We aren't exclusively constrained by a fee budget, and not all global managers are created equal. We also don't run models, so each portfolio can be different.
But for Global the top of our list consists of:
1. Munro
2. Loftus Peak
3. Aoris
4. Hyperion
5. Franklin Templeton
Magellan could still turn it around, so we are not sellers, just not adding new money.
Ann: Video update from Chief Investment Officer and Chairman, page-96
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