. # you can see a clear upward trend and a lot more green, dark grown at thgrowngreen at the rie chart. where did that out performance come from. if you take page over that period, it met its fees by 65 basis points. we subtract the policy return over five years from what you actually did and you out performed by 65 basis points. this chart breaks that down into where it came from. the detail is on page 73. for part of it, comes from how you were positioned and you can see that actually took away a little value because you were over weight to cash that cost you a little bit. and you were under weight to private equity. if you are over weight to good things, and under weight to bad things, you get a positive number and vice ver sa. it takes time to build and that as asset class has done well. most of your return that's come where you would like it to come from and that's from manager selection effect. you see going down the page, each asset class has out performed its benchmark and most of the real out performing classes are in private markets where you are in deed strategically taking