Key Takeaways
- • Alternative asset manager stocks fell again in a single session, with Apollo (APO), Ares (ARES), Blackstone (BX), Carlyle (CG), KKR (KKR), and Blue Owl (OWL) all down roughly 3% or more intraday before partially rebounding into the close.
- • Blue Owl (OWL) led the decline with a nearly 5.5% drop, while KKR held up best at -1.8%.
- • All six stocks are down more than 20% year-to-date, and most are roughly half or more below their all-time highs; OWL is down more than two-thirds from its January 2025 peak.
- • Bespoke's equal-weight Alternative Asset Managers basket closed 45.3% below its high, a drawdown near the deepest of the decade and comparable to the COVID selloff, and larger than the 2022 bear market decline.
- • The basket remains up 115.3% since the start of 2020, but each rebound since its early 2025 peak has topped out at a lower level.
Summary
Alternative asset manager stocks had another weak session, with Apollo (APO), Ares (ARES), Blackstone (BX), Carlyle (CG), KKR (KKR), and Blue Owl (OWL) all down roughly 3% or more as of the afternoon, according to Bespoke Investment Group. The stocks recovered some ground into the close. Blue Owl led the declines with a nearly 5.5% drop, while KKR fell the least among the group at 1.8%.
The weakness has been sustained over a longer period. All six stocks are down more than 20% year-to-date, and their declines from all-time highs are considerably larger. Apollo has held up best on both measures but remains 36.5% below its peak. KKR and Carlyle have each lost roughly half their value from their respective highs, while Blue Owl is down more than two-thirds from its January 2025 peak. Most of the group topped out in late 2024 or early 2025, although Carlyle reached its high in September of the prior year.
Bespoke's equal-weight Alternative Asset Managers basket, tracked since the start of 2020, illustrates the broader trend. At its early 2025 peak, the basket had nearly quadrupled. It remains up 115.3% over the decade, but a substantial portion of its earlier gains has been erased, and each rebound since the peak has topped out at a lower level before the latest rally gave way to another leg lower.
Bespoke's drawdown analysis shows the basket closed 45.3% below its high on the day, placing the current decline near the deepest of the decade. The drawdown is comparable to the COVID-era selloff and larger than the decline during the 2022 bear market. Investors who bought near the peak have seen those positions nearly cut in half, even though the group's gains over the full period remain substantial.
The weakness has been sustained over a longer period. All six stocks are down more than 20% year-to-date, and their declines from all-time highs are considerably larger. Apollo has held up best on both measures but remains 36.5% below its peak. KKR and Carlyle have each lost roughly half their value from their respective highs, while Blue Owl is down more than two-thirds from its January 2025 peak. Most of the group topped out in late 2024 or early 2025, although Carlyle reached its high in September of the prior year.
Bespoke's equal-weight Alternative Asset Managers basket, tracked since the start of 2020, illustrates the broader trend. At its early 2025 peak, the basket had nearly quadrupled. It remains up 115.3% over the decade, but a substantial portion of its earlier gains has been erased, and each rebound since the peak has topped out at a lower level before the latest rally gave way to another leg lower.
Bespoke's drawdown analysis shows the basket closed 45.3% below its high on the day, placing the current decline near the deepest of the decade. The drawdown is comparable to the COVID-era selloff and larger than the decline during the 2022 bear market. Investors who bought near the peak have seen those positions nearly cut in half, even though the group's gains over the full period remain substantial.
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