Sure.
There are two different components of value added. One of them is due to broader diversification of the portfolio and one of them is value added relative to specific benchmarks. In fact, we measure total performance relative to the referenced portfolio. Private equity, for example, does include an additional premium due to the higher leverage in private companies relative to their public market counterparts. In fact, there is a premium over which they have to earn returns to compensate for the leverage in private markets.