Investments

12 Months Ended

Dec. 31, 2020

Investments consist primarily of investments in the Company's sponsored products. The Company's investments, excluding the assets of CIP discussed in Note 19, at December 31, 2020 and 2019 were as follows:


	December 31,
(in thousands)	2020		2019
Investment securities - fair value	$	39,990	$	60,990

Equity method investments (1)	12,676		12,030
Nonqualified retirement plan assets	10,612		8,724

Other investments	1,666		1,462
Total investments	$	64,944	$	83,206

(1)The Company's equity method investments are valued on a three-month lag based upon the availability of financial information.

Investment Securities - fair value

Investment securities - fair value consist of investments in the Company's sponsored funds, separately managed accounts and trading debt securities. The composition of the Company's investment securities - fair value were as follows:


December 31, 2020
(in thousands)	Cost		Fair Value
Investment Securities - fair value:
Sponsored funds	$	22,378	$	25,909
Equity securities	9,614		14,078
Debt securities	7		3
Total investment securities - fair value	$	31,999	$	39,990


December 31, 2019
(in thousands)	Cost		Fair Value
Investment Securities - fair value:
Sponsored funds	$	44,588	$	47,654
Equity securities	11,250		13,320
Debt securities	44		16
Total investment securities - fair value	$	55,882	$	60,990

For the years ended December 31, 2020, 2019 and 2018, the Company recognized a net realized gain of $4.7 million, $0.8 million and $1.8 million, respectively, on the sale of its investment securities - fair value.

Equity Method Investments

The Company's equity method investments primarily consist of investments in limited partnerships. For the years ended December 31, 2020, 2019 and 2018, distributions from equity method investments were $1.2 million, $0.8 million and $4.2 million, respectively. The remaining capital commitment for one of the Company's equity method investments at December 31, 2020 is $0.4 million.

Nonqualified Retirement Plan Assets

The Company's Excess Incentive Plan allows certain employees to voluntarily defer compensation. The Company holds the Excess Incentive Plan assets in a rabbi trust, which is subject to the claims of the Company's creditors in the event of the Company's bankruptcy or insolvency. Each participant is responsible for designating investment options for their contributions, and the ultimate distribution paid to each participant reflects any gains or losses on the assets realized while in the trust. Assets

held in trust are included in investments and are carried at fair value utilizing Level 1 valuation techniques in accordance with ASC 320; the associated obligations to participants are included in other liabilities in the Consolidated Balance Sheets.

Other Investments

Other investments represent interests in entities not accounted for under the equity method such as those accounted for under the cost method.