Net Realized and Unrealized Gains (Losses) on Investments Year ended December 31, 2021 2020 2019 (in thousands) !ross realized gains  1,1  2,2  1,09 !ross realized losses (9,2) (,2) (,19) Net realized gains (losses) on fixed maturity investments 9,88 2,901 90,20 Net unrealized gains (losses) on fixed maturity investments trading (89,) 21,89 10,18 Net realized and unrealized gains (losses) on investments-related derivatives (1) (12,2) 8,08 8,891 Net realized gains (losses) on equity investments trading ,91 ,2 1,02 Net unrealized gains (losses) on equity investments trading (28,882) 22,0 ,08 Net realized and unrealized gains (losses) on other investments - catastrophe bonds (,0) (,01) (9,92) Net realized and unrealized gains (losses) on other investments - other 89,1 (29) 9,018 Net realized and unrealized gains (losses) on investments  (218,1)  820,  1,109 (1) Net realized and unrealized gains (losses) on investment-related derivatives includes fixed maturity investments related derivatives (interest rate futures, interest rate swaps, credit default swaps and total return swaps), and equity investments related derivatives (equity futures). See “Note 19. Derivative Instruments” in our “Notes to Consolidated Financial Statements” for additional information. Our investment portfolio strategy seeks to preserve capital and provide us with a high level of liquidity. A large majority of our investments are invested in the fixed income markets and, therefore, our realized and unrealized holding gains and losses on investments are highly correlated to fluctuations in interest rates. Therefore, as interest rates decline, we will tend to have realized and unrealized gains from our investment portfolio, and as interest rates rise, we will tend to have realized and unrealized losses from our investment portfolio. Net realized and unrealized losses on investments were 218.1 million in 2021, compared to net realized and unrealized gains of 820. million in 2020, a decrease of 1.0 billion. Principally impacting our net realized and unrealized losses on investments in 2021 were: X net realized and unrealized losses on our fixed maturity investments trading of 09.8 million compared to net realized and unrealized gains of 9.8 million in 2020, a decrease of 80. million, principally driven by increasing yields on /.S. treasuries during 2021; X net realized and unrealized gains on equity investments trading of 9. million compared to 2. million in 2020, a decrease of 21.0 million. The net realized and unrealized gains in 2021 were primarily driven by net realized and unrealized gains on our equity investments, which was in line with the performance of the wider equity markets. This was partially offset by net realized and unrealized losses from our investment in Trupanion, Inc. In 2020, the net realized and unrealized gains were principally driven by net unrealized gains of 22. million on our strategic investment in Trupanion, Inc. X net realized and unrealized gains on our other investments of 89. million compared to net realized and unrealized losses of 0. million in 2020, an improvement of 89. million, principally driven by fair value appreciation of the underlying investments, which favorably impacted our f und investments portfolio; and X net realized and unrealized losses on investments-related derivatives of 12.2 million compared to net realized and unrealized gains of 8. million in 2020, a decrease of 80.8 million, principally driven by net realized and unrealized gains on our interest rate futures in 2020, which were favorably impacted by declining interest rates. 8