Anastasia Amoroso, Chief investment strategist, iCapitalApollo Asset ManagementAPOBUYDec 06, 2023

Bought more. Came down on both private credit and software vs. AI concerns. Very good underwriters. Stock's pretty cheap. Most stable of private credit platforms, with least software exposure. With capital markets as good as they are, and spreads as tight, that's usually good for companies that own a whole stack of credit.

She sold. Their fee-related earnings are great and will grow, but sentiment is so negative. Money is leaving private markets and going to banks.

Diversified asset base. Decent ROE, rather than owning sub-prime in Canada.

Is down a third this year from the private equity concerns, which are overdone, and which we're now seeing in the share price (a recovery).

Is up today and yesterday, both down days in the market. The financial did gangbusters last year, so it's okay that they pause this quarter in 2026. In private equity, he doesn't see a systemic credit problem. It's a matter of time before financials gaining their pace again.

A big part of its business is buying distressed companies and adding value. But in a year where the US president is going to be spending big, how much distress is going to show up?

Good company. Sector looks interesting. In general, buy good companies when they're slightly on sale.

Underwater for a while. Its business continues to grow. One of the major players in the private market, but people are becoming more cautious of where we are in the business cycle. Tone on the sector has shifted to negative. She prefers businesses with less exposure to credit cycle risk. 

She bought more. All private equity got over-punished. Has 80% of business in the credit market and 20% equities, so it's already lower-risk. Trades at 14x PE. Only 1% of its loans are exposed to software and that risk. Expects around 15% earnings growth. They are growing more assets. The selling has been extreme.

He bought it a few months ago at $126. It will benefit from dealmaking, but will be a tricky market in Q1 when the Supreme Court decided on Trump's tariffs. Buy when these stocks drop.

She bought KKR and Apollo this year and is up 15% on them. Expects them to have double-digit, fee-related earnings in 2026, continue to raise capital and will benefit from a more robust M&A and IPO market. All positive for these stocks. Time your entry point right and you will see great returns.

He's been buying more. Of all the alternative asset managers, has the most differentiated channels for growth. Management team really knows its stuff. A few defaults in the bond market, but this is overblown.

In alternative assets, has been pushing ahead in all the right areas -- retail, private credit -- well before competitors. Credit spreads have been so tight, has been left behind in risk-on market rally. Can optimize its big private equity portfolio in wide-open capital markets. 

A cyclical, risk-on, financial services company you can have in your diversified portfolio. Yield is 1.40%.

He's owned this one for 10 years. Private equity has cooled off in the last little while, but that's just noise. The good businesses are growing dramatically. Added insurance, a huge growth business. US has just approved private equity in 401(k) accounts, a $13T market of which private equity is only 1% (but could rise to 5-7% over time).

Growing at 20% a year. Earnings next week, and he expects they'll be up another 5%. Expects the good run to continue for quite a while. He's owned it for over 10 years.

Under pressure along with all the rest in private equity. Trouble finding liquidity for a lot of their deals. With rising rates, power is now in the hands of the lender, but private equity firms are huge borrowers. Stay away.