2 unchanged sentences
During the first quarter of 2020, the impact of the global coronavirus pandemic began to rapidly spread throughout the world and caused increasing disruption to populations, economic activity, and the global financial markets.
−Removed: While markets recovered sharply in the second quarter of 2020, the impact and ongoing uncertainty related to the pandemic continued into the end of June 2020 .
+Added: While markets recovered sharply in the second and third quarters of 2020, the impact and ongoing uncertainty related to the pandemic continued into the end of September 2020.
Since our investments in T.
7 unchanged sentences
In order to quantify the sensitivity of our investments to changes in market valuations, we have chosen to use a variant of each product's net asset value to quantify the equity price risk, as we believe the volatility in each product's net asset value best reflects the underlying risk potential as well as the market trends surrounding each of its investment objectives.
−Removed: The potential future loss of value, before any income tax benefits, of these investments at June 30, 2020 was determined by using the lower of each product’s lowest net asset value per share during the first half of 2020 or its net asset value per share at June 30, 2020 , reduced by 10%.
+Added: The potential future loss of value, before any income tax benefits, of these investments at September 30, 2020 was determined by using the lower of each product’s lowest net asset value per share during the first nine months of 2020 or its net asset value per share at September 30, 2020, reduced by 10%.
In considering this presentation, it is important to note that:
2 unchanged sentences
and we could experience future losses in excess of those presented below.
−Removed: (in millions)
−Removed: Fair value 6/30/2020
−Removed: Potential lower value
+Added: (in millions) Fair value 9/30/2020 Potential lower value Potential
Investments in T.
3 unchanged sentences
Investments designated as an economic hedge of supplemental savings plan liability held at fair value 565.3 413.6 151.7 27 %
+Added: Total $ 1,730.9 $ 1,389.8 $ 341.1 20 %
Direct investment in consolidated T.
1 unchanged sentence
Discretionary investments $ 284.4 $ 193.4 $ 91.0 32 %
+Added: Seed capital 771.2 633.4 137.8 18 %
+Added: Total $ 1,055.6 $ 826.8 $ 228.8 22 %
Investment partnerships and other investments held at fair value $ 99.4 $ 83.2 $ 16.2 16 %
12 unchanged sentences
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.