10 High Growth Non-Tech Stocks That Are Profitable in 2024

8. Ares Management Corporation (NYSE:ARES)

5-Year Net Income Growth: 30.93%

5-Year Revenue Growth: 18.99%

TTM Net Income: $378.2 Million

Number of Hedge Fund Holders: 35

Ares Management Corporation (NYSE:ARES) is an international investment management company specializing in alternative investment management, meaning they manage investments in a variety of assets other than traditional stocks and bonds.

It operates through various segments including Credit Group, Private Equity Group, and Real Assets Group. The company aims to provide flexible capital to support businesses and generate returns for their investors.

Ares Management Corporation (NYSE:ARES) reported a strong performance in the second quarter of 2024, benefiting from an improved economic environment characterized by stable credit trends and a recovering real estate market. The company experienced significant activity in its investment strategies, deploying $26 billion, which was the second highest in its history and over 70% more than the same quarter last year.

The company also raised $26 billion in gross capital during Q2, marking its best fundraising quarter ever, with total funds raised for the year reaching $43 billion. This contributed to a record total of $447 billion in assets under management (AUM), an 18% increase year-over-year.

Ares Management Corporation (NYSE:ARES) has grown its net income by 31% and revenue by 19% over 5 years making it one of the high-growth non-tech stocks that are profitable in 2024.

ClearBridge Growth Strategy stated the following regarding Ares Management Corporation (NYSE:ARES) in its Q3 2024 investor letter:

“We took action in the quarter to shore up our financials exposure with two new buys in the sector. Ares Management Corporation (NYSE:ARES) is an alternative asset manager and leading player in private credit, a large and growing market that continues to be supported by secular tailwinds such as increased bank regulation, rising retail penetration and the migration of insurance assets. With its scale, Ares should take outsize share of industry asset growth and drive fee-related earnings and margin expansion over time. The company’s high underwriting standards and performance in past downturns position it well to not only manage through a future credit cycle but also emerge stronger versus peers.”