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Should You Hold Apollo Global Management (APO)?

Baron Funds, an investment management company, released its “Baron FinTech Fund” first quarter 2024 investor letter. A copy of the letter can be downloaded here. In the first quarter, the fund rose 6.33% (Institutional Shares) compared to a 3.60% gain for the FactSet Global FinTech Index (Benchmark) and a 10.56% gain for the S&P 500 index. The major market indexes touched an all-time high in the quarter driven by robust economic data and relatively strong corporate earnings. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Baron FinTech Fund highlighted stocks like Apollo Global Management, Inc. (NYSE:APO), in the first quarter 2024 investor letter. Apollo Global Management, Inc. (NYSE:APO) is a private equity firm focusing on real estate, credit, and private equity investments with a market capitalization of $65.731 billion. The one-month return of Apollo Global Management, Inc. (NYSE:APO) was 2.94%, and its shares gained 76.58% of their value over the last 52 weeks. On May 24, 2024, Apollo Global Management, Inc. (NYSE:APO) stock closed at $115.52 per share.

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

"Shares of alternative asset manager Apollo Global Management, Inc. (NYSE:APO) outperformed after the company reported strong financial results and gave a positive outlook on growth over the next several years. In the most recent quarter, assets under management increased 19% and earnings per share increased 27%. Despite a more dovish interest rate outlook, management maintained 2024 financial guidance, which calls for 15% to 20% growth in fee-related earnings and double-digit growth in spread-related earnings. Fundraising remains strong, which supports management’s goal of more than doubling the pace of capital deployment over the next five years. Management remains bullish on private credit due to growth opportunities across fixed income replacement, retirement accounts, and high-net-worth investors."

A financial advisor with a client discussing the merits of a mutual fund, showing the company's experienced advice in asset management.

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Apollo Global Management, Inc. (NYSE:APO) reported a strong first quarter and quarterly year over year growth rate in 32.60%. Apollo Global Management, Inc. (NYSE:APO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 81 hedge fund portfolios held Apollo Global Management, Inc. (NYSE:APO) at the end of the first quarter which was 77 in the previous quarter.

In another article, we discussed Apollo Global Management, Inc. (NYSE:APO) and shared the list of largest publicly traded financial companies in the US. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.

If you are looking for an AI stock that is as promising as Microsoft but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.