Yes, it's an important question for sure as we think about active management. As I said in the opening remarks, active management is not the low-cost path. In our view, it is the path that drives the most value, and we're here to maximize return without undue risk of loss for the contributors and beneficiaries. We certainly take the perspective and really take the approach that every dollar that we spend on expenses is a dollar that's not in the fund to invest.
When the decision was made to pursue active management, there was a view that CPP Investments would have certain comparative advantages. We have scale. We have time horizon. We have certainty of assets, and these would allow the organization to compete in the global capital markets. To date that's been a successful strategy. Since the inception of active management, we delivered $41 billion of dollar value added, as we would call it, and those are funds that are in the portfolio now that wouldn't be there if we didn't pursue active management.
As we think about expenses, we think about it very much from a return on investment perspective, and we think about how we need to allocate our internal resources, allocate them towards value-added activities to maximize the value added and maximize the return.