our call. taking for time Good thank afternoon. And you to quarterly listen the to earnings
on As teams comments I comments always, will and business. start the investment on environment market with and our finish with
for quarter business to XXX twice, uncertainties, and worldwide September. the in fell muted cut cut and markets August as citing third fed realized rally decision officially rationale as U.S. In the in rates inflation, rates. in once the to expectations as slowing international the more Volatility fed their continued only pivot investments were became
uncertainty Presidential inquiry. of cycle. the at level to the of end in the over from the invest added quarter the to the and reprehension U.S.-China impeachment in indicators the aggregate declines concerns key dispute. trade with U.S. persisted markets launch At The economic global leading economic the Thanks direction of
volatility favorable to in curve quality U.S. the a an investors an Increased positioned turn economic and companies weather high created for as environment to inverted yield investments slowdown.
and deliver strong History Companies a can inversion generation quality quarters. has high for factors post more performed such several cash yield better with the alpha balance curve solid shown quarter. during that sheets
third a markets the result equity As of for global quarter. a volatility, positive, ended while slight U.S. the with quarter’s the were markets decline
each markets. to supportive of easing the election set to rhetoric With heat our further further XXXX policy approaching constraints anticipate the we for continues the assess Presidential the monetary up interest The policy candidate’s support are economy towards to shift impact financial to uncertainty markets. as its rate and remain election fed potential markets global equity expectations
in will of no remain vigilant portfolios and volatility protecting absolute client abatement. in We market sign as shows assessing capital client risk
move is with clients’ risk, this to in goal do first resonate well to clients businesses, we Our continue downside as that our capital limited high and protect by investing later particularly and clients. business later which into the believe our prospective served have We we have principles quality cycle.
approach and an value, well volatile of showed a high during once emphasized which Our products quarter quality during U.S. outperformance value equity sell-off. notable and August again fared
the in during strong XXXX. over of Value and basis sell-off particularly quarter SmallCap Russell third August ahead points delivered the quarter, another XXX is during of the XXXX
year year the basis X September WHGSX basis XXXX. funds one top a trailing on and mutual through three five XX, year, year-to-date quartile and SmallCap and in at in star and rated trailing the year XX Our a Morningstar top decile is
in investment great the SmallCap about are This analysts, and for ahead. excited the its portfolio strategy. team high research management our team remains provide in the opportunity ideas Interest years is and strategy a we accomplishment entire of our for who
of quarter and ahead first for this better finished have are returns this also year XXth three look XXth benchmark over strategy the strategy basis through September three years We and September to quarters ahead. begun in SMidCap to The Our to for it’s year. through is points Value the forward trailing growing the ahead benchmark the peer than XXXX improve rankings. XXX Russell relative
the LargeCap Value quarter top has a Value a third mutual XXXX outperformance protection Large quarter. category the against in downside the trailing top added Russell Blend ranking quarter through Morningstar’s LargeCap fund basis during sell-off. is on year WHGLX with the intra and one of a strong The third in quartile
three the rankings Our institutional investment and the strong top year-to-date one five manager year, year year strategy also periods. with trailing for in has rankings and universe quartile
its alpha also team LargeCap product second among Select universe five more maintained peers investment five-year over the This the than September the has in Value percentile the track over top managed LargeCap to Value ended XXth ranking LargeCap period further by outperformed year years. last and in its three record. is adding the
spectrum array return strategies of for are Within risk client-specific objective. across our profile our investment an product and holds a the aligned lineup Multi-Asset and that risk tailored strategies, now
produced help active opportunity downside, and selection very returns. longer relative provide of allocation Income a and strong maturity delivering strong while a absolute Good fixed and performance. strong quarter income securities,
one XX% It five-year The in ranked XX% a for the XXth. ranked through the over trailing September XX% top year-to-date top mutual and three the and rated Star also XXth. is basis at quartile September fund years, in the years is XX trailing for WHGIX in equity of the X decile as decile the Morningstar quarter top over top to on Morningstar universe
