Watchlist / alt-managers

watchlist

Watchlist / alt-managers

current roster plus event stream

symbols 10 events 85 latest

Publicly-traded alternative asset managers — fee-related-earnings cohort plus the Brookfield parent. Brookfield axis: BAM (Brookfield Asset Management — fee-light spinout, ~$540B FBE AUM, FRE-growth thesis), BN (Brookfield Corporation — capital-heavy parent, $267B corporate debt, ~30-50% SOTP discount to analyst-consensus NAV). Comp set (US alt-managers): BX (Blackstone — largest pure-play AUM), KKR, APO (Apollo), ARES (Ares — credit-heavy), OWL (Blue Owl — direct lending + GP stakes), TPG, CG (Carlyle). Created 2026-05-26 via BAM/BN watchlist coverage decision (research/deep-dives/2026-05-26-bam-deep-dive.md → TASKS-RESEARCH.md:45 follow-up). Pre-this-decision: zero coverage of alt-managers anywhere in the system. Three reasons to track as a cohort: (1) AI-power-bottleneck adjacency — BAM/BN own BIP+BEP which hold the underlying data-center + renewable-PPA assets (MSFT $10B PPA at BEP, BIP's Compass Datacenters / Cyxtera stake); (2) rate-sensitivity regime tell — alt-managers historically run +30-50% in 100-150bp cut windows, cohort-wide; (3) fee-related-earnings comp set — FRE multiples diverge wildly (BAM 22x fwd vs APO 13x fwd) and the spread is itself…

Cumulative return since Sep 21 — both lines start at 0%, so the gap between them IS the out/under-performance. Hover for daily values.
1D7D30D3M1Y
cohort +4.3%+5.7%-1.9%-0.9%-21.6%
SPY -1.2%-1.0%-1.2%+3.5%+14.4%
Δ +5.5%+6.7%-0.7%-4.4%-36.0%

equal-weight · buy-and-hold from window start, no rebalancing · 3M+ windows are a current-roster backcast.

30D breadth 3/10 up

trend: 0 up · 0 flat · 10 down · avg RSI 53 · 0% above SMA200 · covered 10/10

contributors

BAM+0.4pp+3.5%
TPG+0.1pp+1.2%
BN+0.1pp+1.1%
ARES-0.1pp-0.8%
OWL-0.2pp-1.7%

detractors

APO-0.8pp-7.5%
KKR-0.5pp-5.4%
BX-0.4pp-4.2%
PSP-0.3pp-2.6%
CG-0.3pp-2.6%

Holdings

BAM $47.64 +3.5% 30d retreating BN $38.28 +1.1% 30d retreating BX $118.75 -4.2% 30d retreating KKR $93.09 -5.4% 30d retreating APO $114.83 -7.5% 30d retreating ARES $123.70 -0.8% 30d retreating OWL $9.71 -1.7% 30d retreating TPG $46.17 +1.2% 30d retreating CG $39.20 -2.6% 30d retreating PSP $57.20 -2.6% 30d retreating
BAM $47.64 +3.5% +3.5% +4.2% -11.8% 60 retreating -15.5%
TPG $46.17 +4.7% +1.2% +9.8% -19.1% 55 retreating -34.4%
BN $38.28 +2.0% +1.1% -7.1% -15.1% 58 retreating -22.8%
ARES $123.70 +5.7% -0.8% +2.0% -17.6% 57 retreating -31.7%
OWL $9.71 +5.9% -1.7% +5.4% -43.5% 54 retreating -43.9%
CG $39.20 +5.2% -2.6% -11.7% -32.5% 50 retreating -41.8%
PSP $57.20 +1.7% -2.6% -0.8% -15.9% 50 retreating -18.9%
BX $118.75 +8.4% -4.2% -4.6% -26.6% 55 retreating -28.1%
KKR $93.09 +3.6% -5.4% -3.0% -24.5% 51 retreating -35.7%
APO $114.83 +2.8% -7.5% -3.5% -9.3% 43 retreating -25.1%

Feed generated 2026-10-23.