Baron Funds: “Apollo (APO) Will Likely Exceed its Full-Year Guidance”

Baron Funds, an investment management firm, released its “Baron FinTech Fund” third quarter 2023 investor letter, a copy of which can be downloaded here. During the quarter concluding on September 30, 2023, Baron FinTech Fund® (Institutional Shares) experienced a 1.30% increase, contrasting with a 6.77% loss for the FactSet Global FinTech Index (the Benchmark). Since its inception on December 31, 2019, the Fund has achieved an annualized growth of 6.50%, surpassing the Benchmark, which declined by 2.22%. Take a moment to review the fund’s top 5 holdings to gain insights into their primary investment choices for 2023.

In its Q3 2023 investor letter, Baron FinTech Fund mentioned Apollo Global Management, Inc. (NYSE:APO) and explained its insights for the company. Apollo Global Management, Inc. (NYSE:APO) is a New York, New York-based private equity company with a $48.2 billion market capitalization. Apollo Global Management, Inc. (NYSE:APO) delivered a 33.19% return since the beginning of the year, while its 12-month returns are up by 35.78%. The stock closed at $84.96 per share on November 9, 2023.

Here is what Baron FinTech Fund has to say about Apollo Global Management, Inc. (NYSE:APO) in its Q3 2023 investor letter:

“Favorable stock selection in Tech-Enabled Financials drove over one-third of this quarter’s outperformance, led by gains from alternative asset manager and insurance company Apollo Global Management, Inc. Apollo was the top contributor after the company’s insurance business, Athene, took in significant inflows due to greater investor demand for annuities. Given the strong growth in its insurance business, Apollo will likely exceed its full-year guidance.”

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Our calculations show that Apollo Global Management, Inc. (NYSE:APO) does not belong on our list of the 30 Most Popular Stocks Among Hedge Funds. Apollo Global Management, Inc. (NYSE:APO) was in 62 hedge fund portfolios at the end of the second quarter of 2023, compared to 65 funds in the previous quarter. Apollo Global Management, Inc. (NYSE:APO) delivered a 3.66% return in the past 3 months. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters Q3 2023 page.

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