Investments The table below shows our invested assets At December 31, 2021 2020 Change in thousands, except percentages U.S. treasuries  6,24,9 29.1   4,960,409 24.1   1,2,30 Agencies 361,64 1.  36,032 1.  6,34 Non-U.S. government 49,613 2.6  491,31 2.4  ,02 Non-U.S. government-backed corporate 44,4 2.2  33,014 1.6  136,34 Corporate 3,214,43 1.0  4,261,02 20.  1,046, Agency mortgage-backed 21,9 3.4  1,113,92 .4  391,3 Non-agency mortgage-backed 233,346 1.1  291,444 1.4  ,09 Commercial mortgage-backed 634,92 3.0  91,22 3.  16,34 Asset-backed 1,06,43 .0  90,94 4.3  1,9 Total fixed maturity investments, at fair value 13,0,131 63.1  13,06,03 6.  62 Short term investments, at fair value ,29,3 24.  4,993,3 24.3  304,60 Equity investments trading, at fair value 46,016 2.  02,61 3.4  16,601 Catastrophe bonds 1,104,034 .1  1,290 4.3  222,44 Direct private equity investments ,33 0.4  9,0 0.4  ,66 Fund investments 2,02 3.4  29,1 1.4  429,91 Term loans 4,0 0.3  S S  4,0 Total other investments, at fair value 1,993,09 9.2  1,26,94 6.2  36,111 Total managed investment portfolio 19,31,32 90.3  19,202, 93.2  14,6 Investments in other ventures, under equity method 9,06 0.  9,33 0.6  30 Total investments  21,442,69 90.   20,,16 93.   4,43 We structure our investment portfolio to emphasiNe the preservation of capital and the availability of liquidity to meet our claims obligations, to be well diversified across market sectors, and to generate relatively attractive returns on a risk-ad>usted basis over time. Notwithstanding the foregoing, our investments are sub>ect to market-wide risks and fluctuations, as well as to risks inherent in particular securities. For additional information regarding our investments and the fair value measurement of our investments refer to “Note . Investments” and “Note 6. Fair Value Measurements” in our “Notes to the Consolidated Financial Statements.” As the reinsurance coverages we sell include substantial protection for damages resulting from natural and man-made catastrophes, as well as for potentially large casualty and specialty exposures, we expect from time to time to become liable for substantial claim payments on short notice. Accordingly, our investment portfolio as a whole is structured to seek to preserve capital and provide a high level of liquidity, which means that the large ma>ority of our investments are highly rated fixed income securities, including U.S. treasuries, agencies, highly rated sovereign and supranational securities, high-grade corporate securities and mortgage-backed and asset-backed securities. We also have an allocation to publicly traded equities reflected on our consolidated balance sheet as equity investments trading and an allocation to other investments including catastrophe bonds, direct private equity investments, fund investments and term loans. 99