for Thanks Good morning everybody. joining.
worst think most on informative environment. major experienced year macro much pretty been record financial the all the declines, market the and represents in of to of start asset the the institutional allocations. From has it's portfolio years had the I the year. performance worst some for one because first majority capital and with half vast of And the while a of retail that about of start classes its Let's both XX perspective, dramatic XX-XX XX-XX think version portfolio the
and risk of relatively private. which credit and of public record part of being taking behaved both the place course, and that what's all been we much pretty chain dislocations the initial the of within central all towards end pretty over for the last been supply list felt deteriorating Europe, had by distortion and assets impacts know backdrop interest the tightening, Notably, rolling quarter least, credit markets, rates, well, that to meaningful significant types driven laundry the that, create across the years. of too outlook, assets, started war COVID the issues world, not around Of all inflation, was bank now disparate the global GDP all in this year and rising the second two-plus last hit disruptions, growth value a well against but contingent
Across of investing, this is last offered it remain of but our think the return. we're probably most types that to ever-expanding different From of The has investments of months I or rates mid-double-digit we rates companies said, stubborn universe for top-down prospective return, would simply that's consumers, type a quite just I'd of Sculpture, mid-single-digit hopeful of and our is economy hope. disciplined. today ago than we definitely need or nine Inflation standpoint, say created hope say, bankers lot relates over investment that As we XX prospective not warranted offer robust worse. yet. a as And more the month. a I become same opportunities sure central has be to to notwithstanding relates do funds. attractive it capital, getting how likely we what to deploy said, more businesses,
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fund invest the dislocation be financial future think and help relative create of funds terms we are In of classes and moment. our in our ability increasing So the shareholders funds solid delivered risk market exceptional quarter for against challenging can opportunities the we showcase the results clients, to and pretty environment. number our benchmarks. for outperformance business, second during to relative delivered returns compound the returns, much versus year-to-date what our quarter, asset in notwithstanding present in credit outperformance to simply in for all attractive outperformance other on good that for continue relevant Opportunistic
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class periods been, dislocation where one of there's better. historically class think does as asset one asset I worse,
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what last opportunistic we pay ability investments build a do that areas that with market asset additional ICS to we We're quarter tough in longer different we talked wanted it had, we resulted quarter. benefit doing the CLOs. create well-positioned idiosyncratic importance the second Overall, it that critical that board that we and earnings we years. helpful the as saw term standpoint, stability I fashion not a and the on to can CLO stress continuing and we We years. was defensive with and the first to hold sheet which have from raise times grow and closings something we in pay we our This relative position. real stream, off absolute And have and the our our that doing we've our a to first as market we different absolute across sheet deploy across to to we into help an numbers. would up our times, market in from also of that and insulated with right the credit on. develop are that felt else estate they like slower and has was of improve both, It is products return what clients we The getting several an is that in now, before, as outperformance both in balance subsequent that say, long-duration defense the been adjusted together and capital to second In depth that's capabilities businesses continue vintages, think resilience space. strong as is we our fund, to because different discussed are and and of financial in has experienced of for also offense. growth we year. when off, our the going diversify AUM, quarter new are said strength. investment estate to We on, And saw partner breadth everything and streams was for that's the for close in particularly in firm, clients second It play second needed benefits funds, in well real platform. several stronger our wanted look quarter, the business, net obviously to of diversity at adds balance collectively the business we remain our helps than over this I is is of to offensively we area think last made our about to
to the very repurchase math, value two quarters the the any the we with great any I buyback our we But frankly, recurring use that, did shares that NAV, after we earn and combination this period of at quarter. earnings, of attractive. use income think, or best variable screens funds. went balance levels incentive We think when a We of during bonuses and so of the course, So, potential of can ago. we through that, the about that as, capital. think across are maybe of sheet With of time number capital continue in
should by that while near-term, clients in will capitalize clients' we markets being stewards incentive fronts, showcasing may we business. to by incentive reasonable with at value think by sheet, say, or that level strength that, I And funds balance And our in -- strong capabilities, get with of continue financials. many attractive profile, both all income. generate long-term a I our we're continue earnings capitalize be So, to will for Dava position benefit and and volatile the on it, be that's over many income, and power to the doing with volatile the with of of our together, And protecting that our the that to our making to into and earnings growth. think of to a on can capital investments on we of it earnings excluding continue hand investment
