Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Apollo Global Management  / Equity Bottom-Up

<ul>
 <li>Apollo's integrated model with Athene provides a significant competitive advantage, offering a permanent and low-cost capital base from retirement services to fuel its asset management and credit origination businesses.</li>
 <li>The firm is strategically positioned to capitalize on the secular growth in the private credit market, a sector projected to grow to approximately $2.8 trillion by 2028, driven by banks retreating from lending and borrowers seeking flexible capital solutions.</li>
 <li>Robust growth in Assets Under Management (AUM) and fee-related earnings (FRE) underscores strong investor confidence and the scalability of its platform, with AUM reaching approximately $840 billion in 2025 and FRE showing consistent double-digit growth.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Apollo's integrated model with Athene provides a significant competitive advantage, offering a permanent and low-cost capital base from retirement services to fuel its asset management and credit origination businesses.
  The firm is strategically positioned to capitalize on the secular growth in the private credit market, a sector projected to grow to approximately $2.8 trillion by 2028, driven by banks retreating from lending and borrowers seeking flexible capital solutions.
  Robust growth in Assets Under Management (AUM) and fee-related earnings (FRE) underscores strong investor confidence and the scalability of its platform, with AUM reaching approximately $840 billion in 2025 and FRE showing consistent double-digit growth.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Apollo Global Management  (APO US) - Sep 2025

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

Equity Capital Markets

Apollo Global Management  / Equity Capital Markets

<ul><li>Analyst and writer based in New York discusses the evolution of financial markets and reflects on personal experiences with Apollo</li><li>Apollo is known for its hard work and talent in protecting their capital, with a focus on complexity and balance sheet analysis</li><li>Apollo is a global alternative asset manager with around 750 billion in total AUM, divided into yield, hybrid, and equity strategies, making it one of the top players in the industry</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Analyst and writer based in New York discusses the evolution of financial markets and reflects on personal experiences with ApolloApollo is known for its hard work and talent in protecting their capital, with a focus on complexity and balance sheet analysisApollo is a global alternative asset manager with around 750 billion in total AUM, divided into yield, hybrid, and equity strategies, making it one of the top players in the industryThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Apollo: Connoisseurs of Complexity - [Business Breakdowns, EP.208]

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/williams-sonoma-inc" target="_blank" data-smartkarma-citation="entities:11383:1" rel="noopener">Williams Sonoma (WSM US)</a> is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.</li>
<li>
<a href="https://www.smartkarma.com/entities/american-airlines-group-inc" target="_blank" data-smartkarma-citation="entities:3663:1" rel="noopener">American Airlines Group (AAL US)</a> is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.</li>
</ul>



Dell Technologies (DELL US) is the main candidate for addition-transition with uncertainty arising from the 'Multiple Share Classes' criterion. Forecasted demand is ~$7bn and ~4 ADV.

Williams Sonoma (WSM US) is one of the top candidates for addition-migration with uncertainty due to the migrations' inconsistent market cap selection pattern. Forecasted demand is $840m and ~2.6 ADV.

American Airlines Group (AAL US) is one of the main candidates for deletion with uncertainty due to price hence ranking fluctuations until cut-off. Forecasted supply is $290m and ~0.8 ADV.


S&P 500 September Forecasts: Saved by the Dell?

MD, Leaf & Ledger Limited

Leaf & Ledger Limited

Formed in 2024, Leaf & Ledger is a European advisory and research firm serving institutional investors and managers. We focus on real assets and private markets, with public-market read-throughs where material. Our work emphasises valuation signals, market structure, and execution topics that translate technical assessment into underwriting and strategy.

Insight That Moves Capital

<ul>
<li>
 High-probability KPI miss: RDM needs a further 6.2% cut from 2024’s 0.449 tCO₂e/t to reach the 2025 SPT of 0.421 tCO₂e/t by Dec 31st, 2025.</li>
<li>
 Largest debt: The €600MM 2029 senior secured notes dominate the debt stack, alongside a €146MM revolver. Terms are private, for illustration we use a market 25bps proxy.</li>
<li>
 Value set-up in stress: Bonds around 79 cents on Sep 29th, 2025, then down 18 cents after Oct 8th, 2025, headlines. KPI miss likely; outlook pressured.</li>
</ul>



 High-probability KPI miss: RDM needs a further 6.2% cut from 2024’s 0.449 tCO₂e/t to reach the 2025 SPT of 0.421 tCO₂e/t by Dec 31st, 2025.

 Largest debt: The €600MM 2029 senior secured notes dominate the debt stack, alongside a €146MM revolver. Terms are private, for illustration we use a market 25bps proxy.

 Value set-up in stress: Bonds around 79 cents on Sep 29th, 2025, then down 18 cents after Oct 8th, 2025, headlines. KPI miss likely; outlook pressured.


Reno De Medici (RM IM) SLB, Trade the High Risk YE2025 SPT Window

United States

Apollo Global Management, Inc. operates as an alternative investment management company. The Company focuses on investing in yield, hybrid, and equity markets to generate retirement and investment income for clients. Apollo Global Management serves businesses and individuals worldwide.

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Apollo Global Management (APO US)

Primer: Apollo Global Management (APO US) - Sep 2025

Apollo's integrated model with Athene provides a significant competitive advantage, offering a permanent and low-cost capital base from...

αSK

Apollo: Connoisseurs of Complexity - [Business Breakdowns, EP.208]

Hunter is an analyst and writer in New York who covers the evolving financial markets, highlighting Apollo's unique approach to protecting capital...

Business Breakdowns

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

S&P 500 September Forecasts: Saved by the Dell?

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Reno De Medici (RM IM) SLB, Trade the High Risk YE2025 SPT Window

High probability of KPI miss for RDM, needing 6.2% cut to reach 2025 target by Dec 31st. Largest debt is €600MM 2029 notes. Bonds value set-up in...

EC

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Apollo Global Management (APO US) - Sep 2025

Apollo's integrated model with Athene provides a significant competitive advantage, offering a permanent and low-cost capital base from...

αSK

Apollo: Connoisseurs of Complexity - [Business Breakdowns, EP.208]

Hunter is an analyst and writer in New York who covers the evolving financial markets, highlighting Apollo's unique approach to protecting capital...

Business Breakdowns

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

S&P 500 September Forecasts: Saved by the Dell?

​Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...

Dimitris Ioannidis

Reno De Medici (RM IM) SLB, Trade the High Risk YE2025 SPT Window

High probability of KPI miss for RDM, needing 6.2% cut to reach 2025 target by Dec 31st. Largest debt is €600MM 2029 notes. Bonds value set-up in...

EC

Dell Technologies is the biggest candidate for inclusion in the S&P 500 with forecasted demand of ~$7bn and ~4 days of volume. Uncertainty arises...