Tim Barrett

Like our manager lineups are pretty stable.

The portfolio has been built up for a while.

It's working.

There might be one or two managers that come and go each year, but it's not very many.

We try to think about the portfolio very holistically.

Each sub-asset class has a focus on consistency.

There are different managers in there.

Some are higher vol, some are lower vol.

There's usually a mix in each asset class.

And I think then what we try to do is then model that sub-asset class and say, okay, how consistently will this structure work?

beat whatever that benchmark is.

If it's unstable value, it's the Bloomberg global aggregate.

So if Mike builds a public hedge fund portfolio on credit, how well does that do?

And let's compare that also against our hedge fund book that's in that space.

Where do we see the most consistency and how do we build those together?

Should I be putting more in the hedge fund?

Should we put more into credit?

If in credit, which manager adds the best downside protection and improves the risk adjusted return?

That's kind of the Holy grail of how to structure those things together.

It's very hard to do because managers change over time, right?