Good evening. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to Manning & Napier Second Quarter 2020 Earnings Conference Call. Our hosts for today's call are Nicole Kingsley Brunner, Chief Marketing Officer; Marc Mayer, Chairman and Chief Executive Officer; and Paul Battaglia, Chief Financial Officer.
Today's call is being recorded and will be available for replay beginning at 7:00 P.M. Eastern today. The dial-in number is 404-537-3406 and enter PIN 2889015. [Operator Instructions]
It is now my pleasure to turn the floor over to Ms. Nicole Kingsley Brunner.
Nicole Kingsley Brunner
Thank you, Angela, and thank you, everyone, for joining us today to discuss Manning & Napier's second quarter 2020 results.
Before we begin, I would like to remind everyone that certain statements made during this call not based on historical facts, including any statements relating to financial guidance, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Manning & Napier assumes no obligation or responsibility to update any forward-looking statements.
During this call, some comments may include reference to non-GAAP financial measures. Full GAAP reconciliations can be found on our earnings release and related SEC filings.
With that, I will turn the call over to our Chairman and Chief Executive Officer, Mr. Marc Mayer. Marc?
Thank you, Nicole. As always, I'll begin with a review of our performance for clients, after which I'll assess our second quarter progress on the strategic initiatives we discussed in detail during our last call. The past six months have been the ultimate test for active managers. In the first half of 2020, investors experienced both a historically sharp fair market and a historically strong market rebound, challenging the ability of managers to adapt to changing market conditions. Thus far in 2020, we have done exactly what we committed to clients: protecting on the downside and participating in the recovery.
Our ability to adjust to rapidly changing market conditions has driven outstanding results. Our conservative positioning significantly mitigated the first quarter drawdown and our rapid reallocation as equity markets bottomed enabled our clients to have the full benefit of the recovery in the second quarter. Our year-to-date performance has been broadly excellent, a clear demonstration of the power of our time-tested, disciplined active investment processes in action. All of these performance figures are available on Page 5 of the earnings supplement.
Starting with our traditional multi-asset class solutions, which represent 70% of total AUM, we performed well in the second quarter with significant outperformance coming from our most equity-heavy strategies as sector and security selection continue to be strong. For the year and across the entire risk spectrum, client performance in our multi-asset class solutions is ahead of benchmarks by between 200 and 650 basis
Nicole Kingsley Brunner
Chief Marketing Officer
Chief Executive Officer
Paul J. Battaglia
Chief Financial Officer
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