APO

APO

APO

Letters With This Ticker

Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Keywords/Themes	Theme Commentary	Pitches	Letter
2025 Q2	Jul 2, 2025	AVI Global Trust	-	-	4527 JP, 7912 JP, AKRBP NO, APO, CDI FP, DIE BB, ENT LN, GXI GR, NWSA, RKT LN	activism, catalysts, Closed-End Funds, Discounts, net asset value	The letter focuses on unlocking value in closed-end funds trading at persistent discounts to net asset value. Management highlights activism, corporate actions, and market catalysts as tools to narrow discounts and enhance shareholder returns. The outlook remains constructive given wide discounts and improving sentiment.		View
2025 Q1	Mar 31, 2025	Baron FinTech Fund	-1.4%	-1.4%	APO, GWRE, HOOD, KKR, MA, MELI, NOW, PGR, TW, XYZ	-			View
2024 Q1	Mar 31, 2024	Farrer 36 Asset Management Private Limited	-	-	APO, BFIT NA, BX	-			View
2023 Q1	Mar 31, 2023	AVI Global Trust	0.3%	0.3%	AKRBP NO, APO, GROW LN	-			View
2025 Q4	Feb 2, 2026	AGT Partners	0.0%	0.0%	0700.HK, 0883.HK, 5MP.SI, AAPL, APO, D05.SI, KKR, OV8.SI, TSM	Alternative Assets, Asia, Banking, gaming, Offshore Wind, semiconductors, small caps, value	TSMC continues exceptional performance with 36% revenue growth driven by AI demand, improving margins, and strong execution across their Trinity of Strengths. Management guided for 30% revenue growth in 2026 and raised 5-year CAGR guidance to 25%. The fund also initiated a position in a leading South Korean memory chip manufacturer benefiting from tight supply conditions. Tencent demonstrated strong execution with improved monetization strategies after management changes in 2024. Domestic games revenue became a strong driver of overall growth, supported by the company's strong moat through WeChat's 1.4 billion users and major gaming titles like Honour of Kings and PUBG Mobile. Apollo and KKR underperformed despite strong underlying fundamentals, with AUM and fee-related earnings growing 15-24% due to industry headwinds around private equity fundraising and private credit concerns. The fund added to positions at attractive valuations, viewing the volatility as opportunity in businesses positioned for long-term growth. Marco Polo Marine transformed from a cyclical shipyard business to a specialized offshore wind vessel provider, securing multi-year service agreements and building sophisticated vessels for the growing Asian offshore wind market. The company partnered with European designers and global players like Vestas and Siemens Gamesa. DBS Bank was added as a new core holding, recognized for converting scale and technology into structural competitive advantages. The bank achieved 18% ROE through growing fee-based businesses like wealth management, reduced cyclicality, and strong capital allocation with progressive dividends and share repurchases. The fund profitably traded a Malaysian gold miner, capitalizing on gold prices rising faster than miners' all-in sustaining costs, creating attractive margin expansion opportunities and potential valuation re-rating if price strength persists. Profitable trades in two Indonesian crude palm oil producers were driven by Indonesia's biodiesel blending mandate increase from B30 to B40, tightening export availability while supply response remained constrained by aging plantation profiles and replanting limitations. Beyond direct AI investments, the fund seeks second-order beneficiaries including data center construction, electrical infrastructure, and semiconductor supply chain opportunities where demand is visible but valuations remain more palatable than pure AI names.	5LY SI KKR APO TSM	View
2025 Q4	Feb 10, 2026	PM Capital Australian Companies Fund	3.7%	28.9%	APO, BHP.AX, CGF.AX, CMCL.TO, FDV.AX, HEIA.AS, INGA.AS, NEM, NST.AX, RYAAY, SHL.DE, SMR.AX, WDS.AX	Australia, banks, commodities, Copper, financials, gold, Mining	Gold rose 12% over the period, reaching a record high in December. Monetary policy and geopolitical uncertainty continued to provide a positive backdrop for gold. Portfolio holdings Newmont gained 18% and Northern Star Resources gained 13%. Copper surged 17% as supply risks came back into focus following production disruptions and material downgrades to production guidance due to geotechnical issues at several large-scale mines. Recent supply disruptions acutely highlight how tight copper markets have become given the lack of new greenfield capacity coming online and record low inventories. Challenger Limited remained a standout on the back of regulatory reforms and interest rate normalization. The position rose 8% over the quarter and achieved a 57% return for the year ending 31 December 2025. Investors are increasingly pricing in the anticipated benefits of APRA's proposed capital requirement reforms. In steelmaking coal, Stanmore Resources remains resilient despite low commodity prices that have seen peers take measures to preserve cash. Stanmore has maintained consistent mine plans and capital expenditure programs and is therefore well positioned to benefit from any improvement in commodity prices.	WDS AU FDV AU CGF AU SMR AU CSC AU NEM US	View
2025 Q4	Feb 10, 2026	PM Capital Enhanced Yield Fund	0.8%	4.6%	2282.HK, 8570.PA, APO, BAER.L, BHP.AX, CABK.MC, CGF.AX, COL.AX, CRN.L, CS.AX, FCX, FDV.AX, FOXA, HEIA.AS, IMI.L, INGA.AS, LLOY.L, NEM, NSC, NST.AX, QUB.AX, RPRX, SHL.DE, SMR.AX, TECK, TSCO.L, UNP, WDS.AX, WOW.AX	Bonds, credit, fixed income, inflation, rates, Yield	Despite signs of re-emergence of higher inflation across major global developed economies including Australia in the December quarter, the fund delivered positive returns. Australian bond yields increased significantly with three year bonds rising over 60 basis points and 10 year bonds almost 50 basis points, representing a shift from rate cut expectations to multiple rate increase expectations in 2026. The fund increased exposure to fixed interest rates during the quarter as markets became overly optimistic about cash rate increases in 2026. Management believes multiple rate increases would put notable downward pressure on the economy given cost-of-living pressures and higher house prices remain issues.		View
2025 Q4	Feb 10, 2026	PM Capital Global Companies Fund	7.8%	38.3%	2882 HK, APO, BIRG LN, CABK SM, CRN LN, FCX, FOX, IMI LN, LLOY LN, NEM, SHL GR, TECK, UNP	Capital Allocation, Copper, European Banks, Industrial Metals, Rail Infrastructure	The fund reiterates valuation as its primary risk management tool, highlighting attractive opportunities in European banks, copper producers, and select industrial franchises despite elevated US equity multiples. The proposed Union PacificNorfolk Southern merger represents a structural catalyst for renewed freight volume growth and productivity gains in a mature US rail industry. Portfolio positioning reflects conviction in commodities, European financials, and infrastructure-like assets with oligopolistic characteristics, while selectively adding to dislocated names such as Apollo and Siemens Healthineers.	CRN LN APO SHL GR UNP LLOY LN BIRG LN IMI LN TECK FCX	View
2024 Q4	Dec 31, 2024	Baron FinTech Fund	5.2%	22.9%	ACGL, APO, HOOD, IBKR, LPLA, MELI, NU, WISE LN	-			View
2023 Q3	Nov 10, 2023	ClearBridge Investments Dividend Strategy	0.0%	0.0%	APO, GILD, RTX, TMUS	-			View
2025 Q3	Oct 28, 2025	AGT Partners	-	-	6088 HK, 6601 HK, 700 HK, APO, KKR	Alternative Assets, Compounding, High ROIC, Tactical Trading, volatility	The letter underscores durable earnings compounding in core holdings such as large-cap technology and alternative asset managers, while actively harvesting volatility through tactical trading. Exposure to secular growers is balanced with disciplined position sizing and risk management as trade tensions resurface. The manager stresses long-term ownership of high-ROIC franchises supplemented by opportunistic trades in mispriced cyclicals.	6088 HK 6601 HK KKR APO	View

