“Yeah. And I would just maybe add, Tracy. I mean I think obviously Q1 is a -- year-end marks. We're moving into now Q1 -- Q2 being off of Q1 results, so I think directionally we would be kind of optimistic that it would improve from Q1. Maybe we don't revert back to plan, but I think we're on kind of an upward trend.”

In context

“a while, so I think we did see those negative returns come through in the last quarter. So again looking ahead, I mean, I'd still look at what the overall market has done in the previous quarter just given the lag that will serve as some directional indicator for where we are. And I think our view is always that our portfolio should be less volatile and probably less extreme on returns than the overall market. So again I think, compared to last quarter, venture capital took a big hit across the rest of the portfolio. We actually saw pretty decent returns and looking at the LBO portfolio and some of our specialty sector like power, infrastructure, energy and those sorts of portfolios. So there is performance and I guess, I'd just look at the overall market as an indicator. John McCallion: Yeah. And I would just maybe add, Tracy. I mean I think obviously Q1 is a -- year-end marks. We're moving into now Q1 -- Q2 being off of Q1 results, so I think directionally we would be kind of optimistic that it would improve from Q1. Maybe we don't revert back to plan, but I think we're on kind of an upward trend. Tracy Benguigui: Got it. And the first quarter was an active FABN quarter, you raised $3.7 billion. And some of these coupons not surprisingly were much higher than what we've seen historically. So my question is, do you feel like this product is attractive in today's environment or you could still earn like a 200, 300 spread by reinvesting or was the first quarter activity more a function of refinancing maturing issues? Steven Goulart: I'd say both. It was elevated activity-wise just because of maturities that we wanted to refinance, but we manage the program very actively. And it still meets all of our target thresholds for returns and income on the portfolio, so we're very happy with the returns. Tracy Benguigui: So what kind of assets are you reinvesting in, in today's environment to”