4. 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 11, at June 30, 2014 and December 31, 2013 are as follows:


	June 30, 2014		December 31, 2013
*($ in thousands)*
Marketable securities	$	56,403	$	28,968
Equity method investments		4,150		4,070
Nonqualified retirement plan assets		4,546		4,220

Total investments	$	65,099	$	37,258

Marketable Securities

The Company’s marketable securities consist of both trading and available-for-sale securities. The composition of the Company’s marketable securities is summarized as follows:

June 30, 2014


	Cost		Unrealized Loss			Unrealized Gain		Fair Value
*($ in thousands)*
Trading:
Sponsored funds	$	40,403	$	(453	)	$	4,031	$	43,981
Equity securities		7,911		—			1,322		9,233
Available-for-sale:
Sponsored funds		3,019		(95	)		265		3,189

Total marketable securities	$	51,333	$	(548	)	$	5,618	$	56,403

December 31, 2013


	Cost		Unrealized Loss			Unrealized Gain		Fair Value
*($ in thousands)*
Trading:
Sponsored funds	$	16,079	$	(704	)	$	2,529	$	17,904
Equity securities		7,043		—			1,336		8,379
Available-for-sale:
Sponsored funds		2,815		(145	)		15		2,685

Total marketable securities	$	25,937	$	(849	)	$	3,880	$	28,968

For the three months ended June 30, 2014 and 2013, the Company recognized realized gains of $3.6 million and $0.2 million, respectively, and $4.5 million and $0.3 million for the six months ended June 30, 2014, respectively, on trading securities.