Brian Sozzi: If 60/40 is no longer the playbook, what is the ideal way for someone out there to build a portfolio?

Stephanie Drescher: As we speak to advisors on behalf of their clients, it's giving them more tools in their toolkit as they think about what their client is trying to plan for. What do they need to save for retirement? What wealth do they want to build? And therefore, when we look at the overall portfolio, we can then determine what... And what liquidity they need or illiquidity they can accept. And there's a whole range now of structures that give more choice. Ultimately, to the advisor and to the clients that they serve in order to use both public and private solutions in the portfolio. And what we're seeing already is that private market building blocks are not only selected on an individual strategy-by-strategy basis, but more frequently now, we're starting to speak to advisors about how a portfolio of private markets can compliment what they have in the portfolio or how private markets can be a key part of a model or a more holistic discretionary pool of capital.

There's so many use cases, but at the end of the day, it's looking at the fixed income portion and the equity portion of a portfolio not as simply public options, but looking at alternatives to those public stocks and bonds.

Brian Sozzi: When you're talking to advisors ahead of next year, is there a strategy you're really honing in on that you're communicating that's like, "All right, we like this. We recommend that you do this."

Stephanie Drescher: We have a range of solutions, because the private market range of offerings that we can deliver to our clients is everything from private investment grade all the way through to the more traditional private equity structures. I would say, just to give one example of many that we speak to the advisors and clients about, is, for example, asset-backed finance. An area that the community is looking more and more closely at as a part of their overall portfolio allocation, a really great compliment to what others have known for some time in terms of direct origination. And asset-backed finance is about a $20 trillion market out of a $40 trillion credit market, and it provides the ultimate financing to the real economy in the markets that we invest in and serve. As we look at the underlying portfolio construct, often investment grade in nature, the inclusion in that portfolio includes aircraft leases or different types of fleet finance, music royalties, et cetera, and the stability of that return profile can be a great addition to an overall portfolio.

And we've built that capability now over 15 years by creating operating companies and platforms that have an incremental 4,000 employees to originate on a proprietary basis, and that's real alpha for clients as part of their portfolio. It's definitely a range of strategies, but that's one example.

Brian Sozzi: Lastly, before I let you go, Stephanie, has there been one thing that has surprised you in markets this year? This has been a wild year and there's so many big moments.

Stephanie Drescher: Who would have imagined a lot of what we saw, right? Especially in the first half of the year. But as I think through, certainly, how we've navigated it with our clients and in the portfolios, I feel like the transparency of information, the active communication, if anything, it's provided an opportunity to make sure that we're that much more connected to our community of partners around the world. It's times like this that strengthen relationships.