Overallocated

However, the majority are underperforming their benchmarks as they are overallocated to high yield, which has underperformed and under allocated to EM local debt which has outperformed.

So kind of overall space is that the LPs are finding themselves overallocated because the markets -- their liquid assets have been down.

Federal officials released a range of scenarios Wednesday that could be used to manage the overallocated and shrinking Colorado River as time for the seven basin states to reach an agreement grows short.