The S&P 500 suffered the worst first quarter performance since 1928 while global equity and fixed income markets were equally battered.
Our flagship LargeCap Value strategy showed resilience during the sell-off, capturing only about 85% of the downside and posting nearly 400 basis points of outperformance relative to the Russell 1000 Value Index.
Our LargeCap Select strategy also finished the quarter ahead of the Russell 1000 Value benchmark and it now possesses a ranking in the top-decile among institutional peers in the eVestment large-cap value manager universe for the trailing three-year time period.
Our SMidCap strategy also beat the Russell 2500 Value Index by over 400 basis points and now has returns above the benchmark in most trailing year periods.
SmallCap was the hardest hit sector of our U.S. Value strategies, but our portfolio managers continue to focus on finding companies with strong fundamental qualities and finished the quarter ahead of the Russell 2000 Value benchmark by approximately 260 basis points.
SmallCap's longer-term tracker record places it in the top-decile over the trailing seven-, 10- and since inception time periods.
Among institutional peers, our Alternative Income strategy ranked in the Top 20% for the trailing one-year and top-decile in the trailing five-, seven- and 10-year time periods.
Additionally, we tax loss harvest throughout the year instead of waiting until year-end, which helps lower our clients' tax bills and has provided over 200 basis points of additional annualized alpha over the last three years.
In our institutional and intermediary sales group, we had inflows of nearly $400 million and $950 million in outflows for total net outflows of $560 million.
We did an online campaign to 25,000 advisors a few weeks ago and we were thrilled to see over 10,000 views.
To-date, we've identified over 750,000 of cost reductions that are being implemented or in process over the balance of the year.
We will move to an outsourced trading model later this summer and expect to save over $1 million per year beginning in 2021.
Today, we reported total revenues of $16.7 million for the first quarter of 2020 compared to $18.6 million in the fourth quarter of 2019 and $23.9 million in the prior year's first quarter.
First quarter net income was $1.1 million or $0.13 per share compared to $2.5 million or $0.30 per share in the fourth quarter of 2019.
Economic earnings, a non-GAAP metric, were $4.2 million or $0.50 per share in the current quarter versus $5.4 million or $0.64 per share in the fourth quarter of 2019.
First quarter net income of $1.1 million or $0.13 per share compared to $0.4 million or $0.05 per share in the prior year's first quarter.
Economic earnings for the quarter were $4.2 million or $0.50 per share compared to $4.1 million or $0.49 per share in the first quarter of 2019.
Firmwide assets under management totaled $11.6 billion at quarter end and consisted of institutional assets of $6.3 billion or 55% of the total, wealth management assets of $3.8 billion or 33% of the total and mutual fund assets of $1.5 billion or 12% of the total.
Over the quarter, we experienced market depreciation of $3 billion and net outflows of $0.6 billion.
Our financial position continues to be very solid with cash and short-term investments at quarter end totaling $82.4 million and a debt free balance sheet.
In the first quarter, we repurchased approximately 272,000 shares of our common stock for an aggregate purchase price of $4.9 million.
In April, we repurchased an additional 407,000 shares for an aggregate purchase price of approximately $8.1 million.

Summary:
Today, we reported total revenues of $16.7 million for the first quarter of 2020 compared to $18.6 million in the fourth quarter of 2019 and $23.9 million in the prior year's first quarter.
First quarter net income was $1.1 million or $0.13 per share compared to $2.5 million or $0.30 per share in the fourth quarter of 2019.
Economic earnings, a non-GAAP metric, were $4.2 million or $0.50 per share in the current quarter versus $5.4 million or $0.64 per share in the fourth quarter of 2019.
First quarter net income of $1.1 million or $0.13 per share compared to $0.4 million or $0.05 per share in the prior year's first quarter.
Economic earnings for the quarter were $4.2 million or $0.50 per share compared to $4.1 million or $0.49 per share in the first quarter of 2019.