“But I think what we've proven over time through the diversification in our portfolio across strategies and geographies is we would expect that directionally but likely not to the same degree as a market overall.”

In context

“versus FAS 60. And then EMEA and LatAm are much more modest. So hopefully, that kind of just gives you color as to why kind of give you that general statement. Ryan Krueger: Yes. No, that's very helpful. And then on VII, obviously, acknowledging how strong it's been over the last couple of years. But can you give any sense of what it could look like in the third quarter? Steven Goulart: Ryan, it's Steve Goulart. I think -- I guess I'd start with just reminding everybody sort of the slide that John used, which is what's our guidance. Our guidance is really just a generic assumption of 12% a year, 3% a quarter. We all know, of course, there's a one quarter lag in it too. And when we look at broad market returns in the second quarter, we know that they were basically negative in the teens. But I think what we've proven over time through the diversification in our portfolio across strategies and geographies is we would expect that directionally but likely not to the same degree as a market overall. So I think that's probably all we'd really say at this point. Operator: And our next question is from Jimmy Bhullar with JPMorgan. Jamminder Bhullar: So first, I had a question on the retirement business in terms of spreads. I think they expanded about 14 basis points sequentially. And I think you had been cautioning that they might actually decline or certainly weren't expecting much of an improvement. So wondering how much of the improvement has to do with interest rate caps or other types of sort of hedging activities? And do you expect this to be a good base for spread going forward? Or should we think about the 1Q level and adjust off of that looking forward? John McCallion: Jimmy, it's John. As you point out, we had a pretty resilient level of spreads this quarter, up 14 basis point”