, but also its longer-term obligations.

And that's why they do need a different mix of assets.

Whether the current mix is...

appropriate i think that is definitely up for debate i'm really thinking here in terms of the private equity side the credit side because that includes some private credits some corporate credit different kind of type of credits and the real assets that one is it's also a little bit tricky here

Now, CPP does acknowledge that they have underperformed their benchmark over their own benchmark over the last three years in the annual report due to the strong performance in U.S.

large caps.