- Second Quarter Fully Diluted EPS was $0.58 versus $0.62 for First Quarter 2023
- Operating margin of 27.9%
- Ending AUM of $30.7 billion; average AUM of $30.2 billion
GREENWICH, Conn., Aug. 08, 2023 (GLOBE NEWSWIRE) -- GAMCO Investors, Inc. ("GAMI") (OTCQX: GAMI) today reported its operating results for the quarter ended June 30, 2023.
Financial Highlights
| (In thousands, except percentages and per share data) | Three Months Ended | |||||||||||||||
| June 30, 2023 | March 31, 2023 | $ Change | % Change | |||||||||||||
| U.S. GAAP | ||||||||||||||||
| Revenue | $ | 59,171 | $ | 59,906 | $ | (735 | ) | -1.2 | % | |||||||
| Expenses | $ | 42,679 | $ | 43,508 | $ | (829 | ) | -1.9 | % | |||||||
| Operating income | $ | 16,492 | $ | 16,398 | $ | 94 | 0.6 | % | ||||||||
| Non-operating income (loss) | $ | 3,281 | $ | 1,924 | $ | 1,357 | 70.5 | % | ||||||||
| Net income | $ | 14,613 | $ | 15,897 | $ | (1,284 | ) | -8.1 | % | |||||||
| Diluted earnings per share | $ | 0.58 | $ | 0.62 | $ | (0.04 | ) | -6.5 | % | |||||||
| Operating margin | 27.9% | 27.4% | N/A | 50 bps | ||||||||||||
Revenue
| (In thousands) | Three Months Ended | |||||||||||||
| June 30, 2023 | March 31, 2023 | $ Change | % Change | |||||||||||
| Investment advisory and incentive fees | ||||||||||||||
| Fund revenues | $ | 37,480 | $ | 37,467 | $ | 13 | 0.0 | % | ||||||
| Institutional and Private Wealth Management | $ | 15,222 | $ | 15,337 | $ | (115 | ) | -0.7 | % | |||||
| SICAV | $ | 1,704 | $ | 2,191 | $ | (487 | ) | -22.2 | % | |||||
| Total | $ | 54,406 | $ | 54,995 | $ | (589 | ) | -1.1 | % | |||||
| Distribution fees and other income | $ | 4,765 | $ | 4,911 | $ | (146 | ) | -3.0 | % | |||||
| Total revenue | $ | 59,171 | $ | 59,906 | $ | (735 | ) | -1.2 | % | |||||
- The decrease in total investment advisory and incentive fees from the first quarter 2023 was primarily due to lower average equity assets under management across all three types of investment vehicles.
Expenses
| (In thousands) | Three Months Ended | |||||||||||||
| June 30, 2023 | March 31, 2023 | $ Change | % Change | |||||||||||
| Compensation | $ | 28,056 | $ | 29,186 | $ | (1,130 | ) | -3.9 | % | |||||
| Management fee | $ | 2,197 | $ | 2,036 | $ | 161 | 7.9 | % | ||||||
| Distribution costs | $ | 6,369 | $ | 6,473 | $ | (104 | ) | -1.6 | % | |||||
| Other operating expenses | $ | 6,057 | $ | 5,813 | $ | 244 | 4.2 | % | ||||||
| Total expenses | $ | 42,679 | $ | 43,508 | $ | (829 | ) | -1.9 | % | |||||
- Compensation decreased from the first quarter of 2023, primarily due to lower stock compensation of $0.8 million and lower variable compensation of $0.4 million, partially offset by higher salaries of $0.1 million;
- Management fee increased from the first quarter of 2023 by $0.2 million, as pre-management fee income increased by $1.6 million;
- Distribution costs decreased from the first quarter of 2023, primarily due to lower average assets under management in open-end funds; and
- Other operating expenses increased from the first quarter of 2023, primarily due to higher meeting expenses of $0.3 million.
Operating Margin
Operating margin was 27.9% for the second quarter of 2023, compared with 27.4% for the first quarter of 2023. Operating margin represents the ratio of operating income to revenue.
