Sumeet Mody : Got it, great. And then last one for me on the ETF side of the business. Just — I know the AUM has been pretty stable over the last few years. Can you just maybe update us on the growth strategy, more long-term? Are you focusing on growing that kind of organically or kind of more M&A opportunities over the next year or two, as they present themselves?
George Aylward : Yeah, I mean, we always focus on making sure that we have an organic growth strategy for products and in the ETF space, including with some of our product introductions, you’ve seen more in terms of the active fixed income ETFs. So that continues to be an area where we’ve had some existing strategies, where we actually launched one in the quarter, right, the Stone Harbor ETF. So that’s continues to be an area of product introduction. And one of the things we actually were working on throughout the latter part of last year, we really kind of had sort of optimizing ways to more fully incorporate them into our overall retail distribution, they’ve been part of it. But the data on ETFs is a little more challenging than the data on open end funds.
So we actually feel that we’re, in addition to building out our products, I think we’ve made a few further refinements in terms of leveraging our existing retail resources to be even more effective and bringing those to market. And again, I do think that’s an area where investors will increasingly be looking at ETFs. And again for us, it may be more in some of the active strategies as opposed to the passive strategies, which we will continue to do.
Sumeet Mody : Great, thanks, George.
George Aylward : Okay, thank you.
Operator: Thank you, and one moment for our next question. And our next question comes from the line of Michael Cyprys with Morgan Stanley. Your line is open, please go ahead.
Michael Cyprys : Hey, good morning. Thanks for taking the question. Maybe just on the fixed income, just curious to hear your perspectives of views on the prospects for potentially a strong year of flows into fixed income, just given the higher interest rate backdrop. Which strategies that Virtus, do you think would be well positioned to capture that? Maybe you could talk to, which strategies have pretty good performance right now in your view on the fixed income side that could stand to benefit?
George Aylward : Yeah, I mean — my general view is that — and particularly going into this year, this could be a good opportunity for credit strategies or fixed income strategies. I’m not going to make any predictions, because every time I turn on the TV, I see slightly conflicting thoughts around where the markets going to go. I do think there is that opportunity for those strategies. I do think there’s some broad opportunities, because again, not all investors are going to be approaching in the same way. So I do think there will be opportunities on our shorter duration products, particularly one of our flagship products, the Multisector Short Term Bond Fund, and low duration is a related kind of product. I think those are opportunities there.
I also think that, emerging market debt which has been an area where people have obviously not been gathering money, that’s a very cyclical area. And depending on your global views, there could be good opportunities there as well. So I really do think across the continuum of fixed income products. I think as people are sort of reevaluating what is the right diversified set of a portfolio? And what should it look like going forward? Is 60-40 makes sense? If it’s not 60-40, what should it be? I do think there’s going to be increasingly be opportunities, particularly for those things in the fixed income space, that have very targeted approaches, like the loan types of products, like the EMD, or something that just really works the relative valuation of the sectors, which again is the whole suite of our new suite of products.
