Yes, what active management means to me is that we think about security selection. We are looking across the globe for the best opportunities, the best companies and the best assets to invest in.
The way we think of portfolio construction is to think about it at a very high level without being too prescriptive on the allocations for asset classes and geographies, but having a general sense and then building the portfolio asset by asset: finding the best companies and finding the best assets to invest in.
There is another component to this, too, and that is actually being an active owner of those assets and pursuing value creation opportunities within the companies to extract more value and, as we talked about, by voting on proxies and being an owner who influences the value creation within the companies.