Core Insights - The article emphasizes the potential investment opportunities in stocks that have underperformed despite a strong overall market performance in the U.S. equities, particularly focusing on companies with solid business models that have been overlooked [1][2]. The Trade Desk (TTD) - The Trade Desk has seen its shares decline nearly 70% from their highs, but the valuation has become compelling after years of being considered untenable [5][8]. - The company operates a leading independent demand-side platform (DSP) for digital advertising, which is increasingly important as advertisers seek transparency and control [6]. - Revenue growth is expected to be in the high teens for the current year and next, with earnings projected to compound at approximately 20.4% annually over the next three to five years [7]. The Blackstone Group (BX) - Blackstone's share price has been pressured due to negative sentiment following the collapse of First Brands Group, which raised concerns about the private credit market [9][10]. - Despite the narrative risks, Blackstone remains a dominant player in alternative investments with a diversified platform and strong fundamentals, including projected revenue growth of nearly 26% next year [11][12]. - The stock trades at approximately 29x forward earnings, which is below industry peers and only modestly above its five-year median multiple, indicating a more reasonable valuation [12]. Salesforce (CRM) - Salesforce has lagged in stock performance due to shifting investor sentiment around AI monetization, but it remains deeply integrated into enterprise workflows [14][15]. - The company possesses a rich dataset and is well-positioned to leverage AI for productivity and decision-making enhancements, with a projected 15% annual earnings growth over the next three to five years [16][17]. - The stock's valuation has reset to approximately 22.6x forward earnings, and the company has consistently beaten earnings estimates, indicating strong execution [17]. Investment Outlook - All three companies—The Trade Desk, Blackstone, and Salesforce—share characteristics of high-quality businesses with reset valuations and intact long-term growth drivers, making them attractive for investors looking toward 2026 [18].

Core Insights - Apollo Global Management (NYSE:APO) is recognized as a leading global alternative investment manager, specializing in private equity, credit, and real estate investments, competing with firms like Blackstone and KKR [1][5] - A price target of $186 has been set by Michael Brown from UBS, indicating a potential upside of 24.79% from the current price of $149.06 [1][5] - The Investment Committee has identified Apollo Global as a top stock to watch for the second half of the year, suggesting potential opportunities for investors [2][5] Stock Performance - APO's stock price recently increased by 3.59%, or $5.17, reaching $149.06, with fluctuations between $143.12 and $149.60 during the trading day [3][5] - Over the past year, the stock has experienced significant volatility, with a high of $179.48 and a low of $102.58 [3][5] Market Capitalization and Trading Activity - Apollo Global Management has a market capitalization of approximately $86.51 billion, reflecting the total market value of the company's outstanding shares [4] - The trading volume for the day was 3,378,285 shares, indicating strong investor interest and activity in the stock [4]

Core Insights - The annual financial services conference hosted by Goldman Sachs is gathering major banking figures, highlighting the significance of the event in the industry [1] - Aries Management's stock rose approximately 7% following its inclusion in the S&P 500, indicating positive market reception and investor confidence [1][2] Company Performance - Aries Management experienced a significant milestone with its S&P 500 inclusion, reflecting its growth and success over the past three decades [3][4] - The company has shown resilience in the face of recent high-profile bankruptcies in the private credit space, with a strong recovery in stock performance [4] Market Dynamics - The alternative investment landscape is described as sizable, scaled, global, and growing, suggesting a robust environment for private equity and credit [4] - Recent incidents of fraud and credit challenges in the market were viewed as isolated events rather than indicative of systemic issues, with low non-accrual rates reported by large managers [5][6] Regulatory Environment - The Bank of England is initiating stress tests for private equity and private credit, with Aries Management participating, indicating a proactive approach to risk management in the industry [7] - There is ongoing dialogue between private market participants and regulators in the US, emphasizing the importance of understanding the relationship between private and public markets [8] Industry Outlook - The stress testing process by the Bank of England is anticipated to benefit the industry by demonstrating the critical role of private markets in modern capital markets [9] - Private markets are seen as essential for driving growth in the middle market economy and mitigating volatility in liquid markets [9]

