Asset Management
All research in Asset Management — 7 reports.
VCX is a listed closed-end venture capital fund with underlying exposure to private unicorns such as Anthropic, Databricks, OpenAI, and SpaceX. The assets are high quality, but the $155.99 market price represents an approximately 722% premium to the audited NAV of $18.97 as of 2026-03-31, leaving no margin of safety; recurring cash income is weak, net investment income is negative, and restricted securities account for 75.2% of net assets. Report rating Avoid: the thesis is that a fair buy range is $14 to $20.
A listed closed-end fund that bundles private technology stakes such as SpaceX, Anthropic, and OpenAI; at the current price of $40.43 it trades roughly 64.6% above its NAV of $24.56. Good assets, bad price, no margin of safety, with an ideal entry range of $18 to $24. Rating Avoid: a scarce private-tech wrapper priced as a sentiment trade rather than an asset purchase.
Invesco is a global asset-management platform whose economics depend on AUM, fee rates, distribution, and product mix. The core thesis is that QQQ's conversion into an open-end ETF, ETF/index growth, China JV inflows, and operating leverage are improving earnings, but low customer switching costs, active-equity outflows, heavy goodwill and intangibles, and a thin margin of safety keep the stock from being compelling at about $28.46. Research rating Watch: a reasonably priced improvement story, but not yet a high-conviction compounder; the preferred entry range is $22-26.
A top-tier global alternative-asset platform (alternative asset management + Global Atlantic insurance + strategic holdings). At 94.04 dollars the stock is roughly fair on neutral assumptions, but a governance discount, insurance risk, and a not-cheap ~22x conservative owner earnings leave little margin of safety. Rating Watch: a high-quality but complex compounder worth waiting on, with an ideal buy zone of 70-85 dollars.
A global alternative asset management platform with $1.304 trillion in AUM and $539.7 billion in perpetual capital. At $118.51, the stock trades at roughly 19.5x economic-interest P/DE, with its quality premium already fully priced in. Rating Watch: a top-tier franchise worth owning, but only at a price that offers a real margin of safety, so wait for a better entry point as fundraising, exits, or valuation multiples reset.
Ares is an alternative asset management platform: 2025 AUM of 623 billion / FPAUM of 385 billion / management fees of 3.863 billion / FRE of 1.775 billion, with FRE making up 96% of distributable cash. At 124.41 dollars, the stock sits inside our fair-value range, and the margin of safety for new buyers is thin. Rating Watch: a high-quality, moat-widening franchise priced for its growth, where the business is good enough but the price is not generous enough.
Apollo is a compound financial enterprise that bundles alternative asset management, insurance liabilities, and credit origination, posting 2025 FRE of $2.528 billion and SRE of $3.361 billion, with AUM reaching roughly $1.03 trillion by Q1 2026. At the current $128.51 the shares sit in the upper-middle of the conservative range and below fair value, leaving the margin of safety too thin. Rating Watch: a high-quality but highly complex platform worth tracking, where I would wait for a more comfortable entry rather than chase the price.