How to Complement Your Core Index Plus With Specialist Management Selections

There are limits to how much we can move exposures around because of that tracking error budget, I mentioned. There is a rebalancing mechanism in the fund so that if proportion of stocks go above a certain level, we rebalance that and move into bonds and vice versa. So when we have these sell-offs like we had during the financial crisis and also spring of last year, we are typically buyers in those situations. And we're intrigued again about how you think about complementing your core index plus with manager selections. How are you defining where you want to hire specialist management? Mainly in emerging markets. We are also using them in a way to help us stay out of trouble