Investment Funds

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investment funds consist of the following:



	Carrying Value as of December 31,				Income
(In thousands)	2014		2013		2014		2013		2012
Real estate	$	466,703	$	378,435	$	26,233	$	9,315	$	30,196
Energy	152,056		155,026		12,797		29,739		33,146
Hedged equity	282,335		271,575		10,760		7,655		5,912
Other funds	310,307		262,459		81,859		21,003		7,761
Total	$	1,211,401	$	1,067,495	$	131,649	$	67,712	$	77,015

Other funds include private equity investments carried on the equity method of accounting, which includes a publicly traded common stock investment in HealthEquity, Inc. (HQY). Our ownership interest in HQY as of December 31, 2014 is 28.1%, with a fair value of $392 million and a carrying value of $45 million.

- Definition

The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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