Apollo Global Management Delivers Strong Quarter; We Plan to Boost Our FVE
Apollo Global Management delivered a strong first quarter, and we plan to modestly boost our $20 fair value estimate while retaining our narrow moat rating. The firm did well across all fronts, including inflows, fund performance, realizations, and invested capital. Gross inflows of $5.3 billion (part of the $35.5 billion in inflows over the last 12 months) boosted overall assets under management to $197.5 billion, helped by private equity fund appreciation of 8%. Realizations of $1.7 billion co...Apollo Global Management is an alternative investment manager. The company's primary business is to raise, invest and manage credit, private equity and real assets funds as well as strategic investment accounts. The company has three business segments: Credit, which invests in non-control corporate and structured debt instruments including performing, stressed and distressed investments across the capital structure; Private equity, which invests in control equity and related debt instruments, convertible securities and distressed debt investments; and Real assets, which invests in real estate equity and infrastructure equity for the acquisition and recapitalization of real estate and infrastructure assets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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