Group 1: Bill Ackman's Portfolio - Bill Ackman has nearly 50% of his portfolio invested in three stocks: Uber Technologies, Brookfield Corp, and Howard Hughes Holdings [1][2][4][6] - Ackman's largest investment is in Uber Technologies, valued at approximately $3 billion, which constitutes around 20% of his total portfolio [2] - Ackman is a relatively new investor in Uber, having acquired shares in the first quarter of 2025, with the stock price increasing over 40% year to date due to AI and self-driving car hype [3] Group 2: Uber Technologies - Uber Technologies has a current market capitalization of $173 billion, with a gross margin of 32.74% and no dividend yield [1] - The stock price of Uber has fluctuated between $59.33 and $101.99 over the past 52 weeks, with a current price of $83.36 [1] - The potential for the robotaxi market, which could be valued at $10 trillion globally, makes Uber an attractive investment option [3] Group 3: Brookfield Corp - Brookfield Corp is a global alternative investments manager focusing on non-traditional assets such as renewable energy and infrastructure projects [4] - Ackman first purchased shares in Brookfield in early 2024, with the stock rising 13% year to date and achieving a 101% return over the last five years [5] Group 4: Howard Hughes Holdings - Howard Hughes Holdings is a real estate company with projects across multiple states, focusing on Master Planned Communities [6] - Ackman has a historical connection to Howard Hughes Holdings, having helped found the company in 2010 as a spinoff from General Growth Properties [7] - The stock price of Howard Hughes Holdings has only increased by 20% over the past five years, indicating potential value [7]

Financial Performance - GAAP net income attributable to Ares Management Corporation was $288.9 million for the quarter ended September 30, 2025[1] - After-tax realized income was $425.8 million for the quarter ended September 30, 2025[2] - Fee related earnings were $471.2 million for the quarter ended September 30, 2025[2] - Total assets under management reached $595.7 billion as of September 30, 2025, a 28% year-over-year increase[9,3] - Total fee paying AUM was $367.6 billion as of September 30, 2025, a 28% year-over-year increase[3,37] Fundraising and Capital Deployment - Ares expects to exceed its previous annual fundraising record of $93 billion this year[3] - The company raised $30.9 billion in Q3 2025, with net inflows of capital of $28.5 billion[25] - Capital deployment reached $41.7 billion, including $20.2 billion by drawdown funds[25] - Available capital stood at $150 billion at the end of the third quarter[3] Dividends - Ares declared a quarterly dividend of $1.12 per share of Class A and non-voting common stock[4] - Ares declared a quarterly dividend of $0.84375 per share of its 6.75% Series B mandatory convertible preferred stock[5]

Core Insights - Bridge Investment Group Holdings LLC has successfully completed fundraising for Bridge Debt Strategies Fund V LP, raising $2.15 billion in equity commitments [1] Group 1: Fund Overview - BDS V employs a diversified strategy focusing on originating first mortgage direct loans, issuing CRE CLOs, purchasing Freddie Mac K-Series B-Pieces, and investing in other CRE-backed debt [2] - The Fund leverages Bridge's vertically-integrated platform and in-house expertise to invest in underserved areas of the debt market with high barriers to entry and limited competition [2] Group 2: Market Positioning - The Fund's emphasis on recession-resistant multifamily collateral and floating-rate debt positions it favorably in the current market environment [3] - BDS V targets the residential rental market in the US, utilizing specialized expertise to create attractive exposure to a high-performing asset class [3] Group 3: Company Background - Bridge Investment Group is an affiliate of Apollo and operates as a leading alternative investment manager, diversified across specialized asset classes [4] - The company combines a nationwide operating platform with dedicated teams of investment professionals focused on select real estate verticals [4]

Core Insights - Altamirano PLLC is investigating brokerage firms involved in selling Inspired Healthcare Capital (IHC) investments [1] - IHC has suspended all investment offerings and distributions amid a review by the U.S. Securities and Exchange Commission (SEC) [2] - A complaint has been filed against IHC and its CEO for default and misrepresentation regarding the company's financial status [3] Group 1: Company Overview - IHC is an Arizona-based alternative investment sponsor that aimed to raise over $1.06 billion through various real estate investment programs [2] - The firm has sponsored Delaware Statutory Trusts (DSTs) and other investment programs distributed via broker-dealers and financial advisors [2] Group 2: Legal and Regulatory Actions - The SEC is currently reviewing IHC, leading to the suspension of its investment offerings and distributions [2] - A legal complaint was filed in California Superior Court against IHC and its CEO, alleging default on a promissory note and misrepresentation of financial conditions [3] Group 3: Investor Support and Recovery Options - Altamirano PLLC is focused on helping investors understand their recovery options if brokerage firms failed to meet their due diligence responsibilities [4] - The firm is evaluating potential claims for investors in IHC-sponsored offerings, including issues related to unsuitable investment recommendations and misrepresentation of risks [4]

