sfers is actual. the blue line? yes, that is actual. >> thank you. >> perhaps commissioner driscoll what might be helpful is we could provide this graph with the policy return and actual returns and are i think what you'll see is the distance between the blue line which is actual return and the policy return is positive, but that will be smaller then the difference between the policy return and 70/30 so that gets to your question. big component is asset allocation and added value beyond that. >> the alpha provided by staff is the actual over policy. >> correct. >> that is different number, but that is one. i'll leave that issue. just a thing again, forget which page mention , going forward there is a issue about factors. i know when we evaluate and retain wilshire, the issue how they will do more factor consideration or additional factors with asset al scaigz and there will be factor analysis going forward. >> absolutely. that is the next steps we are working diligently. it is a big undertaking but that is absolutel

what does that mean for public plans such as sfers? well, in this type a environment, strategy or portfolios geared towards the public markets benefited the best. [indiscernible] headwind. we have seen that with performance over the last quarter year to date, but none of that is a surprise. ch the expectation always was going to be that private markets were going to write down in line with a lag valuation we traditionally see, but when you couple with the dramatic increase of public equity markets we have seen year to date, that is all most a compounding effect the degree of what that means to your over-performance or under-performance. so, i'll-i got more commentary on the economy in the back of the deck and appendix. happy to touch on that later if there are questions, but i'm move forward to talk about your portfolio now. slide 4 is a review of the asset allocation compliance. again, the guide here is to show where the portfolio positioned as of june 30, relative to the targets and the rebalancing around the targets. there is a coup