We do feel that the enhancements we made to our investment platform last year with the value team and expansion of our alternatives platform through the acquisition of a Long/Short team will position the firm well to capitalize any broader opportunity set.

We did a number of things, which I feel will help going forward. we formalize our top-down view to an investment committee, which has helped performance over the very near-term. We have upgraded our top-down view to cautiously optimistic as we moved into 2013, and while we were too overly concerned about the fiscal cliff and some strategies, we were hedging the market for a market event and that turn out to be a detrimental performance.

So as a result, we have made and we’ll continue to make adjustments in the portfolio in a number of strategies. Our investment team is finding new opportunities in various sectors and asset class globally including the convertible market.

Additionally, we continue to make enhancement to our investment team and process and have added additional resources to improve performance going forward. Given our more positive outlook in January, we reopened several of our strategies, which have been closed to new investors for most of 2012, including our market neutral and our lower volatility equity strategies. We feel this will help attract new investors and also help flows. Also we are encouraged by recent numbers; we’re seeing going into the equity oriented products from an industrial point of view. Despite our shorter term performance challenges we remained pleased with the overall long-term performance of many Calamos strategies through multiple market cycles.

Although we had challenges in garnering positive flows for the quarter, and for the year, we believe that the reopening of our market neutral and lower volatility equity strategies, together with our ability to garner new clients and assets in capabilities and products through the expansion of our alternatives platforms with the Long/Short team, and the addition of our value team would help provide we need to turnaround our net growth performance.

In addition, we expect that the reopening of our market neutral and lower volatility equity strategies last month should position us to attract new investors and flows.

Well,… obviously we hear from clients all the time and responding to their interest in us reopening their fund, it was part of it, but also we feel that at this point the issues that surround the closing the funds have changed a bit here, and we feel that opening these funds will help us going forward, and we continue to manage those funds very effectively. I think it’s a little bit too soon to really look at the flows; we just made the announcement just a few weeks ago. So we haven’t really seen much cap in, we have received positive calls about this, so but I think it’s a little bit too soon for us to see the flows.

A key factor for improving performance are the enhancements we made in 2012, and continue to make to our investment platform. An example is the addition of the value team and expansion of our alternatives platform through the acquisition of a Long/Short team. We believe these new capabilities create opportunities for the firm and for our clients.