Sure. Thank you for the question.
The argument has been made recently that the Canadian Venture Capital Association engaged a consultant to study the returns—[Technical difficulty--Editor]—labour-sponsored funds relative to the—[Technical difficulty--Editor]—three-, five-, and ten-year returns of the labour-sponsored funds in the top quartile of performance.
A number of funds never before reported—[Technical difficulty--Editor]—and that's what people generally refer to as—[Technical difficulty--Editor]
I should also point out that between 50% and 60% of deals that have been done in Canada in recent years have been led by labour-sponsored funds, and as you know, this game is cyclical, so it really depends on which part of the cycle you're in—[Technical difficulty--Editor]