As we announced last quarter, we have now ceased operations of Westwood International Advisors in Toronto, and almost all of its remaining cash, over $37 million has been repatriated to the United States, adding to our financial flexibility.
While the SmallCap space remained challenged and is down for the year, the larger cap dominated S&P 500 is in positive territory year-to-date after posting its best quarter since 2010.
Despite falling behind in an up quarter, LargeCap value remains ahead of the benchmark Russell 1000 value index on a year-to-date basis and over most trailing year periods.
Our SMid cap strategy strongly outperformed the Russell 2500 value index, and our portfolio managers continue to build a terrific record with solid stock selection.
SMid cap is one of our best-performing strategies year-to-date and over 500 basis points ahead of the index, which puts it in the 29th percentile among small and mid-cap value managers in the evestment database and in the 23rd percentile over trailing three years.
Our SmallCap strategy underperformed the Russell 2000 value index by less than 100 basis points as non-earning, low-quality securities rallied, but it remains ahead year-to-date and over multiple trailing time periods.
Among its institutional peers, SmallCap is in the top half year-to-date and ranks in the top quartile over trailing five years and top decile over the last 10 years.
Our largest multi-asset strategy, income opportunity, outperformed its benchmark by 61 basis point of 40% S&P 500, 60% Bloomberg Barclays aggregate index this quarter.
Total return outperformed its benchmark, 60% S&P 500, 40% Bloomberg Barclays government corporate aggregate index by nearly 200 basis points this quarter.
High income also outperformed its benchmark, 20% S&P 500, 80% Bloomberg Barclays government corporate aggregate index by over 300 basis points.
This past quarter, our teams brought in new business of about $88 million, offset by client withdrawals to make delayed tax payments.
Our select equity strategies with over $700 million in assets posted strong returns for the quarter.
The select equity strategy posted an absolute return of nearly 9%.
Downside capture at below 80%, measured on a daily returns basis for both strategies was strong and the additional alpha gain from tax loss harvesting helped the tax sensitive version outperform the Russell 3000 index on a year-to-date basis.
We recently held an online event to discuss the upcoming election with more than 150 participants, and we are pushing that recording via YouTube to over 2,300 clients, prospects, and third party advisors.
In institutional and intermediary sales, we had inflows of approximately $326 million and about $847 million in outflows, which are mostly the result of closing our emerging markets and MLP strategies, along with client rebalancing in global converts and LargeCap.
Large-cap, while negative for the quarter, has positive inflows from selected clients and income opportunities stabilized with net outflows below $5 million for the quarter.
We have initiated many internal efficiencies in our front and middle office areas, which are expected to generate over $1 million a year in reduced expenses.
Today, we reported total revenues of $15.5 million for the third quarter of 2020 compared to $15.9 million in the second quarter of 2020 and $19.9 million in the third quarter of the prior year.
The third quarter net loss of $10.3 million or $1.31 per share exceeded the net loss of $2.6 million or $0.33 per share in the second quarter.
The loss primarily related to several onetime items, including a $4.2 million noncash reclassification of foreign currency translation adjustments from accumulated other comprehensive loss to net loss with no impact on stockholders' equity following the closure of Westwood International Advisors, as well as $1.1 million in incremental Canadian withholding taxes net of federal tax deduction, paid to repatriate more than $37 million from Westwood International Advisors to the U.S., as well as a $3.4 million noncash write-off of historical advisory goodwill to reflect lower market capitalization and advisory net outflows.
Non-GAAP economic loss was $1.7 million or $0.22 per share in the current quarter versus economic earnings of $0.2 million or $0.03 per share in the second quarter.
Third quarter net loss of $10.3 million or $1.31 per share compared unfavorably to net income of $1.1 million or $0.13 per share in the prior year's third quarter, primarily due to the onetime items previously noted, partially offset by lower operating expenses, particularly employee compensation and benefits.
Economic loss for the quarter was $1.7 million or $0.22 per share compared with economic earnings of $3.9 million or $0.46 per share in the third quarter of 2019.
Firmwide assets under management totaled $12 billion at quarter end and consisted of institutional assets of $6 billion or 51% of the total, wealth management assets of $4.1 billion or 34% of the total and mutual fund assets of $1.8 billion or 15% of the total.
Over the year, we experienced market depreciation of $0.9 billion and net outflows of $2.4 billion.
Our financial position continues to be very solid with cash and short-term investments at quarter end totaling $77.6 million and a debt-free balance sheet.

Summary:
Today, we reported total revenues of $15.5 million for the third quarter of 2020 compared to $15.9 million in the second quarter of 2020 and $19.9 million in the third quarter of the prior year.
The third quarter net loss of $10.3 million or $1.31 per share exceeded the net loss of $2.6 million or $0.33 per share in the second quarter.
Non-GAAP economic loss was $1.7 million or $0.22 per share in the current quarter versus economic earnings of $0.2 million or $0.03 per share in the second quarter.
Third quarter net loss of $10.3 million or $1.31 per share compared unfavorably to net income of $1.1 million or $0.13 per share in the prior year's third quarter, primarily due to the onetime items previously noted, partially offset by lower operating expenses, particularly employee compensation and benefits.
Economic loss for the quarter was $1.7 million or $0.22 per share compared with economic earnings of $3.9 million or $0.46 per share in the third quarter of 2019.