It would be a heavy weighting of pension funds that are looking at emerging markets. Often, the way the pensions are banded together.... Obviously, when you're younger—I guess I'm not that young, but kind of youngish—more of your pension will go to emerging market funds, because in theory you'll get a higher return, but there's also a higher risk. Obviously, that should be phased-out as you get closer to retirement age.
The problem that Ms. Calverley summarized very well is that many of the emerging market funds are heavily weighted to China to a point where some of these funds might have a third of their stocks in China, in government bonds and equities, and that's just too high of a risk, really. It does vary from pension fund to pension fund.
Again, it goes to the point that I was trying to make. I don't think that a lot of these pension funds are being honest about the holdings they have in China, because they're not properly publicly disclosed.