mr. coaker's built a new team. but these managers that he's brought in, the teams brought in, as we moved this portfolio like himalaya. i mean they've been phenomenal. so i know we couldn't come in and make a wholesale change, but one by one of adding these managers, the return of 59% a year? unbelievable. so if that starts adding in the manager selection, that is going to be really, really exciting. >> page 60, can i also note outperformed by 12.6% in its first full quarter. >> i saw aero street. these additions. it seems like the board was complaining that we had these mundane managers that were kind of our long equity managers that we replaced with some really high active share managers that are very different than the benchmark. and we've been rewarded for that. it's a good start. i just also want to just acknowledge -- make sure we give equal voice to our challenges concerning parts of our portfolio. but also recognize himalaya in particular as the great investments that are performing exceptional so my compli

mr. coaker and staff have been wise to put the uncalled money in public equity and the program to equityize our cash? that has paid off, that's a tactical decision away from the belgium mark. the question is -- benchmark. the question is, should we take on more risk? that's the balancing act, we never talked about it, but we're patting our ourselves on the back, about you should we take on more risk? it gets into uncertainty, yes or no? loaded question, but these reports have a lot of information where we never figured out how to use it without patting ourselves on the back. >> when the board went through the asset allocation system, i know brian led the discussion, of being more concerned going forward about the potential fort equity market correction and the desire to have lower risk, lower volatility in the portfolio to better protect against adverse times, while at the same time trying to add asset classes to keep your returns as high as you can get them in a market that is going to be difficult to earn 7.5% going forward. but the whole discussion how much risk we should take is one tha

mr. coaker. >> very good, board members, we have great news to share, terrific year, particularly total return as well as relative return. alan, i'm going to ask you to update the board on the performance. >> absolutely. you have the report before you. it's the cover -- as the cover sheet indicates. the fund earned 4.01% net of fees for the quarter and 16.98 net return for the year. since the report was generated, the s&p is up another 2.9%, but it's been a more volatile period so the s&p was up 5.5ers in january and that was the 16th month in a row of gains, but it was down 3.8% of february, and a flat march. so the fund is still up, although we've had more volatility than we've seen in the market for a while. the quarterly economic developments are outlined on page 4. i'm not going to spend a lot of time on them. it's very much what weaver seen in the u.s. economy for about the last nine years. very slow growth of g.d.p., about 2.6%. a slight increase in corporate profits which was welcome. continuing very low inflation with few signs of the kinds of inflationary pressures, particularly on t