Put in $2000, then purchased:
$300 for APO
$500 for ARES
$300 for BN
$300 for BX
$863.19 for OWL
I thought the alternative asset managers were bottomed and would start coming back a week ago, but I was wrong. My portfolio took a pretty big hit, and my IRR is now trailing a hypothetical SPY-only portfolio by about 2 basis points.
Blackstone (BX) earnings were strong with fee-related earnings grew 23% in 2026 Q1, distributable earnings per share grew 25% in 2026 Q1 and LTM distributable earnings per share grew 23%. Total AUM increased 12%, and fee-earning AUM increased 9% year-over-year. The focus was BCRED - Blackstone Private Credit Fund (2021), which unfortunately had a net outflow of $1.4 billion resulting in AUM of about $94 billion. It's mostly because of the negative dissemination of private credits. Overall though, it is a company growing its earnings at double digits.
What it tells about Blue Owl is that it likely will experience very muted AUM growth in the upcoming earnings announcement on 04/30. I expected the DE per share growth will be at least high single digit. It's trading at roughly P/DE 10, super cheap with its close 10% dividend yield.
I am maintaining my view that the alternative asset managers were misunderstood, and the big returns will come at these trading prices. I am buying more.
Transactions
Recent and upcoming dividend distributions
Portfolio performance snapshot
Total return:
One-year return:
Portfolio IRR (calculation): 18.29%
Approximated IRR for an SPY-only portfolio: 18.31%
Individual holdings:
Breakdown by categories (real-time):
Total returns for individual holdings:
Last prices:
Portfolio holdings conviction
The convictions in the table below reflects my current opinions and will guide the future contribution of additional investment to existing holdings. Stocks not inside the table are stocks with subpar return on equity that will be very unlikely to receive more contributions from new money (there can be exceptions for very cheap stocks).
Conviction in long-term prospects means how much I believe a company would match or outperform the market (e.g. S&P 500) in the long run. Valuation matters so the conviction generally corresponds to the neutral rating of Valuation. It has the following ratings: weak, moderate, strong
Valuation: greatly overvalued, overvalued, slightly overvalued, neutral, slightly undervalued, undervalued, greatly undervalued
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