Thank you, Mr. Chair.
Thank you, Mr. Machin and Mr. Leduc. On behalf of all Canadians, I want to say how much we appreciate all your efforts to secure the Canada Pension Plan through your investment decisions.
In your 2018 annual report, you indicate that, as of March 31, the geographic breakdown of the CPP portfolio was as follows: roughly 38% in the U.S., nearly 20% in Europe, 15% in Canada, and 20% in Asia.
I'm curious as to whether that geographic mix is optimal in your eyes. Do you anticipate a change in the short term, and if so, why?