Investment management company Ave Maria recently released its “Ave Maria Focused Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -2.37% compared to the S&P MidCap 400 Growth Index’s -3.25% return. Year-to-date the fund returned 21.03% compared to the 6.88% return for the index. You can check the top 5 holdings of the fund to know its best picks in 2023.
Ave Maria Focused Fund highlighted stocks like Apollo Global Management, Inc. (NYSE:APO) in the third quarter 2023 investor letter. Headquartered in New York, New York, Apollo Global Management, Inc. (NYSE:APO) is a private equity firm. On December 15, 2023, Apollo Global Management, Inc. (NYSE:APO) stock closed at $94.48 per share. One-month return of Apollo Global Management, Inc. (NYSE:APO) was 8.80%, and its shares gained 51.14% of their value over the last 52 weeks. Apollo Global Management, Inc. (NYSE:APO) has a market capitalization of $53.623 billion.
Ave Maria Focused Fund made the following comment about Apollo Global Management, Inc. (NYSE:APO) in its Q3 2023 investor letter:
“Apollo Global Management, Inc. (NYSE:APO) was added to the Fund this quarter. Historically, Apollo has excelled in traditional leveraged buyout and leveraged loan markets, establishing itself as a premier buyout firm. In 2009, Apollo launched Athene, a retirement services provider specializing in fixed-rate annuities. Athene quickly ascended to become the leading fixed-rate annuity provider in the US, providing Apollo with nearly a half a trillion dollars of perpetual capital to invest. Apollo predominantly invests this capital in investment-grade private credit, sourcing investment opportunities through 16 origination platforms. These platforms deploy capital into aircraft financing, fleet financing, senior debt, non-agency home loans, and other assets. The investment grade credit market is vast – estimated at $40 trillion. By leveraging Athene’s liability origination capabilities and the asset origination capabilities of Apollo’s various platforms, Apollo is poised to grow to over $1 trillion in AUM over the next five years.
We are confident that these three alternative investment managers will grow their respective businesses substantially over the next five years. This should provide ample growth in their stock prices and, consequently, the Fund’s positions in them.”
A portfolio manager intently comparing investment grade securities on a laptop.
Apollo Global Management, Inc. (NYSE:APO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held Apollo Global Management, Inc. (NYSE:APO) at the end of third quarter which was 62 in the previous quarter.
We discussed Apollo Global Management, Inc. (NYSE:APO) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q3 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.