Investments

Investments consist primarily of investments in our sponsored mutual funds. The Company’s investments, excluding the assets of consolidated sponsored investment products discussed in Note 13 and the assets of the consolidated investment product discussed in Note 14, at September 30, 2015 and December 31, 2014 were as follows:



	September 30, 2015		December 31, 2014
($ in thousands)
Marketable securities	$	40,136	$	50,251
Equity method investments	9,194		7,209
Nonqualified retirement plan assets	4,970		5,063
Other investments	925		925
Total investments	$	55,225	$	63,448

Marketable Securities

The Company’s marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows:

September 30, 2015



	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading:
Sponsored funds	$	32,079	$	(1,829	)	$	288	$	30,538
Equity securities	7,236		(648		)	57		6,645
Available-for-sale:
Sponsored closed-end funds	3,297		(344		)	—		2,953
Total marketable securities	$	42,612	$	(2,821	)	$	345	$	40,136

December 31, 2014



	Cost		Unrealized Loss			Unrealized Gain		Fair Value
($ in thousands)
Trading:
Sponsored funds	$	39,079	$	(1,190	)	$	423	$	38,312
Equity securities	8,421		—			319		8,740
Available-for-sale:
Sponsored closed-end funds	3,129		(163		)	233		3,199
Total marketable securities	$	50,629	$	(1,353	)	$	975	$	50,251

For the three and nine months ended September 30, 2015, the Company recognized a net realized loss of $0.5 million and a net realized gain of $0.4 million, respectively, on trading securities, and for the three and nine months ended September 30, 2014, the Company recognized a net realized gain of $1.7 million and $6.2 million, respectively.