Pitches With This Ticker

Date	Pitch Type	Author	Company	Industry	Sub Industry	Bull / Bear	Stock Exchange	Keywords	Action
Mar 16, 2026	Substack	Alpha Seeker 84	Apollo Global Management, Inc.	Financial Services	Alternative Asset Management	Bull	New York Stock Exchange	alternative asset management, Apollo Global Management, growth trajectory, institutional capital, insurance spread earnings, origination platform, Private Credit, retail liquidity vehicles, software exposure, valuation	View Pitch
Feb 26, 2026	Fund Letters	Paul Moore	Apollo Global Management, Inc.	Financials	Asset Management	Bull	New York Stock Exchange	Alternatives, asset management, Credit, Drawdown, fee growth	View Pitch
Feb 21, 2026	Fund Letters	Gregory See	Apollo Global Management, Inc.	Financials	Asset Management & Custody Banks	Bull	New York Stock Exchange	Alternatives, AUM, Distribution, Fees, Private Credit, Retirement	View Pitch
Feb 21, 2026	Fund Letters	Gregory See	Apollo Global Management Inc.	Financials	Asset Management & Custody Banks	Bull	New York Stock Exchange	Alternatives, AUM, Credit, Fees, private equity, valuation	View Pitch

BSD Shareholders of APO

This report provides a detailed summary of investor holdings for a specified stock ticker, highlighting key metrics such as fund name, total assets under management (AUM), invested value, portfolio weight, and shares owned. It also tracks changes in share ownership during the last quarter, including the percentage of shares bought or sold and the percentage of outstanding shares owned. The data is generated using an API that processes investor holdings and calculates these values for each fund. This report helps investors and analysts monitor the stock positions of major funds, identify investment trends, and assess the influence of large investors on individual stocks.

Filing Date: September 30, 2025

Manager Name	Fund Name	Fund AUM	Invested Value	Portfolio Weight	Shares Owned	Shares Bought / Sold During Quarter	% Bought / Sold During Quarter	% of Shares Outstanding Owned
No investor data available.

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