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This approach is yielding profitable growth and operating leverage. active fixed income mutualfunds. Fixed income flows were positive across our municipal bond, high yield, unconstrained, and total return franchises. We leverage our investment insights and technology to bring the performance they demand and deserve.
Our platform strategy has delivered scale and operating leverage through time, with 240 basis points of margin expansion in the last 10 years. Markets have improved since the end of 2022, and we aim to be disciplined in driving profitable growth by prioritizing investments to propel our differentiated organic growth and operating leverage.
At one point in time, Jack Bogle, founder of, of Vanguard was chairman of their mutualfunds. He is uniquely situated because he has run both public mutualfunds as well as privates, including late stage venture private equity credit down the list. Really interesting. Michael Carmen: 00:01:38 [Speaker Changed] Sure.
As markets improve, we remain committed to driving operating leverage and profitable growth. Looking forward, we'll continue to prioritize investments with differentiated organic growth potential or that will expand operating leverage through enhanced scale. Fixed income flows have picked up for U.S. -- the U.S.
increased by 40 basis points year on year as we continue to drive operating leverage and profitable growth after the market shock of 2022. Looking forward, we're prioritizing investments to propel our differentiated organic growth and operating leverage. Our fourth quarter operating margin of 41.6%
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