Non-Operating Income
| (In thousands) | Three Months Ended | ||||||||||||||
| June 30, 2023 | March 31, 2023 | $ Change | % Change | ||||||||||||
| Gain / (loss) from investments, net | $ | 1,616 | $ | 561 | $ | 1,055 | 188.1 | % | |||||||
| Interest and dividend income | $ | 1,958 | $ | 1,661 | $ | 297 | 17.9 | % | |||||||
| Interest expense | $ | (293 | ) | $ | (298 | ) | $ | 5 | -1.7 | % | |||||
| Total non-operating income / (loss) | $ | 3,281 | $ | 1,924 | $ | 1,357 | 70.5 | % | |||||||
Income Taxes
A reconciliation of the company's statutory federal income tax rate and the effective income tax rate is summarized in the following table:
| Three Months Ended | |||||||
| June 30, 2023 | March 31, 2023 | ||||||
| U.S. statutory tax rate | 21.0 | % | 21.0 | % | |||
| State income tax, net of federal benefit | 2.7 | 2.1 | |||||
| Other | 2.4 | (9.9 | ) | ||||
| Effective income tax rate | 26.1 | % | 13.2 | % | |||
Assets Under Management
| (In millions) | As of | |||||||||
| June 30, 2023 | March 31, 2023 | % Change | ||||||||
| Mutual Funds | $ | 8,271 | $ | 8,288 | -0.2 | % | ||||
| Closed-end Funds | 7,195 | 7,155 | 0.6 | % | ||||||
| Institutional & PWM (a) (b) | 11,035 | 10,764 | 2.5 | % | ||||||
| SICAV (c) | 590 | 824 | -28.4 | % | ||||||
| Total Equities | 27,091 | 27,031 | 0.2 | % | ||||||
| 100% U.S. Treasury Money Market Fund | 3,596 | 3,609 | -0.4 | % | ||||||
| Institutional & PWM Fixed Income | 32 | 32 | 0.0 | % | ||||||
| Total Treasuries & Fixed Income | 3,628 | 3,641 | -0.4 | % | ||||||
| Total Assets Under Management | $ | 30,719 | $ | 30,672 | 0.2 | % | ||||
| (a) Includes $441 and $460 of AUM subadvised for Teton Advisors, Inc. at June 30, 2023 and March 31, 2023, respectively. | ||||||||||
| (b) Includes $230 and $224 of 100% U.S. Treasury Fund AUM at June 30, 2023 and March 31, 2023, respectively. | ||||||||||
| (c) Includes $579 and $812 of the SICAV AUM subadvised by Associated Capital Group, Inc. at June 30, 2023 and March 31, 2023, respectively. | ||||||||||
Assets under management at June 30, 2023 were $30.7 billion, unchanged from $30.7 billion at March 31, 2023. Market appreciation of $966 million was offset by net outflows of $787 million and distributions of $132 million.
Mutual Funds
Assets under management in Mutual Funds at June 30, 2023 were $8.3 billion, unchanged from March 31, 2023. The details of the quarterly change were as follows:
- Net outflows were $255 million;
- Market appreciation was $242 million; and
- Distributions, net of reinvestment, were $4 million.
Closed-end Funds
Assets under management in Closed-end Funds at June 30, 2023 were $7.2 billion, unchanged from March 31, 2023. The details of the quarterly change were as follows:
- Net outflows were $23 million;
- Market appreciation was $191 million; and
- Distributions, net of reinvestment, were $128 million.
Institutional & PWM
Assets under management in Institutional & PWM at June 30, 2023 were $11.0 billion, an increase of 2.5% from the $10.8 billion at March 31, 2023. The details of the quarterly change were as follows:
- Net outflows were $231 million; and
- Market appreciation was $502 million.
SICAV
Assets under management in SICAV at June 30, 2023 were $0.6 billion, a decrease of 28.4% from the $0.8 billion at March 31, 2023. The details of the quarterly change were as follows:
- Net outflows were $221 million; and
- Market depreciation was $13 million.
100% U.S. Treasury Money Market Fund
Assets under management in 100% U.S. Treasury Money Market Fund at June 30, 2023 were $3.6 billion, unchanged from the $3.6 billion at March 31, 2023. The details of the quarterly change were as follows:
- Net outflows were $57 million; and
- Market appreciation was $44 million.
