Investments

The following table summarizes the carrying value of investments as of December 31, 2018 and 2017:



	As of December 31,
	2018		2017
Fair value investments:
Securities held in Consolidated Funds^(a)	$	153,730,480	$	65,890,500
Company sponsored investments	33,418,088		36,541,818
Company sponsored equity method investments	16,339,649		36,043,704
Total Investments	$	203,488,217	$	138,476,022

(a) Of the securities held in the Consolidated Funds as of December 31, 2018, $84.7 million were held directly by the Company and $69.0 million were held by noncontrolling shareholders. Of the securities held in the Consolidated Funds as of December 31, 2017, $42.6 million were held directly by the Company and $23.3 million were held by noncontrolling shareholders.

The Company consolidated the ETF and Diamond Hill Core Bond Fund as of both December 31, 2018 and 2017, respectively. During the year ended December 31, 2018, the Company also consolidated the Diamond Hill Global Fund and the Diamond Hill High Yield Fund as we increased our ownership interest of each above 50% during the year. As of December 31, 2017, these investments were classified as equity method investments.

As of December 31, 2018, our equity method investments consisted of the Diamond Hill Research Opportunities Fund and the Diamond Hill International Equity Fund, L.P., and our ownership percentages in each of these funds was 28% and 30%, respectively. As of December 31, 2017, our equity method investments consisted of the Diamond Hill Research Opportunities Fund, the Diamond Hill High Yield Fund, the Diamond Hill Global Fund, L.P., and the Diamond Hill International Equity Fund, L.P., and our ownership percentages in these funds were 26%, 48%, 95%, and 30%, respectively. The Company’s equity method investments consist of cash, marketable equity securities and fixed income securities. The following table includes the condensed summary financial information from the Company’s equity method investments as of December 31, 2018 and 2017 and for the years ended December 31, 2018, 2017 and 2016:



				As of December 31,
				2018		2017
Total assets				$	80,845,124	$	144,118,745
Total liabilities				22,287,437		38,009,765
Net assets				58,557,687		106,108,980
DHCM’s portion of net assets				16,339,649		36,043,704

	For the Year Ended December 31,
	2018			2017		2016
Investment income	$	1,154,007		$	2,944,836	$	3,272,972
Expenses	978,322			1,176,896		1,409,896
Net realized gains	1,918,661			4,432,850		1,981,185
Net change in unrealized appreciation (depreciation)	(10,229,319		)	5,613,627		10,458,073
Net income	(8,134,973		)	11,814,417		14,302,334
DHCM’s portion of net income	(2,400,467		)	3,206,702		4,392,636