This quarter set records once again as the markets rallied from the first quarter slump with the S&P 500, posting its strongest quarterly gains since 1998.
Another factor affecting performance is that the S&P 500's five largest stocks, comprising about 20% of the overall index have business models that could take advantage of the constraints of the lockdown including working from home, and they exerted an outsized influence on the S&P 500's returns.
The impact of the Top 5 stocks on the Russell 1000 Growth Index was even more pronounced, accounting for about 40% of index performance.
Large cap value stayed ahead of its Russell 1000 benchmark year-to-date and for the trailing year and its peer rankings remains strong.
Among its eVestment database institutional peers, large-cap value is top quartile for the trailing three- and seven-year periods, and 26% percentile for the trailing 10-year period and it's in the top third for the trailing one-year period.
LargeCap Select finished the quarter ahead of the Russell 1000 value benchmark, and commands a top 20% ranking in the eVestment LargeCap Value manager universe for the trailing three-year time period.
Our SMidCap strategy lagged the Russell 2500 Value Index for the quarter, but it's over 350 basis points ahead so far this year, which places it in the 29th percentile year-to-date, the 22nd percentile for trailing one year and the 25th percentile for the trailing three-year period.
Adding to its relative outperformance against the Russell 2000 Value on a year-to-date basis.
SmallCap maintained its attractive peer rankings with a 36 percentile placement year-to-date, a top quartile ranking for the trailing three-year period and 18th percentile for the trailing five-year period.
28th percentile for the trailing five year period and 12 percentile for the trailing 10-year period.
Total return outperformed its benchmark by over 400 basis points and ranks in the 2nd percentile year-to-date among institutional peers while our high income strategy outperformed its benchmark by over 600 basis points.
Strategic global convertibles long only strategy outperformed the Thomson Reuters convertible global focus Index by over 400 basis points, while our absolute return strategy, alternative income rose in absolute terms, nearly 600 basis points this quarter.
Among institutional peers, strategic global convertibles has a top-decile ranking for trailing one year and it's 13 percentile for the trailing three-year time period.
Our downside capture during the first quarter was less than 80%.
In our institutional and intermediary sales group, we had inflows of nearly $430 million, offset by $1.4 billion and outflows, mostly in emerging markets were some large institutional clients withdrew funds.
Gross sales across the institutional and intermediary channels increased to $430 million from $388 million in the prior quarter with positive net flows and SmallCap, SMidCap and AllCap.
Well before COVID--19 struck, the asset management industry was experiencing significant disruptions and the pandemics impact now and for this foreseeable future exerts even more pressure on companies to evolve to meet the challenge.
And we expect to save over 1 million a year in internal cost.
Reviews of other business units and products not deem commercially viable in the long run are likely to lead to additional actions that will be covered in the 2Q10 call.
Today, we reported total revenues of $15.9 million for the second quarter of 2020 compared to $16.7 million in the first quarter of 2020 and $21.7 million in the prior year's second quarter.
Second quarter net loss was $2.6 million, or $0.33 per share compared to net income of $1.1 million, or $0.13 per share in the first quarter.
Economic earnings, a non-GAAP metric was $0.2 million, or $0.03 per share in the current quarter versus $4.2 million, or $0.50 per share in the first quarter.
Second quarter net loss of $2.6 million, or $0.33 per share compared to net income of $1.9 million, or $0.22 per share in the prior year second quarter.
Economic earnings for the quarter was $0.2 million, or $0.03 per share compared to $4.8 million or $0.56 per share in the second quarter of 2019.
Firmwide assets under management totaled $11.9 billion at quarter end and consisted of Institutional assets of $6.2 billion or 52% of the total, Wealth Management assets of $4 billion, or 34% of the total and mutual fund assets of $1.7 billion, or 14% of the total.
Over the year, we experienced market depreciation of $1.6 billion and net outflows of $1.8 billion.
Our financial position continues to be very solid with cash and short-term investments at quarter end, totaling $74.2 million and a debt-free balance sheet.
In the second quarter we repurchased 47,697 shares of our common stock for aggregate purchase price of $8.1 million.
We currently have authority to repurchase an additional $10 million [Phonetic] of our outstanding share.

Summary:
Today, we reported total revenues of $15.9 million for the second quarter of 2020 compared to $16.7 million in the first quarter of 2020 and $21.7 million in the prior year's second quarter.
Second quarter net loss was $2.6 million, or $0.33 per share compared to net income of $1.1 million, or $0.13 per share in the first quarter.
Economic earnings, a non-GAAP metric was $0.2 million, or $0.03 per share in the current quarter versus $4.2 million, or $0.50 per share in the first quarter.
Second quarter net loss of $2.6 million, or $0.33 per share compared to net income of $1.9 million, or $0.22 per share in the prior year second quarter.
Economic earnings for the quarter was $0.2 million, or $0.03 per share compared to $4.8 million or $0.56 per share in the second quarter of 2019.