One of the key issues we face in allocating to hedge funds, in creating portfolios of hedge funds, is complexity. Hedge funds are already complex but are becoming more so and continue to increase in numbers. Hedge funds continue to remain opaque. To make informed investment decisions opacity is an issue. Hedge funds operate in very dynamic markets. These three issues irrespective of whether you invest in FoHF or you invest directly into hedge funds, are issues that one continues to face.