Yes. First of all, I want to say thank you for your kind comments on CPPIB's performance so far. We very much appreciate that.
With respect to external management fees, and considering my earlier comments, the external management fees are driven by two major areas. One is our investment in private equity funds, where we have relationships with about 77 external fund managers. Similarly, then, the second area is on the public market funds side, where we have about 57 external portfolio management relationships.
In these two areas, if we believe that it's challenging for us to build sufficient internal expertise, with all the costs involved internally, and we compare that with the external returns and all those costs, if we think we can make more money for our pensioners, more money for the contributors and beneficiaries externally, then we'll make that decision.
On that $1.3 billion, we report all of our results net of all that cost. It's net of all of that cost, so for the pensioners, our 7.3% ten-year return is after all of that cost.