Hermes’ on over will you, and Tom financial quarter, our business performance Thank good review and Ray, comment the morning. results. I Federated will
and fund equities We Looking strategic Asia QX, SMA each net Equity producing a in from million, prior funds difficult our in strategy had QX in redemptions Not million, million, the MDT for include sales concentrated while The with markets, income, the redemptions as opportunities. strategies, growth net equity $XXX concentrated strategic also well ex-Japan, down $X.X activities. net core improvements at domestic inflation XX These business in were saw the concerns SDG side, conditions these sales. on including classes both positive global showing account of Back value equity inflationary the net the were positive net strategies, that $XX Notably, strategies international fund strategies. responded value total billion. $XXX the prior value quarter. million, equity dividend, sales QX net of were solid categories. such cap about at million quarter’s past equity and surprisingly, $XXX domestic reflecting of net these million, that separate $XXX produced the impact about dividend international, first million, market fund international equity strategies, sales asset international emerging dividend from in and have $XXX focus the improvement of the at $XX sales periods. equity, sale. redemptions for engagement, prevalent, had small area several With include ESG, were
were compared quartile Our at was beating solid. quarter, our equity were the of of Morningstar top of three of XX% funds XX% first Using category. end data to the performance the their at years equity end in the trailing the for QX, and peers, peers,
of equity redemptions Now, first funds with strategic dividend, for three weeks We weeks the three and SMAs funds QX, impact had fund, value international strategic equity global million. the $XXX including dividend sales in and XX ESG the net value first net combined of opportunities, April, positive equity. equity the of had international
Now of fund income QX income. income fixed Net in billion about accounts, $X redemptions net separate were billion. were by turning fixed redemptions. in fixed just $X net to offset under billion $X sales
billion, were about The redemptions, of $X by short categories of fixed institutional net income about net conditions. three funds, net income bond driven bond ultra-short redemptions the market had billion. debt fund three under high million All sales funds the of strategies. fixed account yield multi-sector Our funds just redemptions. reflecting had of $X.X separate Within - $XXX had
with quarter. XX in income sales had the funds net fixed positive However, we first
income, high total bond income rate yield short-term fund, Our fund, credit, and climate credit, return government, strategic securities, high inflation-protected conservative municipal yield floating engagement SDG strategic the micro-short. change
XX% their the and of using beating income again, in of XX% top trailing years, at first Regarding the of Morningstar peers, the three were funds end quartile performance, for the fixed and our quarter, data category. were
lending and of Prudent offset redemptions private the sales And funds For estate in had category, of In the real million, million, equity net $XXX alternative and $X.X of first $XXX redemptions billion. by about net included net SMAs three of the million. in market million, QX, income about were weeks Bear, fixed private trade $XX direct these about partially finance, same $XX infrastructure. number, of
to institutional and core, we markets, So, $X.X debt and direct alternatives, Fixed separate billion strategies. government in income about Additions with QX begin into are private yet and unconstrained accounts. equity, credit, private both wins flexible including include net credit, to fund mandates funds in lending. expected occur
to markets. Moving money
Assets increased account UN $XX separate billion, in declined about as by market fund about billion. decreased compared QX to billion $X assets assets by money $XX our and totals, money market
end Our money the Seasonal of and the and market ’XX. end had above total the the just accounts. were money at trends we first Rising impacted market market money of QX funds rates both at also impacted competitive that quarter asset separate of interest levels. pressure assets total fund
the at from Our QX, end XXXX. fund was down funds, share, the sub-advised at X.X% end money market market about about of of X.X% including
waivers our first Now, series month, Market are that expectations increase yield increases QX. hike outlook. fund the yield of expected, interest Fed waiver related with the in minimum of Tom additional decreased will fee market update will and money last a the rate pace us hikes. Fed on
would we money market investments. direct increases for money funds higher that welcome to better market we yields, be believe compared While measured
showing initial direct in time, ‘XX, to may However, benefit XX% by through increase ’XX began though also this followed fund quarter us last pattern, will that of in higher followed continue the a increased quarter, The after investments, that our hike period, during cycle rate rate managed to through initially said ’XX, we've began initial an We money Fed grow market noted during favor that these assets decline, by a an compared rates higher timeframe. rates QX by the and XX% the additional last with assets over similar more this QX particularly Fed in Industry last decline, helped money assets the history. to third fund rates, of when in industry of growth XX% that a of the believe deposit short-term an The funds we XX%. increases market increase. money same rapid ease. market over grew
on regulatory recently money swing with pages, comment we comment fund changes, a XXX proposed XX-page market a letter pricing. SEC letters letter Now, rule of separate two the the primary of and filed their on including front, deviance on the
institutions those money to comments and a use swing that institutional not prime not be We from products if swing alternative would believe market pricing Our and others pricing for is that were note most these muni imposed. workable funds.
money even to enable from and intermediaries, any, changes undertake will our function. managers, view, to swing systems view, In of few, a these point addition would investors, In around to pricing redemption large-scale client's proceeds, required uncertainty by be if efforts. fund
institutional, round subject currently in assets would or As fund Xa-X. expect that move a the of market our are shift result, XXXX, liquidity to to under money fund funds, government with money private funds, regulation prime of money market municipal most mutual products prime changes did and like we last as to the not in many that
impacted We municipal billion $X be pricing category have of SEC is funds be and were client proposing. to the believe approximately in institutional imposed, would as assets we swing this that if in prime
floating of funds to to other material requirement would government products. again, proposed that a in that stable money from deposits, money conditions, resulted to market non-regulated fund market NAV outflows US funds future lead also bank commented the negative We NAV money or convert investment market SEC’s yields,
markets, were Now, money private fixed totals, including billion equities, Tom? taking assets alternative a in in and in Money $XX managed market look billion. were $XX fund $XXX in billion, in at assets approximately $XX $XXX multi-asset. billion recent income, asset $XXX mutual billion billion markets, billion $X
