of returned for much investment better which offset our XXXX and draw-downs equities, The experienced XXX, the quarter everyone. Preferreds In XX% Matt, half energy asset decline priorities and the defended S&P a in the fourth classes, going in less drop. U.S. lost you and investment midstream infrastructure reflected negative resource discuss XXX’s credit the good or yields. spreads and to summarize decline than our of then the decline more department. performance morning the with XXX’s treasury just Thank global than S&P the I’m XX.X%. greater while widening which exception REITs our with of were S&P which resistance, global even of X.X%,
core our mind at that our of strategies and typically strategies, nine outperformed of in have six out the targeted of several the year that performance, strategies of of relative we represent versions investment Looking outperformed. core the for in Keep portfolios strategy. risk more as as subsets core across spectrum full beyond return core XX their portfolios well and our quarter benchmarks, the XX
harbinger example, including XX% as securities. duration REIT core composite preferreds, which risk a by we on seven investment managed transition biggest be capital preferred quantitative the the contingent mistake the by market to and is are would strategy, our we In for XXXX, a believed is Market counted low For tightening. track a easing the indicates records rated preferreds, and group, Fed. income preferreds within single quantitative from have fixed our AUM of policy Morningstar. on activity the clearly focused three next markets. cycle likely four basis, the XX% one-year a five phase and are of open-end and by outperforming in or in by quarter Eight-three star XX% ago, in a years. our AUM, years, over that are outperforming percent year fourth Over the became of five are portfolios are late late potential are Measured we funds that outperforming the over
is view that peaked, assets quantitative returns. and cycle, relative easing volatility economic could tightening result of have stocks. of transition corporate with higher together which to a growth lower performed have profits in to economic Our Historically market the well real likely and from stages quantitative the negative in stretch late
XXXX, stocks in Looking REITs, at margins. resource by order, going U.S. late commodities, cycle meaningful have to infrastructure, outperformed back periods and that equities
of expectations and by decline, infrastructure represents the relative current provided and larger at proportion for together stability Looking strategies REIT factors return potential, more investors. attractive and growth return becomes a environment, the with earnings as the our income
addition, multiple slows and hold. takes less have believe these quantitative growth as strategies tightening In compression we of risk
of estate and the strategies lagging utilities was strategies for year and in size for was Adding our includes the of our we asset our infrastructure overall estate’s market in portfolios. second-best teams global additions the standalone due Europe, we our basis all after real sectors point. our well a fourth of of This the part new to the versus performance team with and GIC early XXXX the and international as Asia in XX infrastructure, to U.S., in pleased the defended XXXX outperformed XXXX. in we to in the quarter, benchmarks year. the asset for well The XXX of energy, in to S&P and in lifting to sector this five Real out and caliber REIT outperformed midstream by rank quarter the class performing regional both our significantly XXXX. and component midstream as underperformed in are our at Turning overweight the the in classes, full quarter part strategy. priority analysts stocks due In the points
has cycle but what sector institutional midstream in falling prices accelerating spreads. We far slowing We lower providing oil Midstream some well in late outperformance. down better the XXX compete and underperformed disproportionately. in the fundamentals, bounce fundamental searches attractive on be reassurance shares economic to by basis in now are driving overall year our XX% active not and had markets the down nice to ’XX, Midstream price yield Tax loss had did declines. driven valuations, equities XXXX, a wars, expectations, basis quarter the Resource of year. credit and was for strong rising many energy, had that infrastructure. so quarter it declined a outperformed have points the selling was it trade an for by a and defend continues XX% in XXX a because positioned oil already support. which view. and and market factor was points were We with in for We surprised undergone in fundamental hit quarter, midstream
real are cheap. statistically allocation resource believes Our team equities assets
the estate, albeit multi-strategy of was high-grade performance relative showing and in credit. quarter, the portfolio our quarter were We but infrastructure the slightly stocks defensive potential its for Our for year reflecting and XXXX. outperformed margin assets preferreds, against by usual. smaller for we sectors X% versus in real a than line down of strong In benchmark the real underperformed diversification full
basis return. widened we that quarter at yields our and our deliver and our Considering our outperformed its will core fixed treasury have was that real In this Looking more strategy and which is outperformed XXX XXXX, seven of estate, the and yield range that spreads peaked strategy strategies six least preferreds year, preferred if both total by European levels, in have credit may current full supportive in a of to performing strategies confident X% in not of bit best in normal more year. team points. at for more, income, out
European is five Our uses rated real estate fund open-end stars.
commodities, strategy which Our worst basis performing underperformed points. by XXX was
integrating case overview As of the Across in improvement promising. protocol the fundamental quantitative discussed as we prior my more it priorities. continue responded next techniques I investment critical down have have and the I’ll process, today is manage on performance discussion to underperform result our when strategies. of stage to lest results the commodities, our department we for conclude cycle lose our to a to all with have calls, into believe portfolios. an we by and managers In we for environment, active remediation and prepare plans. active initial are late and share teams, is index market outperform more balance the industry in our
While our are outperformance a strategies are have as and mentioned, do strong, always can statistics that commodities focus. we better,
greater from we that asset demand are alpha seeing Another considering more portfolios. goal is allocation for to deliver multi-strategy
to department quantitative sources alpha our enhancement, we the mining foundation will performance alpha mining, complement conjunction a our in year in IT for provides three-year-old project resources and processes. this techniques component Our and data dedicate of fundamental as with
we more by or volatility are to higher midstream portfolios unique being RIA in investors require of real an the having opportunity concentration, estate These energy, and concentrated or endowment, profiles. and opportunistic are small strategies real family targeted, having cap terms include by virtue hedged and develop estate, estate strategies that strategy. infrastructure, innovation, excited office, the markets. income Examples In of real our for unique
we those and track outlets five and our Allocating the seeded career are professionals. areas growth paths developing well structures LP areas is as in management investment as other will in have past engage where We and firm record for demand as appreciated these our accounts creative for to and firm, resources investors. prospective provide active with over year
will we resources lowering our costs. continue manage Finally, external of and to these use optimize towards
United for meaningful Steers. SEC years, evaluates positioned practices department progress of will the transition States. hard summary, in commission our initiative We market have past spurred over turn Bob in over and XXXX. versus arrangements we made the on I the front the and the this last call is two will now investment MiFID as In by Europe, this to regulations dollar well to phase