32 Now this is important to note because -- sometimes we don't trade in line with our Canadian peers, certainly not on a daily basis. For example, on a bad day for the general markets, it may be a good day for gold, we may lag our Canadian peers. The opposite may happen when it's a -- when the general markets are up and the gold price is flat. But over a couple of days, that difference tends to correct if valuations do get distorted. Now the precious metals sector is a small part of the U.S. marketplace, and there seems to be a mismatch between gold's macro importance and its equity market weight in the U.S. market. Within the S&P 500, there's only one gold company that's a member, and that's Newmont, and it has a 0.2% weighting. So, you can find academic papers that will say you should have 5% or 10% or 15% of your well-diversified portfolio in gold. We're not here to debate that. I think what is clear though is that the 0.2 is a lot lower than whatever that right weighting is. It looks like many institutional investors are underweight gold. Their allocations are often cyclical and reactive and they're not strategic. So, if that were to change, if we saw a shift in allocations, if you assume $100 trillion of equity investments globally, a 1% weighting change would mean $1 trillion of demand. So, that's 2x the entire gold sector. We're very well positioned, we think, because there is a scarcity value, more scarcity of precious metals alternatives. Market cap, liquidity, good system performance, they all make us very investable. We're not in the S&P 500 today, but we were just included in the Bloomberg 500. So, that is, hopefully, something we can say -- we're definitely one of the largest 500 in the U.S. market. Now, since closing the Sandstorm transaction, our register has continued to grow and evolve, and we've increased our institutional shareholder base. We do have a very high- quality register. Our institutional shareholders or shareholders tend to be long-term holders of large positions. You can see that if you look at the passives. They own about 134,000 shares on average, 21-year holding history, actives. We've got 64,000 shares with an 11-year holding history. Sandstorm had a very large retail component on their register. We believe that most of those retail holders have sold, and those shares have been picked up by institutions. That's evidenced, as you can see in the graph here, by the number of institutional holders that have -- we've got on our register since the announcement of the transaction in the middle of last year. Passives did grow their positions, but you would argue that's largely because of the increased market cap, actives have grown their positions by over 20%, and that's the target that we're trying to hit. Now we've seen net institutional buying over the past two years. You can see it very clearly on this chart. Our marketing efforts have been really to get in front of generalists who -- institutions who don't know our business model well. Our market strategy is looking for those generalists who want exposure to precious metals, but they don't want to do the homework on mining assets within mining equities.