Chris Donahue: I don’t have statistics good enough to make a judgment as to whether the retail clients are over-indexed to cash or not. The incidental information we get based on our salesforce, which is robust, is that they are just very, very, very, very unsure about what to do. So that would mean they would have more money than the average bear would think in the money funds. But I don’t have enough stats to tell you whether they are over-indexed to that. And we don’t participate as vigorously as others do in this so-called cash sorting because the products we offer are the ones that give marketplace yield across the board. And I think that, that’s about my response unless you have something Debbie?
Debbie Cunningham: The only thing I’d add is that if you look at our money market fund assets a percent of our total liquidity assets, they are basically growing equally. It’s about three-quarter money funds, one-quarter other types of whether it’s in local government investment pools, separate accounts, collectives, privates, offshore, the rate of growth seems to be commensurate for both types of liquidity products. It doesn’t seem like people are overweighting the money fund side of it.
Ken Worthington: Okay. Okay. Fair enough. And then Federated stock has underperformed quite a bit since it was announced that it would be excluded from the Russell indices. I guess how challenging would it be to adjust the structure to meet the minimum requirements for inclusion back in Russell? And given the magnitude of the stock underperformance, why not consider this?
Chris Donahue: Well, we’re not going to do that. But I just can’t connect coming out of the Russell to the performance of the stock. That’s one of those post-hoke, air-go, pro-care-hoke mistakes. And I just can’t buy into that. And in terms of the structure, we have a lot of confidence in the structure. We’ve been using it for a long time. And of course, considering same is not the same as committing it. So talking about it is fun. But I don’t think it’s going to happen.
Ken Worthington: Okay, fair enough. Thank you very much.
Operator: Your next question for today is coming from Brian Bedell with Deutsche Bank Securities.
Brian Bedell: Great. Good morning, folks. Thanks so much for taking my questions. First one, just back on the money market franchise. If I can squeeze in a two-parter on this one. One, from the retail behavior allocation side, so for the platforms that you’re on in which you would be getting money market inflows from, say, risk off allocations away from, say, equities. Is there any way to size what potential across your money fund based money market mutual fund base would be sensitive to those platforms? Maybe I’ll start with that one.
Chris Donahue: We don’t know.
Brian Bedell: Okay.
Chris Donahue: You could — we look at the charts we keep on the terms of the assets that are in that field, but that isn’t going to answer your question. If I take you to the chart that shows you how much is in broker-dealer and retail. That’s not going to answer your question. And I don’t have enough to answer that.
Debbie Cunningham: Yes, I can say that for our largest distributors of retail products, retail money market funds, they’re number one, very diverse; and number two, all experiencing large amounts of growth in the 2022, 2023 time frame. So it’s not heavily weighted to 1 institutions preference or sales or allocation tactic. It’s across distributions.
Brian Bedell: Okay, okay, fair. And is there a time for me to ask one more money fund question and also on ESG question?
Chris Donahue: Yes. Keep rolling.
Brian Bedell: Okay. Okay. Just one quick one on the money fund side. How you have been extending duration should we think of maybe a sort of a maximum extension if you think at some point, the market is going to start to price in rate cuts. And naturally, the longer you are extended the better, I guess, subject to liquidity constraints?