Summary of GCM Grosvenor 2025 Investor Day Company Overview - **Company**: GCM Grosvenor (NasdaqGM:GCMG) - **Date**: October 15, 2025 - **AUM**: $86 billion across five core alternative strategies: absolute return, private equity, infrastructure, credit, and real estate [15][22][24] - **Headquarters**: Chicago, with nine global offices and 546 employees [15] Industry Insights - **Alternatives Industry Growth**: Alternatives AUM is projected to grow at double-digit rates over the next five years, driven by compounding returns and a greater share of investors' wallets [43] - **Middle Market Focus**: The middle market is seen as fragmented and less efficient, providing opportunities for outperformance. GCM Grosvenor is positioned as a leader in this space [22][24] Core Business Strategies - **Client-Centric Approach**: The firm emphasizes a client-first mindset, focusing on delivering long-term value for clients, which in turn drives shareholder value [4][12][42] - **Customized Separate Accounts**: Over 70% of AUM is delivered through customized separate accounts, allowing for tailored investment strategies based on client specifications [16][47] - **Direct-Oriented Strategies**: The firm is shifting towards direct-oriented strategies, such as co-investments and secondaries, which provide better economics for clients and the firm [10][15] Financial Performance - **Growth Metrics**: The firm has achieved a 35% compound annual growth rate in specialized funds since 2014 and has seen mid-teens earnings growth over the past five years [10][25] - **Future Projections**: GCM Grosvenor expects to double its fee-related earnings by the end of 2028, with a target of $1.20 in adjusted net income per share by 2028 [30][31] Capital Deployment and Shareholder Returns - **Dividend Increase**: The quarterly dividend has been increased from $0.11 to $0.12 per share, effective December 1, 2025 [32] - **Capital-Light Business Model**: The firm operates a capital-light business with expanding margins and strong cash flow, allowing for significant operating leverage [24][31] Client Relationships and Retention - **High Client Satisfaction**: 92% of top clients have added capital since 2020, indicating strong loyalty and satisfaction [17] - **Long-Term Relationships**: The average length of relationship with top customized separate account clients is 13 years, showcasing the firm's ability to build trust and deliver value [51] Inorganic Growth Strategy - **M&A Approach**: GCM Grosvenor maintains a disciplined approach to inorganic growth, focusing on opportunities that align with client needs and accelerate growth [29][30] Individual Investor Channel - **Emerging Opportunities**: The firm is investing in capturing the individual investor market, which holds roughly half of global wealth but is under-allocated to alternatives [61][62] - **Recent Fundraising Success**: In Q3 2025, GCM Grosvenor raised $1.9 billion, bringing year-to-date fundraising to $7.2 billion, indicating strong momentum [66] Conclusion - **Future Outlook**: GCM Grosvenor is well-positioned to capitalize on growth opportunities in the alternatives space, with a strong focus on client relationships, innovative investment strategies, and a commitment to delivering value [68]

Company Overview and Strategy - GCM Grosvenor has $86 billion in Assets Under Management (AUM) [24] and a diversified open architecture investment platform [27] - The company is focused on growing its core business, scaling investment strategies, and extending into new areas [40, 41] - GCM Grosvenor aims to compound Fee-Related Earnings (FRE) and achieve Adjusted Net Income (ANI) exceeding $120 per share by 2028 [52] Client Base and Value Proposition - 92% of top clients have increased their capital investment since 2020 [30], and 56% invest in more than one strategy [30] - The company manages capital for over 675 institutional clients and thousands of individual investors [29] - GCM Grosvenor offers customized separate accounts (CSAs), which constitute 71% of its AUM [18, 73] Financial Performance and Growth - Private Markets Management Fees reached $251 million [38], with a CAGR of 12% since 2020 [38] - Fee-Related Earnings (FRE) were $177 million [38], with a margin of 44% [38], representing a 1,300 bps increase since 2020 [38] - The firm's share of unrealized carried interest is $451 million [38], reflecting a 31% CAGR since 2020 [38] Investment Platform Performance - Private Equity Primary Investments achieved a 134% IRR [122] and a TVPI of 18x [122], outperforming the S&P 500 Index by +310 bps [122] - Private Equity Co-Investments generated a 208% IRR [122] and a TVPI of 21x [122], outperforming the S&P 500 Index by +550 bps [122] - Infrastructure Primary Investments had an 114% IRR [122] and a TVPI of 17x [122], outperforming the MSCI Infrastructure Index by +510 bps [122]

Core Viewpoint - Vinci Compass Investments Ltd. will release its financial results for Q3 2025 on November 13, 2025, and will host a conference call to discuss these results [1]. Company Overview - Vinci Compass is a leading alternative investments and global solutions provider in Latin America, with nearly three decades of experience and operations in eleven offices across Latin America and the US [3]. - The company manages R$304 billion in assets under management and advisory as of June 2025 [3]. - Vinci Compass specializes in various sectors including Private Equity, Credit, Real Estate, Infrastructure, Forestry, Equities, Global Investment Products & Solutions, and Corporate Advisory, with dedicated teams for each segment [3]. Conference Call Details - The conference call will take place via Zoom at 5:00 pm ET on the same day as the financial results release [1]. - Access to the conference call can be found in the Events section of the company's website, with a replay available for those unable to attend live [2].