Balance Sheet Information
As of June 30, 2023, cash, cash equivalents, and investments were $193.6 million, compared with $169.5 million as of December 31, 2022. As of June 30, 2023, stockholders' equity was $161.4 million, compared with $139.1 million as of December 31, 2022.
Return to Shareholders
During the second quarter, GAMI paid a dividend of $0.04 per share for a total of $1.0 million and purchased 85,834 shares for $1.6 million at an average price of $18.98 per share. From July 1, 2023, to August 8, 2023, the Company has purchased 54,255 shares at an average price of $19.86 per share.
On August 8, 2023, GAMI's board of directors declared a regular quarterly dividend of $0.04 per share, which is payable on September 26, 2023, to class A and class B shareholders of record on September 12, 2023.
About GAMCO Investors, Inc.
GAMI is best known for its research-driven value approach to equity investing (known as PMV with a Catalyst). GAMI conducts its investment advisory business principally through two subsidiaries: Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 5 actively managed semi-transparent ETFs, and a SICAV) and GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts). GAMI serves a broad client base including institutions, intermediaries, private wealth, and direct retail investors. In recent years, GAMI has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities.
Gabelli Funds offers a wide range of solutions for clients across Value and Growth Equity, SRI, Convertibles, sector-focused strategies including Gold and Utilities, Merger Arbitrage, and U.S. Treasury Money Market Fixed Income.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Our disclosure and analysis in this press release, which do not present historical information, contain "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy, and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.
Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).
Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
| GAMCO Investors, Inc. and Subsidiaries | ||||||||||||||||||||
| Condensed Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||
| (in thousands, except per share data) | ||||||||||||||||||||
| Three Months Ended | % Change From | |||||||||||||||||||
| June 30, 2023 | March 31, 2023 | June 30, 2022 | March 31, 2023 | June 30, 2022 | ||||||||||||||||
| Revenue: | ||||||||||||||||||||
| Investment advisory and incentive fees | $ | 54,406 | $ | 54,995 | $ | 60,248 | ||||||||||||||
| Distribution fees and other income | 4,765 | 4,911 | 5,355 | |||||||||||||||||
| Total revenue | 59,171 | 59,906 | 65,603 | -1.2 | % | -9.8 | % | |||||||||||||
| Expenses: | ||||||||||||||||||||
| Compensation | 28,056 | 29,186 | 24,215 | |||||||||||||||||
| Management fee | 2,197 | 2,036 | 365 | |||||||||||||||||
| Distribution costs | 6,369 | 6,473 | 6,672 | |||||||||||||||||
| Other operating expenses | 6,057 | 5,813 | 6,086 | |||||||||||||||||
| Total expenses | 42,679 | 43,508 | 37,338 | -1.9 | % | 14.3 | % | |||||||||||||
| Operating income | 16,492 | 16,398 | 28,265 | 0.6 | % | -41.7 | % | |||||||||||||
| Non-operating income (loss): | ||||||||||||||||||||
| Gain / (loss) from investments, net | 1,616 | 561 | (4,383 | ) | ||||||||||||||||
| Interest and dividend income | 1,958 | 1,661 | 416 | |||||||||||||||||
| Interest expense | (293 | ) | (298 | ) | (771 | ) | ||||||||||||||
| Total non-operating income / (loss) | 3,281 | 1,924 | (4,738 | ) | 70.5 | % | -169.2 | % | ||||||||||||
