And if you look at value, that number is more like 90%. So overall, despite some near-term outflows, we’re very positive about the long-term organic growth prospects for our Affiliates on the U.S. equity side, and it also seems like client demand trends are moving in that direction as well. And then lastly, just to round it out, on multi-asset and fixed income, that’s a category that’s been a long-term steady growth contributor for us. We saw about $0.5 billion of inflows there this quarter. And overall, when you kind of look at the total picture, a sizable portion of our business is both in flowing today and also well positioned for the future. And in general, we really feel confident about our ability to generate growth. And as we execute on our strategy and to some of the points Jay made in the answer to the previous question, as we add new Affiliates in these secular growth areas, we expect to continue to push that organic growth profile more and more positive over time.
Operator: Our next question comes from the line of Craig Siegenthaler with Bank of America. Please proceed with your question.
Craig Siegenthaler: Jay and Tom, hope you’re both doing well. So I want to follow up to your response to the first question on the competitive dynamics for M&A new investment. How do you see competition trending specifically for alternative managers? And have you been bumping into the three large GP minority investment funds at all?
Jay Horgen: Yes. So just to recap the — sort of ending of what I said previously, and then I’ll come to the answer to your question, we do see that AMG solution set is broader than really anyone else that is addressing independent partner-owned firms. So let me just make that point first. And then the other thing I would say is our addressable market really is the full range of asset management. So when you think about AMG’s opportunity set, it’s both leave you alone as well as offer strategic distribution, strategic business development help. And we are doing that across liquid alternatives, private markets and differentiated active equities. So to some extent, we view our competitive position to be just different and differently situated than the traditional state buyers.
Within the very narrow space of private markets, we still see them. But again, when people choose AMG, they usually are choosing us for the investment and for strategic help. And so we tend to be very well competitively advantaged, I guess, in that context when there’s an and statement there when they’re looking for a strategic partner and to be left alone. And then across the whole zooming back out and looking across liquid alternatives and differentiated active equities, especially in the category of either succession planning or really just being a reputable, long track — long tenured, long track record partner, we really are well positioned, maybe best positioned in those market segments. So when we see our opportunity set and we look at our own pipeline, we see representation in all three buckets, and we are very constructive on our ability to continue to make attractive new investments for AMG.
Operator: Our next question comes from the line of Alex Blostein with Goldman Sachs. Please proceed with your question.
Alexander Blostein: I was hoping we could zone in on some of the dynamics in the liquid quant or systematic products. That category saw a lot of improvement in performance last year. Things were obviously a bit more volatile so far this year. So maybe help us frame how much of your EBITDA is being contributed by liquid quant products and strategies. And to what extent the more turbulent backdrop in those strategies year-to-date could be a risk to organic growth?