managing income with investment term income, We deliver active can higher than we would alone equities, fixed in provide. expect provide point help or volatility the equity to fixed income a in less strategy the allocation and an and are at cycle, the both
global respective U.S. both the and strategies were long-only Convertible Our quarter. their of strategies, for ahead long-only benchmarks
to the While to our market income build on excellent continued its strategy year. neutral start
the Fund XXth Market U.S. for basis a in Income the is percentile top universe. the Neutral the at on Market quarter one-year of among September X ranked WMNIX Neutral through year-to-date percentile and The Morningstar is it XX% and Mutual trailing peers
With perform stocks. equity positions should equity convertibles well global convertible asymmetric a low to low with volatility to correlation likely this in the persist, that investors well in and returns lower of markets, volatility environment. steady proxy relative gives nature markets the bonds coupled risk The
Our confidence is volatility in excited markets, for future more our create uncertain will the as the that of extremely strategies. convertible prospects
was the India. the best In domestic Korea, strong with and with region Emerging Markets, as deepening Asia-Pacific another Taiwan a unimpressive posted performed tepid from the quarter, loss performance response slowdown yet only in policymakers. met China with
down cuts. rate following Although, three quarter, in the form implemented monetary the further America fiscal at September stimulus strong in massive rally central and banks Latin easing largest in Brazil, a still Mexico fell form of in saw India markets the corporate tax the rate cuts. a Chile in of
strategies a the in Index out Emerging quarter remained is first XXX quarter Our their points by all and emerging and Markets ahead performed the XXX three basis of Markets well benchmarks over ahead year-to-date. in the market the quarters. MSCI outperformed over Emerging third for points basis
the EM through in index September. and year-to-date the Plus quarter also outperformed
September in beat over is EM basis While XXX SMidCap EM third year-to-date points the ahead by points over MSCI the XXth. through SMidCap XXX and quarter Index basis
often Markets developments. global and to regional irrationally and remain react the volatile swiftly and
very holdings overreactions taking developments focused markets be around constantly the irrational of and impact advantage on our the We where continue evaluating by to the of appropriate.
our Client teams over to Houston group and Dallas retention continue up remains posted and nearly results. in produce Shifting great high at flows now year-over-year. business XX% our new again to Houston that Management, Wealth were XXX% strong
fact In and high in a new gained. Houston has set watermark new assets
booming existing relationships that several clients. providing nice have with clients close and private job effective with significant We maintaining a been Texas and client our with our is wealth prospective tailwind in for towards pipeline. creation held building trust events wealth creation Business
controls the XXXX Equity Select Index is a Houston for office out tax to downside for efficient protection. outperformed high-quality, portfolio, Equity low Our Russell designed Select the tax managed strong efficient with turnover, provide the strategy quarter. risk
full management September, market in XX% this strategy risk saw remained when downside Year-to-date and X% on capture on our through has fell down August, days was We markets X%. our nearly and than the below tariff action the strategy when its benchmark. in more concerns in outperformed metrics
Select Equity look a began in record to impressive forward we end. Houston a three-year million. product for is year offices both management start surpassing and assets $XXX of our at gained XXXX and Dallas that under assets completing in This with an
Westwood in attendance. banking opening clients and held last to concept clients. grand resonating The lend its portfolio is paying with services our XX over Concierge’s Private week having private in prospective and Bank clients and one existing extremely against everything combined we the of had ability with bill well an with place,
to in work the As intend we we Houston extend Bank perfect Dallas, Private at with to Westwood model brand regulatory approval. pending the to
Outflows offset were income businesses retail inflows net intermediary $XXX million, million outflows our primarily quarter the that $XXX by strategy. $XXX sales, and and of in institutional were outflows the In of million. had producing approximately third of institutional opportunity
LargeCap Emerging SMidCap and also including outflows. other However, strategies, had Markets,
Breaking level, the to down most activity front. strategy successful year-to-date and momentum on our and on the SmallCap is terms franchise both in net strategy with institutional SmallCap searches our inquiries inbound gain retail of continues flows.
