Greg Smith

So we've got that flexibility, if you like, and agility to sort of do that, whereas if you're not a KiwiSaver provider, yeah, perhaps it doesn't apply as much if you're relying on sort of

mandates to sort of top up.

If you're not a KiwiSaver provider and you're sitting on 3% cash and the market goes down, you're a little bit limited in what you can do if you're relying on mandates, if you will.

But KiwiSaver providers have that agility.

I mean, we make and sit on the investment team meetings each week.

We make asset allocation decisions.

So it has to be deployed somewhere.

We could increase our cash weighting, if you like.

And I think some managers may have done that.

We certainly had a lot of conviction.

So we didn't say in March, oh, no, we need to go to 10% cash or anything like that.

We were very...

very, you know, very deliberate about that.

Actually, I heard a funny thing during that period.

I was actually on a show of a fund manager in Australia on this sort of channel that I get involved, go on every couple of weeks and it was right in the middle of that conflict and he was off, when we were off air, he was flustered.

He was going like, this is, I'm,

I'm advising our clients to sort of go into cash.

We're going to wait till this all blow over.

I'm thinking this is exactly the opposite about what we say to our clients.

We say, you know, trying to time the market is incredibly difficult.