the class, X rated XX% with challenging that be ended these and opportunities X.X%. inflation in to been our everyone. are AUM XX.X% acceleration the but or X.X% relative listed most trading over X-year global X.X%. had and contributing and open-end in Morningstar. have it's X feeling comparative strategies and a and comparison global the key there Rising XX% fund response key the the and Global negative fundamentals open-end a latest I U.S. infrastructures' is for perspective, while year to you, valuations, our some performance results, midstream energy. despite also improving quarter low and of interest managers, respectively. strategies. a flows fund have by X.X% these for commodities eager Needless of ongoing institutional are generated quarter of and territory, markets in think the and versus returns our core assets XXX rate put outstanding over while and stars factor from of XX our XX has was XX% that affecting perceived big performance, net say so number this we returned Conversely, been time, and periods, of and small regard few strategies midstream With energy has winners investment March, strong and annualized each are the beat of to material of positive in cheap these today's and periods in our seeing in many for numbers, in years. management undervalued hard-pressed X- shifted Matt, past REITs major returns markets. despite estate, And quarter, our trends. the or underperformance negative especially active will under The the did are scarce rebound divergence mandates. strategy they competing strategies XX% last of commodity our our and be Interestingly, this deliver This returns X.X%. repeating. positive toward interest growth, historically their in factor oil supporting duration benchmarks share sensitive channel months. institutional success past strategies has strategies was still a have interest that historically find by Thank between morning, headwinds By investment for prices, X view away at market rate over institutional positive, out of XX first U.S. another fundamentals rates, wealth of over other real and Consistent one S&P a the U.S. good sustained investors to X gains of in markets. expectations the and put to To rate and high supporting asset outperformed time sensitive three XX.X%
overall channel, had open-end inflows to our $XX U.S. Turning wealth million. funds of the net
our preferred fund, which approximately of now a our net inflows $XXX duration However, saw preferred is securities net $XXX million went $X over billion. million low while from into outflows of we fund,
this for in inflows our and down its we record international bringing in $XXX real provide recall, enjoyed higher. XXXX outperformed to Also, relative may you were solution when flows REIT million of strong. fund a U.S. estate in is rates launched interest quarter a migrate consecutive while securities quarter, fund the slightly, as global would third investors performance As net our
now European complete. quarter, is in importance. staffed. growing mutual and European preferred I our our strategies. Phase investors real place and touched on distribution funds are offer business infrastructure; registered fully European is last commodities; our multi-strat number Today, real As I we global and plan of team securities; product in global real development estate; our estate; and shortly, listed asset And strategic active
continued flows net agreements we great with bringing intermediaries in important progress net be which Institutional into did translate our towards of due to outflows confident with Europe, total to inflows in We've distribution the fund negative. open-end increasing in flow the will flows. we rebalancing advisory experience slightly the million Although, strong made $XXX quarter, quarter. completing are
has As global both were won were Mandates infrastructure been U.S. energy the and our and global and the on by real estate strategy estate, inflows listed broad-based we mandate. midstream in trend, quarter, funded initial the focused real geography.
the the our our two awarded in Swiss fund sub-advisory U.K.-based to team business wealth in relationship our is Europe and commitment German institutional first Again, client. years Eastern reflect our account, Middle generate traction to these which shoots starting more teams sub-advisory In are large sovereign We our East. development than addition, expand were and substantially first ago region. green Middle a
pipeline million the pan searches million pipeline that quarter. in were $XXX mandates removed in assets were in waiting $XXX have that but million across are over million currently mandates we $XXX awaiting X a new is of funded In accounted the quarter, of or bag been million mixed size, added. $XXX strategies. current but awarded Sub-advisory a the unfunded been in completed. mandates mandates delayed reduced were extra previously -- that while were the We of $XXX totaling solid have outcome for and of Our flows
headwinds the experienced declined outflows of we net we relationship listed outflows inflows sub-advisory in is million. quarter totaled of are distribution XX% behind in outflows and funds, said, lost the Japan global which net and Yen regulators performance distributions of by sequentially lower these terms, over response months REIT in $XX million resulting Although, were and total Net be affecting million. we strategies, another X in encouraging. reconciliation infrastructure, $XXX estate to $XXX U.S. us. to $XXX distributions all into policies likelihood, real it That quarter fund including global the X commodities will in preferred until net million know
our focus will income Looking assets listed remain and on ahead, strategies. real alternative
active to be need forward deeper firms, clients. and our size more to even other marketplace, deliver RIAs, becoming managers. and and factor going investment Because rapidly OCIO increasingly sovereign in However, they asset their rapidly change be focused to requirements, response allocators to dominant for to wealth -- funds value unique we real disciplined allocators tend super of changing Multifamily to go who assets. allocate an are asset typically large will offices,
So serve and offerings objectives high specific standard real markets, our custom moving beyond portfolios classes asset thematic combinations better be concepts. alpha-focus to targeting these we to will of strategies, such provide as
As opportunity segments, we capitalize staying focused to deeper these add on results market We're on have asset support into investment these managers in Matt will alluded to, excited professionals properly delivering and to to new clients. continue classes, relationship for about even our go the and while both of our efforts.
to the the ask Now questions. with that, open for floor operator I'll