They had high expectations, which they should, and it gets tough. We didn't have anything to lose. They were expected to win.

Many of the plans that set out into this market, set out with expectations that they would have a larger base of beneficiaries. I do expect you will see some of the smaller, newer plans dropping out.

At first glance, I would say they came in slightly above expectations.

We were expecting the worst and I think it's meeting those expectations for us at this point.

The gains have got more to do with the interest-rate cycle and expectations that it's very near to the peak. Property will be the obvious beneficiary.

There's a history of investors jumping into asset classes at their peak, so it's better to temper expectations and not to expect recent returns will continue forever. Will investors be as excited about the diversification benefits when oil is falling, and stick with it?