Investments and Related Matters.

Investment

Investments, and securities sold, not yet purchased consist of equities, bonds, bank debt and other corporate obligations, all of which are reported at fair value in our consolidated balance sheets. These investments are considered trading securities. In addition, our Investment segment has certain derivative transactions which are discussed in Note 6, "Fair Value Measurements - Investment." The carrying value and detail of security type and business sector with respect to investments and securities sold, not yet purchased held by our Investment segment consist of the following:



	December 31,
	2016		2015
Assets	(in millions)
Investments:
Equity securities:
Basic materials	$	963	$	563
Communications	169		407
Consumer, non-cyclical	2,677		3,684
Consumer, cyclical	408		115
Diversified	7		17
Energy	1,278		1,461
Financial	2,385		2,094
Industrial	214		188
Technology	911		5,795
Utilities	11		—
	9,023		14,324
Corporate debt:
Consumer, cyclical	186		55
Financial	4		4
Sovereign debt	—		13
	190		72
Mortgage-backed securities:
Financial	—		157
	$	9,213	$	14,553
Liabilities
Securities sold, not yet purchased, at fair value:
Equity securities:
Consumer, cyclical	968		794
Energy	19		—
Industrial	100		—
	1,087		794
Debt securities:
Consumer, cyclical	52		—
	$	1,139	$	794

The portion of trading gains (loss) that relates to trading securities still held by our Investment segment was $340 million and $(2.2) billion for the years ended December 31, 2016 and 2015, respectively.

Our Investment segment assesses the applicability of equity method accounting with respect to their investments based on a combination of qualitative and quantitative factors, including overall stock ownership of the Investment Funds combined with those of our affiliates along with board of directors representation.

As of December 31, 2016, the Investment Funds and their affiliates collectively owned approximately 24.2% of Herbalife Ltd. ("Herbalife") and 35.3% of Hertz Global Holdings, Inc. ("Hertz"). Our Investment segment applied the fair value option to Herbalife and Hertz because these investments would have otherwise been subject to the equity method of accounting starting in the third quarter of 2016 and fourth quarter of 2016, respectively. Our Investment segment recorded an aggregate net loss of $502 million for the year ended December 31, 2016 with respect to its investment in Herbalife and Hertz. As of December 31, 2016, the aggregate fair value of the Investment Funds' investment in Herbalife and Hertz was $1.4 billion and was included in investments in our consolidated balance sheets. We believe that the Investment Funds' investment in Herbalife or Hertz was not material, either individually or in the aggregate, to our consolidated financial statements.

Other Segments

The carrying value of investments held by our other segments and our Holding Company consist of the following:



	December 31,
	2016		2015
	(in millions)
Equity method investments	$	302	$	323
Other investments	366		475
	$	668	$	798