Leon Cooperman Stock Portfolio: Top 12 Picks

4. Apollo Global Management Inc. (NYSE:APO)

Total Number of Shares Owned: 1,525,000

Total Value of Shares Owned: $180,056,750

Number of Hedge Fund Holders: 79

Apollo Global Management Inc. (NYSE:APO) has reported impressive results for Q2 2024, showcasing a revenue of $5.97 billion, which represents a 17.5% year-over-year increase. Apollo Global Management Inc. (NYSE:APO)’s net income surged by 44% to $828 million, indicating strong profitability. A significant factor driving this performance is the record fee-related earnings in its asset management division, supported by substantial achievements in debt origination and third-party fundraising.

These metrics are particularly noteworthy in the context of the current high-interest rate environment, which has made alternative investments increasingly attractive. The Retirement Services segment, led by its subsidiary Athene, has been crucial for growth, drawing considerable third-party capital after the successful fundraising for ADIP II, which has been recognized as the largest equity sidecar in the industry.

Although total assets under management stood at $671 billion, slightly falling short of analyst expectations, the ongoing demand for alternative investments reflects Apollo Global Management Inc. (NYSE:APO)’s strong competitive position. Additionally, the company announced a quarterly dividend of $0.4625 per share, highlighting its commitment to returning value to shareholders.

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.”