Here’s Why Apollo Global Management (APO) Didn’t Participate in Market Rally

Baron Funds, an investment management company, released its “Baron FinTech Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund rose 13.85% (Institutional Shares) compared to a 15.54% gain for the FactSet Global FinTech Index (Benchmark) and an 8.74% gain for the S&P 500 index. The fund appreciated 27.31% in 2023 compared to 23.34% and 26.29% gains for the indexes, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Baron FinTech Fund featured stocks like Apollo Global Management, Inc. (NYSE:APO) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, Apollo Global Management, Inc. (NYSE:APO) is a private equity firm. On March 6, 2024, Apollo Global Management, Inc. (NYSE:APO) stock closed at $108.80 per share. One-month return of Apollo Global Management, Inc. (NYSE:APO) was 1.29%, and its shares gained 61.50% of their value over the last 52 weeks. Apollo Global Management, Inc. (NYSE:APO) has a market capitalization of $61.816 billion.

Baron FinTech Fund stated the following regarding Apollo Global Management, Inc. (NYSE:APO) in its fourth quarter 2023 investor letter:

“The impact of falling yields was a common source of relative underperformance across Tech-Enabled Financials, Information Services, and Capital Markets. In addition, shares of alternative asset manager Apollo Global Management, Inc. (NYSE:APO) didn’t fully participate in this quarter’s market rally due to the expectation that lower rates could weigh on annuity sales and fixed income spreads.”

A portrait of a professional asset manager analyzing financial models and data.

Apollo Global Management, Inc. (NYSE:APO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Apollo Global Management, Inc. (NYSE:APO) was held by 77 hedge fund portfolios, up from 76 in the previous quarter, according to our database.

We discussed Apollo Global Management, Inc. (NYSE:APO) in another article and shared the list of best financial stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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