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Investments
 12 Months Ended
Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]  
Investments
Investments
Investments on the Consolidated Balance Sheets as of December 31, 2015 and 2014 included available-for-sale and trading securities. At December 31, 2015 and 2014, Federated held investments totaling $141.7 million and $143.2 million, respectively, in fluctuating-value sponsored mutual funds that were classified as available-for-sale securities and were included in Investments—affiliates on the Consolidated Balance Sheets.

Available-for-sale securities (see Note (1)(g)) were as follows:
 
 
2015
 
2014
 
 
 
 
Gross Unrealized
 
Estimated
Fair
Value

 
 
 
Gross Unrealized
 
Estimated
Fair
Value

in thousands
 
Cost

 
Gains

 
(Losses)

 
Cost

 
Gains

 
(Losses)

 
Equity mutual funds
 
$
32,357

 
$
342

 
$
(2,416
)
 
$
30,283

 
$
26,887

 
$
1,216

 
$
(737
)
 
$
27,366

Fixed-income mutual funds
 
115,396

 
109

 
(4,040
)
 
111,465

 
118,081

 
110

 
(2,367
)
 
115,824

Total fluctuating-value mutual funds
 
$
147,753

 
$
451

 
$
(6,456
)
 
$
141,748

 
$
144,968

 
$
1,326

 
$
(3,104
)
 
$
143,190



As of December 31, 2015, unrealized losses of $6.5 million related to investments with a fair value of $124.0 million. Of these, investments with a fair value of $92.6 million with unrealized losses of $5.5 million have been in a continuous unrealized loss position for 12 months or longer. The remaining investments with a fair value of $31.4 million with unrealized losses of $1.0 million have been in a continuous unrealized loss position for less than 12 months. As of December 31, 2014, unrealized losses of $3.1 million related to investments with a fair value of $124.8 million. Of these, investments with a fair value of $4.5 million with unrealized losses of $0.9 million have been in a continuous unrealized loss position for 12 months or longer. The remaining investments with a fair value of $120.3 million with unrealized losses of $2.2 million have been in a continuous unrealized loss position for less than 12 months.
During the third quarter 2015, the unrealized loss on one investment was deemed to be other-than-temporary. As a result, Federated recognized a $1.3 million impairment recorded in (Loss) gain on securities, net to write down the carrying value of the investment. Federated regularly reviews its investments for other-than-temporary impairment using both qualitative and quantitative criteria. This review considers management's ability and intent to hold the security, as well as the near-term prospects of the investment and the duration and severity of the unrealized loss. Management believes the unrealized loss associated with Federated's remaining available-for-sale securities as of December 31, 2015 will be recovered within the foreseeable future and intends to hold these investments. Management does not believe these investments are other-than-temporarily impaired.
Federated's trading securities totaled $32.4 million and $38.9 million at December 31, 2015 and 2014, respectively. Federated consolidates certain investment companies into its Consolidated Financial Statements as a result of Federated's controlling financial interest in the companies (see Note (4)). All investments held by these investment companies, which primarily represented sponsored investment companies, were included in Investments—consolidated investment companies on Federated's Consolidated Balance Sheets as of December 31, 2015 and 2014. Investments—other on the Consolidated Balance Sheets represented other trading investments held in Separate Accounts for which Federated is the beneficiary.
Federated's trading securities as of December 31, 2015 and 2014, were primarily composed of investments in sponsored mutual funds ($11.0 million and $8.1 million, respectively), stocks of large U.S. and international companies ($10.5 million and $21.3 million, respectively) and domestic and foreign debt securities ($9.0 million and $7.5 million, respectively).

The following table presents gains and losses recognized in (Loss) gain on securities, net on the Consolidated Statements of Income in connection with investments and economic derivatives held by certain consolidated investment companies for the years ended December 31:
in thousands
 
2015

 
2014

 
2013

Unrealized (loss) gain
 
 
 
 
 
 
Trading securities
 
$
(1,359
)
 
$
(2,578
)
 
$
2,036

Derivatives1
 
119

 
(147
)
 
(49
)
Realized gains2
 
 
 
 
 
 
Available-for-sale securities
 
1,503

 
5,359

 
15,390

Trading securities
 
910

 
4,514

 
1,306

Derivatives1
 
301

 
214

 
1,083

Realized losses2
 
 
 
 
 
 
Available-for-sale securities3
 
(2,348
)
 
(91
)
 
(1,561
)
Trading securities
 
(2,760
)
 
(1,848
)
 
(870
)
Derivatives1
 
(1,630
)
 
(451
)
 
(349
)
(Loss) gain on securities, net4
 
$
(5,264
)
 
$
4,972

 
$
16,986


1
Amounts related to the settlement of economic derivatives held by certain consolidated sponsored products.
2
Realized gains and losses are computed on a specific-identification basis.
3
The losses for the year ended December 31, 2015 include an impairment of an available-for-sale security.
4
Amounts related to consolidated investment companies totaled $(4.0) million, $(0.6) million and $2.6 million for 2015, 2014 and 2013, respectively.