| Income before provision for income taxes | 19,773 | 18,322 | 23,527 | 7.9 | % | -16.0 | % | |||||||||||||
| Provision for income taxes | 5,160 | 2,425 | 6,241 | |||||||||||||||||
| Net income | $ | 14,613 | $ | 15,897 | $ | 17,286 | -8.1 | % | -15.5 | % | ||||||||||
| Earnings per share attributable to common | ||||||||||||||||||||
| stockholders: | ||||||||||||||||||||
| Basic | $ | 0.58 | $ | 0.62 | $ | 0.66 | -7.5 | % | -13.1 | % | ||||||||||
| Diluted | $ | 0.58 | $ | 0.62 | $ | 0.66 | -7.5 | % | -12.2 | % | ||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 25,358 | 25,529 | 26,063 | |||||||||||||||||
| Diluted | 25,358 | 25,529 | 26,323 | |||||||||||||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||
| Condensed Consolidated Statements of Financial Condition (Unaudited) | |||||||||||
| (in thousands, except per share data) | |||||||||||
| June 30, | December 31, | June 30, | |||||||||
| 2023 | 2022 | 2022 | |||||||||
| Assets | |||||||||||
| Cash, cash equivalents, and U.S. Treasury Bills | $ | 149,153 | $ | 66,381 | $ | 133,890 | |||||
| Investments in securities | 21,476 | 84,742 | 25,465 | ||||||||
| Seed capital investments | 22,995 | 18,347 | 17,907 | ||||||||
| Receivable from brokers | 2,078 | 1,932 | 3,653 | ||||||||
| Other receivables | 20,155 | 25,839 | 22,614 | ||||||||
| Deferred tax asset and income tax receivable | 13,650 | 16,701 | 9,813 | ||||||||
| Other assets | 11,538 | 9,879 | 11,481 | ||||||||
| Total assets | $ | 241,045 | $ | 223,821 | $ | 224,823 | |||||
| Liabilities and stockholders' equity | |||||||||||
| Payable for investments purchased | $ | - | $ | 2,980 | $ | - | |||||
| Income taxes payable | - | - | 282 | ||||||||
| Compensation payable | 36,147 | 33,919 | 26,147 | ||||||||
| Accrued expenses and other liabilities | 43,473 | 47,868 | 44,613 | ||||||||
| Sub-total | 79,620 | 84,767 | 71,042 | ||||||||
| Subordinated Notes (due June 15, 2023) | - | - | 33,691 | ||||||||
| Total liabilities | 79,620 | 84,767 | 104,733 | ||||||||
| Stockholders' equity | 161,425 | 139,054 | 120,090 | ||||||||
| Total liabilities and stockholders' equity | $ | 241,045 | $ | 223,821 | $ | 224,823 | |||||
| Shares outstanding | 25,313 | 25,680 | 26,395 | ||||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||||||||||
| Assets Under Management | |||||||||||||||||||||
| By investment vehicle | |||||||||||||||||||||
| (in millions) | |||||||||||||||||||||
| Three Months Ended | % Changed From | ||||||||||||||||||||
| June 30, | March 31, | June 30, | March 31, | June 30, | |||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
| Equities: | |||||||||||||||||||||
| Mutual Funds | |||||||||||||||||||||
| Beginning of period assets | $ | 8,288 | $ | 8,140 | $ | 9,824 | |||||||||||||||
| Inflows | 168 | 242 | 230 | ||||||||||||||||||
| Outflows | (423 | ) | (378 | ) | (394 | ) | |||||||||||||||
| Net inflows (outflows) | (255 | ) | (136 | ) | (164 | ) | |||||||||||||||
| Market appreciation (depreciation) | 242 | 288 | (1,302 | ) | |||||||||||||||||
| Fund distributions, net of reinvestment | (4 | ) | (4 | ) | (4 | ) | |||||||||||||||
| Total increase (decrease) | (17 | ) | 148 | (1,470 | ) | ||||||||||||||||
| Assets under management, end of period | $ | 8,271 | $ | 8,288 | $ | 8,354 | -0.2 | % | -1.0 | % | |||||||||||
| Percentage of total assets under management | 26.9 | % | 27.0 | % | 29.1 | % | |||||||||||||||
