Mr. Ennis

If the 10 year risk and return analysis is using volatility as the proxy for risk, the funds themselves should agree with your placement on the risk return axis to the extent that the fund is invested in those public markets.

But do the funds themselves use the same measure of risk for their non-market investments? And how do the funds deal with the sponginess of their non-market portfolio asset values before the assets are sold?

Have you (or will you) allow the fund's to provide you with their own placement of funds on the risk and return axis against each fund's own evaluation of asset value changes in private non-market assets?

Herb Whitehouse