So 20 and 40 going to 25 and 50 is impactful. It will have a basis point impact in those particular products, prime retail and prime institutional but they should still be able to maintain their competitive spread over the government sector, which is where they’re mostly compared. From a competitive yields perspective in the market, our products at this point are for retail, especially are kind of the top of the heap from a standpoint of what their alternatives are, generally speaking, for cash management products. Mostly our highest competitor outside the industry would be the bank deposit market, the retail bank deposit market, and that continues to lag from a standpoint of what those banks are paying in an administered rate versus what the funds are earning and passing through as a market rate.
On the institutional side, again, as we as yields peak plateau and start to go down the other side, the comparison to the direct market for the institutional customers will also become very attractive at that point.
Brian Bedell: That’s great color. And my follow-up will be on the strategic value fund. This is – Chris, as you described this, it’s typical classic performance versus the peer group and now we’re in this, obviously, mega cap tech rally. Maybe just some color on your sales force and the advisers that you’re selling this product to. Is it resonating that this is probably a good buying opportunity from at least a mean reversion perspective? Or do you really – do advisers typically chase performance on this and buy it more when it’s actually outperforming?
Chris Donahue: Well, you need to look at that in terms of when the money came in, how long it’s been there and how the advisers presented the product. Last year, when it was number one, this is the exact experience we had before, the money that comes in because it’s the number one fund, it’s the money that goes out when that performance changes. However, the money that went in because it was a growth dividend story stays in. And so what the FAs prefer over the long haul is us sticking with our knitting and staying with the concept. And the PM and the team have written books on these subjects, coming up with a new one as we speak. In terms of the efficacy of this type of investing, recent performance to the contrary, notwithstanding.
So the core group of those fundholders remain very, very steady. And that’s why I mentioned the 7.4% return overall over the last 10 years. because that’s what it takes. But at the margin, when the money comes in, when it’s number one and because of number one, it goes out when that backs up.
Raymond Hanley: And Brian, I would just add, we’ve had continue to have the strategy added and added two platforms and exposed to growth opportunities within platforms precisely because it is an alternative to the growth-oriented small group of stocks driving returns. And I’d also mention that ETFs that we launched late last year, it’s around $60 million in assets, but we’re having the same kind of experience. It’s being added as an option. And so from an adviser standpoint, it’s a strategy that they want to continue to have access to.
Chris Donahue: And one other comment would be, don’t forget, there are written near $500 million worth of gross sales in that fund in that quarter when we had the net redemptions. So the product is alive and well. And our commitment to the whole thing is demonstrated by what Ray just mentioned, namely the new ETF. Maybe I want the best time to come out with it and it’s a long-term look at a viable product for the long term.
Brian Bedell: That’s great perspective. Thank you.
