Investments

The following is a summary of Investments:



	As of
	March 31, 2018		December 31, 2017
	(in thousands)
Investment Securities, Trading
Equity Securities	$	4,990	$	5,452
Total Investment Securities, Trading	4,990		5,452
Investments in Equity Method Investees	16,107		16,285
Total	$	21,097	$	21,737

Investment Securities, Trading

Investments, at Fair Value consisted of the following at March 31, 2018:



	Cost		Unrealized Gain/(Loss)		Fair Value
	(in thousands)
Equity Securities	$	4,246	$	744	$	4,990
Total	$	4,246	$	744	$	4,990

Investments, at Fair Value consisted of the following at December 31, 2017:



	Cost		Unrealized Gain/(Loss)		Fair Value
	(in thousands)
Equity Securities	$	4,399	$	1,053	$	5,452
Total	$	4,399	$	1,053	$	5,452

Investments in Equity Method Investees

The operating company sponsors and provides investment management services to certain private investment partnerships and Pzena mutual funds through which it offers its investment strategies. The Company has made investments in certain of these private investment partnerships and mutual funds to satisfy its obligations under the Company's deferred compensation program and provide the initial cash investment in our mutual funds. The Company holds a non-controlling interest and exercises significant influence in these entities, and accounts for its investments as equity method investments which are included in Equity Method Investments on the consolidated statements of financial condition. As of March 31, 2018, the Company's investments range between 1% and 16% of the capital of these entities and have an aggregate carrying value of $16.1 million.