| Average assets under management | $ | 8,165 | $ | 8,292 | $ | 9,071 | -1.5 | % | -10.0 | % | |||||||||||
| Closed-end Funds | |||||||||||||||||||||
| Beginning of period assets | $ | 7,155 | $ | 7,046 | $ | 8,097 | |||||||||||||||
| Inflows | 1 | 24 | 59 | ||||||||||||||||||
| Outflows | (24 | ) | (15 | ) | (12 | ) | |||||||||||||||
| Net inflows (outflows) | (23 | ) | 9 | 47 | |||||||||||||||||
| Market appreciation (depreciation) | 191 | 233 | (981 | ) | |||||||||||||||||
| Fund distributions, net of reinvestment | (128 | ) | (133 | ) | (127 | ) | |||||||||||||||
| Total increase (decrease) | 40 | 109 | (1,061 | ) | |||||||||||||||||
| Assets under management, end of period | $ | 7,195 | $ | 7,155 | $ | 7,036 | 0.6 | % | 2.3 | % | |||||||||||
| Percentage of total assets under management | 23.4 | % | 23.3 | % | 24.5 | % | |||||||||||||||
| Average assets under management | $ | 7,117 | $ | 7,211 | $ | 7,611 | -1.3 | % | -6.5 | % | |||||||||||
| Institutional & PWM | |||||||||||||||||||||
| Beginning of period assets | $ | 10,764 | $ | 10,714 | $ | 12,674 | |||||||||||||||
| Inflows | 66 | 61 | 61 | ||||||||||||||||||
| Outflows | (297 | ) | (558 | ) | (297 | ) | |||||||||||||||
| Net inflows (outflows) | (231 | ) | (497 | ) | (236 | ) | |||||||||||||||
| Market appreciation (depreciation) | 502 | 547 | (1,869 | ) | |||||||||||||||||
| Total increase (decrease) | 271 | 50 | (2,105 | ) | |||||||||||||||||
| Assets under management, end of period(a) | $ | 11,035 | $ | 10,764 | $ | 10,569 | 2.5 | % | 4.4 | % | |||||||||||
| Percentage of total assets under management | 35.9 | % | 35.1 | % | 36.8 | % | |||||||||||||||
| Average assets under management | $ | 10,628 | $ | 11,126 | $ | 11,702 | -4.5 | % | -9.2 | % | |||||||||||
| SICAV | |||||||||||||||||||||
| Beginning of period assets | $ | 824 | $ | 867 | $ | 879 | |||||||||||||||
| Inflows | 48 | 124 | 169 | ||||||||||||||||||
| Outflows | (269 | ) | (176 | ) | (90 | ) | |||||||||||||||
| Net inflows (outflows) | (221 | ) | (52 | ) | 79 | ||||||||||||||||
| Market appreciation (depreciation) | (13 | ) | 9 | (72 | ) | ||||||||||||||||
| Total increase (decrease) | (234 | ) | (43 | ) | 7 | ||||||||||||||||
| Assets under management, end of period | $ | 590 | $ | 824 | $ | 886 | -28.4 | % | -33.4 | % | |||||||||||
| Percentage of total assets under management | 1.9 | % | 2.7 | % | 3.1 | % | |||||||||||||||
| Average assets under management | $ | 683 | $ | 857 | $ | 910 | -20.3 | % | -24.9 | % | |||||||||||
| Total Equities | |||||||||||||||||||||
| Beginning of period assets | $ | 27,031 | $ | 26,767 | $ | 31,474 | |||||||||||||||
| Inflows | 283 | 451 | 519 | ||||||||||||||||||
| Outflows | (1,013 | ) | (1,127 | ) | (793 | ) | |||||||||||||||
| Net inflows (outflows) | (730 | ) | (676 | ) | (274 | ) | |||||||||||||||
| Market appreciation (depreciation) | 922 | 1,077 | (4,224 | ) | |||||||||||||||||
| Fund distributions, net of reinvestment | (132 | ) | (137 | ) | (131 | ) | |||||||||||||||
| Total increase (decrease) | 60 | 264 | (4,629 | ) | |||||||||||||||||
| Assets under management, end of period | $ | 27,091 | $ | 27,031 | $ | 26,845 | 0.2 | % | 0.9 | % | |||||||||||
| Percentage of total assets under management | 88.2 | % | 88.1 | % | 93.5 | % | |||||||||||||||
| Average assets under management | $ | 26,593 | $ | 27,486 | $ | 29,294 | -3.2 | % | -9.2 | % | |||||||||||
| GAMCO Investors, Inc. and Subsidiaries | |||||||||||||||||||||
