Basically, we mitigate risk through indepth fundamental research. We have someone focusing on these issues, sectors and themes and constantly monitoring them, and again identifying the quantitative metrics wherever possible, that can help us confirm the status of these themes.

Ultimately, we believe that our diversified approach and the combination of core and catalyst mitigates a lot of the market risk. When things slow down we have this basket of core companies that are very stable and that stability shows up in the portfolio. Therefore, by design, in strong up markets the portfolio performs well due to the catalyst companies and overall valuation expansion, and in down markets, our core growth positions tend to be less economically sensitive and provide some downside protection. Over longer periods of time, we believe this combination offers the best of both worlds.