Watchlist / alt-managers

watchlist

Watchlist / alt-managers

current roster plus event stream

symbols 10 events 83 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 8 — both lines start at 0%, so the gap between them IS the out/under-performance. Hover for daily values.
1D7D30D3M1Y
cohort +1.3%+1.2%-9.4%-4.4%-23.6%
SPY +0.6%+1.2%+2.1%+3.1%+16.0%
Δ +0.7%+0.1%-11.5%-7.5%-39.6%

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

30D breadth 0/10 up

trend: 0 up · 0 flat · 10 down · avg RSI 39 · 0% above SMA200 · covered 10/10

contributors

BN-0.4pp-3.7%
BAM-0.4pp-3.9%
PSP-0.7pp-7.3%
TPG-0.7pp-7.5%
APO-0.9pp-9.4%

detractors

CG-1.3pp-12.9%
ARES-1.3pp-12.8%
KKR-1.3pp-12.6%
OWL-1.3pp-12.6%
BX-1.1pp-11.4%

Holdings

BAM $45.88 -3.9% 30d retreating BN $37.09 -3.7% 30d retreating BX $114.29 -11.4% 30d retreating KKR $90.95 -12.6% 30d retreating APO $118.65 -9.4% 30d retreating ARES $117.22 -12.8% 30d retreating OWL $9.49 -12.6% 30d retreating TPG $45.26 -7.5% 30d retreating CG $38.42 -12.9% 30d retreating PSP $56.50 -7.3% 30d coming into play
BN $37.09 +0.9% -3.7% -15.2% -17.6% 41 retreating -25.2%
BAM $45.88 +1.6% -3.9% -1.8% -21.9% 47 retreating -22.7%
PSP $56.50 +1.1% -7.3% -2.0% -17.5% 38 coming into play -19.9%
TPG $45.26 +0.0% -7.5% +6.1% -22.2% 44 retreating -35.7%
APO $118.65 +2.9% -9.4% -1.4% -4.0% 42 retreating -22.6%
BX $114.29 +1.4% -11.4% -7.2% -28.9% 36 retreating -31.3%
KKR $90.95 +1.6% -12.6% -6.2% -26.7% 35 retreating -37.2%
OWL $9.49 +2.4% -12.6% +1.4% -41.6% 43 retreating -45.2%
ARES $117.22 +0.8% -12.8% -3.8% -20.4% 36 retreating -35.3%
CG $38.42 +0.1% -12.9% -14.1% -35.0% 32 retreating -42.9%

Feed generated 2026-10-07.