| Assets Under Management | |||||||||||||||||||||
| By investment vehicle - continued | |||||||||||||||||||||
| (in millions) | |||||||||||||||||||||
| Three Months Ended | % Changed From | ||||||||||||||||||||
| June 30, | March 31, | June 30, | March 31, | June 30, | |||||||||||||||||
| 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
| Fixed Income: | |||||||||||||||||||||
| 100% U.S. Treasury fund | |||||||||||||||||||||
| Beginning of period assets | $ | 3,609 | $ | 2,462 | $ | 1,872 | |||||||||||||||
| Inflows | 931 | 1,845 | 1,036 | ||||||||||||||||||
| Outflows | (988 | ) | (732 | ) | (1,074 | ) | |||||||||||||||
| Net inflows (outflows) | (57 | ) | 1,113 | (38 | ) | ||||||||||||||||
| Market appreciation (depreciation) | 44 | 34 | 2 | ||||||||||||||||||
| Total increase (decrease) | (13 | ) | 1,147 | (36 | ) | ||||||||||||||||
| Assets under management, end of period | $ | 3,596 | $ | 3,609 | $ | 1,836 | -0.4 | % | 95.9 | % | |||||||||||
| Percentage of total assets under management | 11.7 | % | 11.8 | % | 6.4 | % | |||||||||||||||
| Average assets under management | $ | 3,618 | $ | 3,245 | $ | 1,936 | 11.5 | % | 86.9 | % | |||||||||||
| Institutional & PWM Fixed Income | |||||||||||||||||||||
| Beginning of period assets | $ | 32 | $ | 32 | $ | 32 | |||||||||||||||
| Inflows | - | - | - | ||||||||||||||||||
| Outflows | - | - | - | ||||||||||||||||||
| Net inflows (outflows) | - | - | - | ||||||||||||||||||
| Market appreciation (depreciation) | - | - | - | ||||||||||||||||||
| Total increase (decrease) | - | - | - | ||||||||||||||||||
| Assets under management, end of period | $ | 32 | $ | 32 | $ | 32 | 0.0 | % | 0.0 | % | |||||||||||
| Percentage of total assets under management | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||||||
| Average assets under management | $ | 32 | $ | 32 | $ | 32 | 0.0 | % | 0.0 | % | |||||||||||
| Total Treasuries & Fixed Income | |||||||||||||||||||||
| Beginning of period assets | $ | 3,641 | $ | 2,494 | $ | 1,904 | |||||||||||||||
| Inflows | 931 | 1,845 | 1,036 | ||||||||||||||||||
| Outflows | (988 | ) | (732 | ) | (1,074 | ) | |||||||||||||||
| Net inflows (outflows) | (57 | ) | 1,113 | (38 | ) | ||||||||||||||||
| Market appreciation (depreciation) | 44 | 34 | 2 | ||||||||||||||||||
| Total increase (decrease) | (13 | ) | 1,147 | (36 | ) | ||||||||||||||||
| Assets under management, end of period | $ | 3,628 | $ | 3,641 | $ | 1,868 | -0.4 | % | 94.2 | % | |||||||||||
| Percentage of total assets under management | 11.8 | % | 11.9 | % | 6.5 | % | |||||||||||||||
| Average assets under management | $ | 3,650 | $ | 3,277 | $ | 1,968 | 11.4 | % | 85.5 | % | |||||||||||
| Total AUM | |||||||||||||||||||||
| Beginning of period assets | $ | 30,672 | $ | 29,261 | $ | 33,378 | |||||||||||||||
| Inflows | 1,214 | 2,296 | 1,555 | ||||||||||||||||||
| Outflows | (2,001 | ) | (1,859 | ) | (1,867 | ) | |||||||||||||||
| Net inflows (outflows) | (787 | ) | 437 | (312 | ) | ||||||||||||||||
| Market appreciation (depreciation) | 966 | 1,111 | (4,222 | ) | |||||||||||||||||
| Fund distributions, net of reinvestment | (132 | ) | (137 | ) | (131 | ) | |||||||||||||||
| Total increase (decrease) | 47 | 1,411 | (4,665 | ) | |||||||||||||||||
| Assets under management, end of period | $ | 30,719 | $ | 30,672 | $ | 28,713 | 0.2 | % | 7.0 | % | |||||||||||
| Average assets under management | $ | 30,243 | $ | 30,763 | $ | 31,262 | -1.7 | % | -3.3 | % | |||||||||||
