After rallying off their midyear lows early in the third quarter, the shares of the alternative asset managers ended the period down 1% on average as the prospect of rising short-term rates raised concerns about deployments and monetizations in the near to medium term.
APO is trading within a range we consider fairly valued.
Price
$112.83
Fair Value
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Uncertainty
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1-Star Price
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5-Star Price
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Economic Moat
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Capital Allocation
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Bulls Say, Bears Say
Bulls
Apollo, with $858.0 billion in fee-earning AUM at the end of June 2026, is one of the go-to firms for institutional and high-net-worth investors looking for exposure to alternative assets.
Bears
A prolonged downturn in the credit and/or equity markets could leave potential investors in Apollo's funds with limited liquidity and large commitments to other funds, making it difficult for the firm to raise new capital.
Apollo is one of the world's largest alternative asset managers, with $1.047 trillion in total assets under management, or AUM, including $858.0 billion in fee-earning assets, at the end of June 2026. The company has two core operating segments: asset management and retirement services. Apollo operates with scale in most of its major asset management endeavors—private equity (with an estimated $137.2 billion in total AUM and $76.3 billion in fee-earning AUM), real estate/real assets ($60.8 billion/$27.6 billion), and credit ($849.3 billion/$754.1 billion). Apollo has a distribution profile that is likely not too far off from the industry averages—with 84% of its assets held by institutional investors and 16% by high-net-worth clients.