We also have to be very cautious to not be episodic and not overreact to events.
Again, I'll lean on our exceptionally long investment horizon and thinking about the importance of being exposed to emerging markets, knowing full well that there will be risks from time to time.
I would say that the overall geopolitical situation over the last five years has intensified. Those risks have increased in terms of portfolio construction and in terms of the sorts of factors that we're comfortable with.
It's a continuous process, based on a natural rhythm of thinking through what our risk appetite is among different sorts of risk. There are a variety of different trigger points that ensure that process happens. For example, most recently, the chief actuary of Canada did a very extensive, thorough review of the sustainability of the Canada pension plan, and there are a lot of forecasts and adjustments. That gives us an opportunity to assess where the fund is going in terms of the projections over the 75 years and to test whether our risk appetite continues to be prudent.
The same applies to other sorts of risk. Our approach is to develop a portfolio that will help sustain the fund, taking into account factors that drive that sustainability, being very well aware of the increasing geopolitical risks and other forms of risk, and taking into account the continuous, systematic process for portfolio construction and not being driven by episodes.