Miller Value Partners recently released its Q3 2020 Investor Letter, a copy of which you can download here. In the third quarter, the Miller Income Strategy fund returned 7.89% versus 4.71% for the ICE BofA Merrill Lynch High Yield Index. You should check out Miller Value Partners’ top 5 stock picks for investors to buy right now, which could be the biggest winners of this year.
In the said letter, Miller Value Partners highlighted a few stocks and Apollo Global Management Inc. (NYSE:APO) is one of them. Apollo Global Management Inc. (NYSE:APO) is a global alternative investment manager firm. Year-to-date, Apollo Global Management Inc. (NYSE:APO) stock lost 19.5% and on November 2nd it had a closing price of $38.42. Here is what Miller Value Partners said:
“Apollo Global Management (APO) dropped 9.5% over the period. The company reported Q2 distributable earnings of $0.46, just below consensus of $0.48, and the quarterly dividend of $0.49/share (4.7% annualized yield). Pretax fee-related earnings of $259M ($0.59/share) topped estimates of $242M ($0.55/share) driven by higher advisory and transaction fees while management fees of $401.8M were in-line. Assets under management (AUM) of $413.6Bn rose 31% sequentially with fee-earnings AUM growth of 36% to $329.8Bn driven by insurance transactions and $16Bn of gross inflows. Permanent capital of $246Bn represents 60% of total assets under management.”
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In August, we published an article revealing Miller Value Partners bullish investment thesis on Apollo Global Management Inc. (NYSE:APO) stock in its Q2 2020 investor letter. This suggests that the investment firm has been bullish for a long time on Apollo Global Management Inc. (NYSE:APO).
In Q2 2020, the number of bullish hedge fund positions on Apollo Global Management Inc. (NYSE:APO) stock decreased by about 15% from the previous quarter (see the chart here), so a number of other hedge fund managers don’t believe in Apollo Global Management’s growth potential. Our calculations showed that Apollo Global Management Inc. (NYSE:APO) isn’t ranked among the 30 most popular stocks among hedge funds.
The top 10 stocks among hedge funds returned 185% since the end of 2014 and outperformed the S&P 500 Index ETFs by more than 109 percentage points. We know it sounds unbelievable. You have been dismissing our articles about top hedge fund stocks mostly because you were fed biased information by other media outlets about hedge funds’ poor performance. You could have doubled the size of your nest egg by investing in the top hedge fund stocks instead of dumb S&P 500 ETFs. Below you can watch our video about the top 5 hedge fund stocks right now. All of these stocks had positive returns in 2020.
Video: Top 5 Stocks Among Hedge Funds
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Disclosure: None. This article is originally published at Insider Monkey.
