9 unchanged sentences
Changes in equity market prices, interest rates, credit spreads, foreign exchange rates, or a combination of these factors could cause the value of AUM to decline, which would result in lower investment management and distribution fees.
−Removed: Our exposure to these risks is minimized as we sponsor a broad range of investment products in various global jurisdictions, which serves to mitigate the impact of changes in any particular market or region.
−Removed: Assuming the respective effective fee rates remain unchanged, a proportional 10% change in the value of our average AUM would result in corresponding 10% changes in our investment management fees and asset-based distribution fee revenues and expenses, excluding performance-based investment management fees.
−Removed: Such a change for the fiscal year ended September 30, 2020 would have resulted in an increase or decrease in pre-tax earnings of $366.5 million .
+Added: Our exposure to these risks is reduced as we sponsor a broad range of investment products in various global jurisdictions, which serves to mitigate the impact of changes in any particular market or region.
+Added: Assuming the respective effective fee rates and asset mix remain unchanged, a proportional 10% change in the value of our average AUM would result in corresponding 10% changes in our investment management fees and asset-based distribution fee revenues, excluding performance-based investment management fees.
+Added: Such a change for the fiscal year ended September 30, 2021 would have resulted in an increase or decrease in operating revenues of $758.5 million.
Interest Rate Risk
−Removed: We are exposed to changes in interest rates primarily through our investments in sponsored funds that invest in debt securities, which were $1,338.4 million at September 30, 2020 .
−Removed: Our exposure to interest rate risks from these investments is minimized by the low average duration exposure mandate of a substantial majority of the funds.
−Removed: The investment mandates of the remaining funds consist of a broad range of products in various global jurisdictions, mitigating the impact of changes in any particular market or region.
+Added: We are exposed to changes in interest rates primarily through our investments in funds that invest in debt securities, which were $1,606.0 million at September 30, 2021.
+Added: Our exposure to interest rate risks from these investments is mitigated by the low average duration exposure and a broad range of products in various global jurisdictions.
We had no exposure to changes in interest rates from debt obligations at September 30, 2021 as all of our outstanding debt was issued at fixed rates.
−Removed: As of September 30, 2020 , we have considered the potential impact of a 100 basis point movement in market interest rates on our portfolio of sponsored funds that invest in debt securities.
+Added: As of September 30, 2021, we have considered the potential impact of a 100 basis point movement in market interest rates on our investments in funds that invest in debt securities.
Based on our analysis, we do not expect that such a change would have a material impact on our earnings in the next 12 months.
2 unchanged sentences
While the majority of our revenues are earned in the U.S., we also provide services and earn revenues in Europe, Middle East and Africa, Asia-Pacific and Americas excluding U.S.
−Removed: Our exposure to foreign currency exchange risk is minimized in relation to our results of operations since a significant portion of these revenues is denominated in U.S.
+Added: Our exposure to foreign currency exchange risk is reduced in relation to our results of operations since a significant portion of these revenues is denominated in U.S.
This situation may change in the future as our business continues to grow outside the U.S.
and expenses incurred denominated in foreign currencies increase.
−Removed: The exposure to foreign currency exchange risk in our consolidated balance sheet mostly relates to cash and cash equivalents and investments that are denominated in foreign currencies, primarily in the Euro, Pound Sterling, Indian Rupee and Canadian dollar.
−Removed: These assets accounted for 19% of the total cash and cash equivalents and investments at September 30, 2020 .
−Removed: Changes in the values of these assets resulting from changes in U.S.
−Removed: dollar exchange rates are recorded in accumulated other comprehensive income (loss), except for cash and cash equivalents held by subsidiaries for which the U.S.
−Removed: dollar is the functional currency, for which the changes are recorded in earnings.
−Removed: We also have exposure to foreign exchange revaluation of cash and cash equivalents and investments that are denominated in U.S.
−Removed: dollars and held by non-U.S.
−Removed: subsidiaries for which their local currency is the functional currency.
+Added: The exposure to foreign currency exchange risk in our consolidated balance sheet mostly relates to cash and cash equivalents and investments that are denominated in foreign currencies, primarily in the Euro, Pound Sterling, Indian Rupee, Canadian dollar and Australian dollar.
These assets accounted for 22% of the total cash and cash equivalents and investments at September 30, 2021.
−Removed: Changes in the values of these assets resulting from changes in U.S.
−Removed: dollar exchange rates are recorded in earnings.
A 10% weakening of the U.S.
11 unchanged sentences
If such a 10% increase or decrease in carrying values were to occur, the changes from investments measured at fair value and direct investments in CIPs would result in a $163.1 million increase or decrease in our pre-tax earnings.
−Removed: (in millions)
−Removed: Carrying Value
−Removed: Carrying Value
−Removed: Assuming a 10% Increase
−Removed: Carrying Value
+Added: (in millions) Carrying Value Carrying Value
+Added: Assuming a 10% Increase Carrying Value
Assuming a 10% Decrease
1 unchanged sentence
Direct investments in CIPs 1,042.8 1,147.1 938.5
+Added: Total $ 1,631.1 $ 1,794.2 $ 1,468.0
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.