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Investment management company Ave Maria recently released its “Ave Maria Focused Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -2.37% compared to the S&P MidCap 400 Growth Index’s -3.25% return. Year-to-date the fund returned 21.03% compared to the 6.88% return for the index. You can check the top 5 holdings of the fund to know its best picks in 2023.
Ave Maria Focused Fund highlighted stocks like Apollo Global Management, Inc. (NYSE:APO) in the third quarter 2023 investor letter. Headquartered in New York, New York, Apollo Global Management, Inc. (NYSE:APO) is a private equity firm. On December 15, 2023, Apollo Global Management, Inc. (NYSE:APO) stock closed at $94.48 per share. One-month return of Apollo Global Management, Inc. (NYSE:APO) was 8.80%, and its shares gained 51.14% of their value over the last 52 weeks. Apollo Global Management, Inc. (NYSE:APO) has a market capitalization of $53.623 billion.
Ave Maria Focused Fund made the following comment about Apollo Global Management, Inc. (NYSE:APO) in its Q3 2023 investor letter:
"Apollo Global Management, Inc. (NYSE:APO) was added to the Fund this quarter. Historically, Apollo has excelled in traditional leveraged buyout and leveraged loan markets, establishing itself as a premier buyout firm. In 2009, Apollo launched Athene, a retirement services provider specializing in fixed-rate annuities. Athene quickly ascended to become the leading fixed-rate annuity provider in the US, providing Apollo with nearly a half a trillion dollars of perpetual capital to invest. Apollo predominantly invests this capital in investment-grade private credit, sourcing investment opportunities through 16 origination platforms. These platforms deploy capital into aircraft financing, fleet financing, senior debt, non-agency home loans, and other assets. The investment grade credit market is vast – estimated at $40 trillion. By leveraging Athene’s liability origination capabilities and the asset origination capabilities of Apollo’s various platforms, Apollo is poised to grow to over $1 trillion in AUM over the next five years.
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Apollo Global Management, Inc. (NYSE:APO) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 76 hedge fund portfolios held Apollo Global Management, Inc. (NYSE:APO) at the end of third quarter which was 62 in the previous quarter.