Thank you.
This is another myth that we've encountered, which is that we are too heavily invested in the United States. As an active management platform, we're actually diversifying away from the United States.
I'll start with the positive. The reason we invest heavily in the United States—let's say 47%, which would be considered a pretty significant exposure—is that it's the largest economy in the world. It also has the greatest opportunity across a wide range of sectors, from technology to manufacturing, energy and even the entertainment industry, where Canadians, through us.... On the port system across the U.S. and Ports America, it's a land of opportunity from an investment perspective because of its sheer size and what it offers a global investor across the full spectrum of economic sectors.
If we were to invest passively and if we were to buy, say, the MSCI global world index or the same version on the S&P side, on average, we would be exposed to 70%. For any investor around the world that wants to invest globally and acquire the best available global index, it's about 70%. We're at 47% because we see broader opportunities in having things that don't correlate, so we want exposure to, say, emerging markets as well.
We want to invest in the U.S. because of its sheer, broad opportunities, but it also presents concentration risk.