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

1. Apollo Global Management, Inc. (NYSE:APO)

5-Year Net Income Growth: 80.53%

5-Year Revenue Growth: 73.64%

TTM Net Income: $5.44 Billion

Number of Hedge Fund Holders: 79

Apollo Global Management, Inc. (NYSE:APO) is another asset management firm that also operates in retirement services. It helps clients make money through yield investments, hybrid investments, and equity investments. It manages retirement services through its subsidiary, Athene.

Investors already like the double revenue mix of the company that comes from its asset management and annuity provider role in the market. The second quarter results demonstrated strong growth making it an attractive investment opportunity. It reached a record quarterly debt origination of $52 billion, with $11 billion coming from a single deal with Intel. Thereby placing the company close to its $150 billion origination target for 2026.

The quarter also marked record fee-related earnings of $516 million and $710 million spread-related earnings indicating that Apollo Global Management, Inc. (NYSE:APO) doing well in both asset and retirement services. Moreover, in terms of assets, the assets under management of $696 billion, with total inflows reaching $144 billion were also at record highs indicating a 13%, year-over-year.

Apollo Global Management, Inc. (NYSE:APO) is capitalizing on major tailwinds including a growing need for capital, increasing retirement planning demands, and expansion into individual markets. It was held by 79 hedge funds in Q2 2024 with total stakes worth more than $5.79 billion.

Baron FinTech Fund stated the following regarding Apollo Global Management, Inc. (NYSE:APO) in its Q2 2024 investor letter:

“Strength in Tech-Enabled Financials was broad based, led by gains from alternative asset manager Apollo Global Management, Inc. (NYSE:APO) and specialty insurer Arch Capital Group Ltd. Apollo continues to benefit from disruptive trends in financial services, most notably the shift of retirement assets into higher-yielding private credit given the company’s dual role as an asset manager and an annuity provider. “

While we acknowledge the potential of Apollo Global Management, Inc. (NYSE:APO) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for a promising AI stock that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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