Group 1 - The CEO of Apollo Global Management stated that the U.S. is attempting to create "positive momentum" through trade negotiations [1]

阿波罗全球管理公司首席执行官：美国可能连续两个季度出现负增长。 ...

Core Viewpoint - The CEO of Apollo Global Management stated that certain manufacturing jobs could potentially return to the U.S. [1] Group 1 - The statement reflects a broader trend of reshoring manufacturing jobs back to the U.S. [1] - The CEO emphasized the importance of domestic production capabilities in the current economic climate [1] - This move could lead to increased job opportunities and economic growth within the manufacturing sector [1]

阿波罗全球管理公司首席执行官：美国正在丧失"超级例外主义"。 ...

阿波罗全球管理公司首席执行官：特朗普政府在关税问题上的做法是正确的，但方法错误。 ...

阿波罗全球管理公司首席执行官：美国总统特朗普的关税措施在短期内使局势陷入停滞。 ...

华尔街最优秀的预测者一直在警告，关税可能引发经济衰退。然而，股市似乎对此"置若罔闻"。 一方面，高盛认为未来12个月内发生衰退的几率为45%，而Apollo Global Management的首席经济学家最近将其定为90%。 另一方面，标普500指数刚刚结束了自2004年以来最长的九天连涨——上涨约10%，抹去了上个月特朗普总统宣布关税后的大幅下跌。今年以来， 该指数仅下跌3.1%。债券收益率和美元已经企稳，表明投资者对未来的担忧情绪有限。 PGIM固定收益公司首席美国经济学家Tom Porcelli表示： "鉴于仍存在如此多的不确定性，股票市场在此反弹感觉就像他们在坟墓旁边吹口哨。" 消费者信心尚未出现改变，但潜在风险犹存 根据许多经济学家的说法，即使关税水平较低，持续的关税也可能通过美国经济产生连锁反应，从消费者支出到企业投资再到就业。 一项最新报告显示，经通胀调整后的家庭支出3月份飙升了0.7%，超过预期，这可能受到在关税生效前购买商品愿望的刺激。投资者对数据显示 第一季度经济萎缩的数据不以为然，称其被企业在关税生效前急于进口商品的情况所扭曲。Visa表示，截至4月21日，其信用卡消费并未显示出整 体 ...

Core Insights - Apollo Global Management Inc. reported a revenue of $978 million for the quarter ended March 2025, reflecting a 16.6% increase year-over-year and surpassing the Zacks Consensus Estimate of $961.36 million by 1.73% [1] - The company's EPS for the quarter was $1.82, slightly lower than the consensus estimate of $1.85, resulting in an EPS surprise of -1.62% [1] Financial Performance Metrics - Total Assets Under Management reached $785 billion, exceeding the average estimate of $778.74 billion from three analysts [4] - Fee-related earnings from management fees amounted to $770 million, surpassing the average estimate of $757.41 million based on six analysts [4] - Capital solutions fees and other net income were reported at $154 million, above the estimated $148.44 million [4] - Alternative net investment income in Retirement Services was $315 million, exceeding the average estimate of $298.04 million [4] - Realized investment income in Principal Investing was $28 million, higher than the estimated $23.02 million [4] - Realized performance fees in Principal Investing were $190 million, below the average estimate of $265.64 million [4] - Fixed income and other net investment income in Retirement Services was $2.91 billion, slightly below the estimate of $2.94 billion [4] - Strategic capital management fees in Retirement Services were $29 million, slightly above the average estimate of $28.22 million [4] - Principal Investing Income was reported at $14 million, significantly lower than the estimated $76.89 million [4] - Spread Related Earnings in Retirement Services totaled $804 million, below the average estimate of $821.74 million [4] - Overall Fee Related Earnings in Asset Management were $559 million, slightly above the average estimate of $553.30 million [4] Stock Performance - Apollo Global Management's shares have returned +11.7% over the past month, contrasting with the Zacks S&P 500 composite's -0.5% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

Apollo Global Management, Inc. Reports First Quarter 2025 Results May 2, 2025 Apollo Global Management, Inc. has also declared and set aside for payment a cash dividend of $0.8438 per share of its Mandatory Convertible Preferred Stock, which will be paid on July 31, 2025 to holders of record at the close of business on July 15, 2025. The declaration and payment of dividends on the Common Stock and the Mandatory Convertible Preferred Stock are at the sole discretion of Apollo Global Management, Inc.'s board ...

Financial Data and Key Metrics Changes - The company generated record fee-related earnings (FRE) of $559 million, representing a 21% increase year over year [6][44] - Spread-related earnings (SRE) excluding notable items were $826 million, with adjusted net income of $1.1 billion or $1.82 per share [5][45] - Assets under management (AUM) increased by 17% year over year to $785 billion, with record inflows of $43 billion in the quarter [6][34] Business Line Data and Key Metrics Changes - The credit business showed strong performance with origination of $56 billion, a nearly 30% growth year over year [31] - Private equity fund performance was highlighted, with Fund 10 achieving a net IRR of 19%, significantly outperforming industry peers [15] - In retirement services, the company raised $26 billion in the first quarter, driven by strong demand for guaranteed income products [18][38] Market Data and Key Metrics Changes - The company noted a tightening of BBB corporate spreads below 100 basis points, a level not seen since 1998 [12] - The equity market saw significant concentration, with 10 stocks in the S&P 500 accounting for 40% of the index [11] - The company experienced increased competition in retail sales of fixed annuities, despite tighter spreads [17] Company Strategy and Development Direction - The company emphasized a focus on origination as a source of excess return, willing to reduce leverage and wait for favorable market conditions [8][10] - The strategy includes a pivot towards private assets, with expectations of increased demand from traditional asset managers [22][24] - The company is actively pursuing partnerships with traditional asset managers to integrate private assets into their offerings [88][90] Management's Comments on Operating Environment and Future Outlook - Management described the current market as volatile but expressed confidence in the company's positioning and ability to navigate challenges [27][41] - The outlook for the company remains positive, with expectations of continued strong performance in capital formation and asset origination [34][40] - Management acknowledged potential headwinds from competitive pressures and interest rate changes but remains focused on long-term growth [47][60] Other Important Information - The company announced the acquisition of Bridge Investment Group for approximately $1.5 billion, expected to enhance its real estate capabilities [49] - The company has $64 billion of dry powder available for investment, positioning it well for future opportunities [14] Q&A Session Summary Question: Can you break down the lower SRE and the conditions that could make you less conservative? - Management explained that they underwrite based on spread and ROE, with a focus on maintaining a mid-teens ROE. They are currently prioritizing cash and lower-risk assets to prepare for wider spreads in the future [55][61] Question: How are flows in the AAA channel and the durability of April flows? - Management reported strong momentum in the wealth channel, with AAA flows remaining stable and a positive outlook for the rest of the year [67][68] Question: What is the outlook for institutional demand amid market volatility? - Management expressed optimism about institutional demand, noting that they have historically under-earned their fair share and see significant opportunities for growth [72][78] Question: How does the company view the potential backlash from foreign LPs reducing allocations to U.S. markets? - Management acknowledged the risk but emphasized that the U.S. capital markets remain essential for global funding needs, suggesting that Apollo is well-positioned to navigate these dynamics [102][104]