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.

Source: https://seekingalpha.com/article/4595868-imf-2023-spring-meetings-season-wishful-thinking?source=feed_all_articles

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

Source: https://seekingalpha.com/article/4598584-franklin-resources-inc-ben-q2-2023-earnings-call-transcript?source=feed_all_articles