Gogerty: Turning specifically to your portfolio now, where have you taken advantage or found opportunities this year, within the non-U.S. large-cap space?
Senser: Well, basically we've increased exposure in two major ways. First, we have increased our exposure in sectors that would have some sensitivity to a pickup in economic activity. Since the end of February, we've increased positions in sectors like property, technology, and the financials. And we've reduced positions in sectors like communications and health care. In addition to that, we've also increased our exposure to the Japanese stock market.
We feel that valuations in Japan are very depressed; that market has lagged a little bit some of the rebound we've seen in Europe, and in the United States, we think that there's a valuation opportunity there. If the global economy begins to recover, if Asian in particular begins to recover, we think Japan will be a beneficiary. We've increased our exposure to Japan as well.
Gogerty: Great. Thank you for taking the time with us today. I appreciate, as always, your insight into the foreign markets. This has been Andrew Gogerty with Morningstar, speaking with Jerry Senser with of the Mainstay ICAP International Fund. Thank you.