human
the second largest closed-end fund manager and a top- ten manager by aum and 2013 net flows of long-term open-end mutual funds1. in 2013, we were also the leading manager by net flows for long-dated fixed income mutual funds1. 2022 we have fully integrated our legacy retail and ishares retail distribution teams to create a unified client-facing presence. as retail clients increasingly use blackrock 2019s capabilities in combination 2014 active, alternative and passive 2014 it is a strategic priority for blackrock to coherently deliver these capabilities through one integrated team. 2022 international retail long-term net inflows of $17.5 billion, representing 15% (15%) organic growth, were positive across major regions and diversified across asset classes. equity net inflows of $6.4 billion were driven by strong demand for our top-performing european equities franchise as investor risk appetite for the sector improved. multi-asset class and fixed income products each generated net inflows of $4.8 billion, as investors looked to manage duration and volatility in their portfolios. in 2013, we were ranked as the third largest cross border fund provider2. in the united kingdom, we ranked among the five largest fund managers2. ishares.
|  | Component Changes in AUM — iShares |
| <i>(in millions)</i> | 12/31/2012 | Net New Business | Acquisition<sup>(1)</sup> | Market / FX | 12/31/2013 |
| Equity | $534,648 | $74,119 | $13,021 | $96,347 | $718,135 |
| Fixed income | 192,852 | (7,450) | 1,294 | (7,861) | 178,835 |
| Multi-asset class | 869 | 355 | — | 86 | 1,310 |
| Alternatives<sup>(2)</sup> | 24,337 | (3,053) | 1,645 | (6,837) | 16,092 |
| Total <i>iShares</i> | $752,706 | $63,971 | $15,960 | $81,735 | $914,372 |
alternatives (2) 24337 (3053) 1645 (6837) 16092 total ishares $752706 $63971 $15960 $81735 $914372 (1) amounts represent $16.0 billion of aum acquired in the credit suisse etf acquisition in july 2013. (2) amounts include commodity ishares. ishares is the leading etf provider in the world, with $914.4 billion of aum at december 31, 2013, and was the top asset gatherer globally in 20133 with $64.0 billion of net inflows for an organic growth rate of 8% (8%). equity net inflows of $74.1 billion were driven by flows into funds with broad developed market exposures, partially offset by outflows from emerging markets products. ishares fixed income experienced net outflows of $7.5 billion, as the continued low interest rate environment led many liquidity-oriented investors to sell long-duration assets, which made up the majority of the ishares fixed income suite. in 2013, we launched several funds to meet demand from clients seeking protection in a rising interest rate environment by offering an expanded product set that includes four new u.s. funds, including short-duration versions of our flagship high yield and investment grade credit products, and short maturity and liquidity income funds. ishares alternatives had $3.1 billion of net outflows predominantly out of commodities. ishares represented 23% (23%) of long-term aum at december 31, 2013 and 35% (35%) of long-term base fees for ishares offers the most diverse product set in the industry with 703 etfs at year-end 2013, and serves the broadest client base, covering more than 25 countries on five continents. during 2013, ishares continued its dual commitment to innovation and responsible product structuring by introducing 42 new etfs, acquiring credit suisse 2019s 58 etfs in europe and entering into a critical new strategic alliance with fidelity investments to deliver fidelity 2019s more than 10 million clients increased access to ishares products, tools and support. our alliance with fidelity investments and a successful full first year for the core series have deeply expanded our presence and offerings among buy-and-hold investors. our broad product range offers investors a precise, transparent and low-cost way to tap market returns and gain access to a full range of asset classes and global markets that have been difficult or expensive for many investors to access until now, as well as the liquidity required to make adjustments to their exposures quickly and cost-efficiently. 2022 u.s. ishares aum ended at $655.6 billion with $41.4 billion of net inflows driven by strong demand for developed markets equities and short-duration fixed income. during the fourth quarter of 2012, we debuted the core series in the united states, designed to provide the essential building blocks for buy-and-hold investors to use in constructing the core of their portfolio. the core series demonstrated solid results in its first full year, raising $20.0 billion in net inflows, primarily in u.s. equities. in the united states, ishares maintained its position as the largest etf provider, with 39% (39%) share of aum3. 2022 international ishares aum ended at $258.8 billion with robust net new business of $22.6 billion led by demand for european and japanese equities, as well as a diverse range of fixed income products. at year-end 2013, ishares was the largest european etf provider with 48% (48%) of aum3. 1 simfund 2 lipper feri 3 blackrock; bloomberg.
Please answer the following questions with expressions if necessary.
what is the value of ishares aum less net inflows?
assistant
subtract(655.6, 41.4)
human
what were the value of net inflows for ishares aum?
assistant
41.4
human
what is that value divided by the net ishares value?
assistant
subtract(655.6, 41.4), divide(41.4, #0)