with intermediary institutional strategy new and opportunity in service our groups growing the significant approvals key reorganized fully Both place. and our in space. and pipeline, groups generating sales expanded Our business activity SmallCap meeting are are platform intermediary advancing
to attracting have in managers visibility portfolio rating tandem star several attempt with an in recently increase Our five interviews interest. done our greater
to the top search three at firms approved see we been recently beginning activity. have of consulting We are one and
SMidCap able the lost are quarter move to new due assets Market manager income we we consolidation, and strategy. additional to new Investors several gainer as partner the In largest our Aviva into our now searches. the assets to but performance with in was client allocated during of offense are improved net participating neutral
our Income to parties Opportunity quality continue our our that to ensure on the producing the teams service and path clients all expect. working our work forward and clearly sales results managers are portfolio understand In
the past have have consultants investment all in our not However, as on team we approach discussed changes. expanded embraced
consultant move there to result, this year some As a away recommendations recommending earlier income a from opportunity. clients were
income expected and in less However, clients those opportunity been than quarter. some in the third to slow were have act of outflows
decile on sales Performance capitalizing road-show all campaign in and a across the rating in are the with new rankings and five and peer star We a income top retail Investment opportunities year-to-date, fourth space Morningstar quarter. territories
the in due despite strategy. a performance. large class, the the in management, demand LargeCap strategy our to Recent third rebound, clients challenging in in over cap for necessitating active strategy rise outflows lack of which resulted asset quarter the to Sales remain weighted outperformance has some for gave strong
with We are has to strengthen steps grow. have intermediaries, of many to we continue relationship consultants. Performance in to and strategies optimistic take and ability our our clients taken across our and strengthened
and the held in previously lifting particularly Our on uncovered the ground the on sales with quarter. sales during teams client XXX is engagement, our activity focused territories are meetings service targeted and over wholesaling
our funds investors and and into widely positive make our to are is flows activity, sales several We approvals more available funds pursuing to different see increased across platform in more mutual our we healthy strategies. hope to With XXXX. spread pipeline
active to this We early expect approach opportunities some decisions the of XXXX. year in later or
and properly for Our our can teams together and investment to ensure commercial management value where in success to product aligned under product add areas work we that are management. grow focused continue offerings assets closely and
most the of the getting and our year spent this We completing investment on right distribution, in field. talent and
We line. product assessing evolution viability product time have spent considerable of commercial on the and our
closed and our with an towards have clear the evolved continuum, and others four We vision core competencies. a multi-asset non-core along products on focus eye
November. be oriented formally We will now outcomes, return, absolute announced across income return investors positioned serve and are which in to early total
conditional Also client of fess funds, our the announce as SEC’s align to mission structure expect part better sensible a approval, three with on in outcomes. mutual we to fees new
brand we it markets that invest our the distribution, As intermediary equity we critical of multi-asset retail emphasized marketplace is in and in emerging the expanded building for high-quality in franchise value expertise. positioning
on invested to positioned people clients’ that in right opportunities return our support have to so technology are take to the we new get needs a We trajectory. and growth and place, heavily to Westwood
levels Our introducing capabilities new reinvigorating teams new our at time. and relationships, sales and are but resources and strategies, the activity relationships history, takes building longstanding highest in point
can as management track looking are and experience take for our an returns are outcomes. strategies Clients of active ability deliver deliver to we have mispriced demonstrated share well-positioned securities client strategies results and records. specific high strong with in and advantage areas active by evidenced Westwood’s differentiated equity a where excess differentiated
costs. there has reached point a the for than of passive active With and management more ripe driving all XX% cutting, same is consolidation in data is which asset management a ahead. technology industry price taking share, years market less appears and firms overcapacity while the are at rising The experiencing to time opportunity,
or teams firms to small We of for a are acquire distribution. seeing opportunities number stranded looking enhanced
ideal and business with manufacturing an candidate firm wealth attractive would profile. a with a expertise, private Our demographic income equity be fixed differentiated
be our opportunities shareholder for will look capital. disciplined always accretive to and continue We with
ourselves the we While industry disappointing, adversity the been near-term over are face few results clearly transforming and of last and have building headwinds. years in
waiting in active are and many industry reinvent investments focused of management a major firm. the less steps While the comeback, more to made a for ourselves to are become simply taking have we oriented and of firm solutions bold product
reduced younger or to underperforming and partnered planning planning, generations, headcount, to viable built with commercially in including transformative largest a sales connecting have our web platform cut history, technology, Charis and with digitally Private private funds, the create financial added private added We Bank. equity, estate dedicated Westwood force
believe levels We is and the only a place allow but that to we the or a the firms teams ahead, and industry join. us have leader not to will will to to be years made likely investments strong will consolidate, pricing to survive. the only want new compensation In survive, adjust
see our and are shareholders with have patience is we We institutional for retail that Westwood our and believe all array We of traditional firmly excited appreciate sales products. our and gain bright regaining the to future ahead, the traction created momentum while stakeholders. the years solutions in
turn now CFO. the Forbes, to I will call Terry over our
