Robert Karr

Historically, TD Ameritrade traded at a discount to its peers because of average operating margins. The sector’s valuations fell in the recent past.

The launch of innovative ideas at the right time can help Blackstone attract a good amount of new capital through its dedicated network.

Fund flows in European equities (EFA) have expanded at a slower pace since 2011. Overall, they’ve grown at an average of 10% over the past three years.

In the first quarter, BlackRock managed ~$1.9 trillion in fixed income offerings, up from ~$1.6 trillion in the first quarter of 2017.

Morgan Stanley charges fixed fees and performance fees for asset management services, products and services, and administration of accounts.

BlackRock’s (BLK) retail business had assets under management (or AUM) of $542 billion as of March 31, 2016.

Prospect Capital (PSEC) is strengthening its capital position in order to take advantage of mispricing during volatile times.

In spite of a rather weak performance, Wells Fargo (WFC) commands the highest premium due to its strong franchise, mortgage concentration, and high net interest margins.

Asset managers (VFH) are seeking stability in order to attract funds toward either equity or debt offerings.

BlackRock (BLK) became the world’s largest asset management company in 2009 with the acquisition of Barclays Global Investors (BGI).

Prospect Capital’s (PSEC) stock has fallen ~3% in the past quarter, and it has risen ~11% in the past year. The company is currently trading 7% lower than its 52-week high.

Allianz Group offer property casualty insurance, life and health insurance, and asset management products and services in over 70 countries. The company’s major operations are in Europe.

US equities were impacted by weak jobs data and slower construction and manufacturing activity. But the energy sector attracted investors.

Prospect Capital (PSEC) stock rose 3.0% over the past three months and 20.0% over the past year. The company is currently trading 5.0% below its 52-week high.

Prospect Capital’s (PSEC) stock fell ~7% in fiscal 1Q17 (September quarter) but has risen ~6% in the past 12 months.

Berkshire Hathaway (BRK.B) was sitting on liquidity of $118 billion at the end of the first quarter.

In 1Q18, Berkshire Hathaway’s (BRK.B) insurance revenue fell YoY (year-over-year) to $14.6 billion from $22.9 billion.

JPMorgan Chase (JPM) stock has generated a return of 21.0% in the last six months and 31.3% over the past year.

BlackRock is currently trading at a forward price-to-earnings ratio of 17.6x, compared with the industry average of 18.6x.

Among the major asset managers, BlackRock (BLK) is expected to post sequential and year-over-year growth in earnings per share to $6.38 in 1Q18 and $6.83 in 2Q18.

Prospect Capital (PSEC) stock has fallen 14.5% over the past six months and 16.9% over the past year.

Wells Fargo (WFC) stock has risen 13.0% over the past six months and 10.1% over the past year.

In May, 13 of the 31 analysts covering Wells Fargo rated the stock as a “buy,” 12 analysts rated it as a “hold,” and six analysts rated it as a “sell.”

In 2016, alternatives saw higher investments as well as exits on the back of improved liquidity, rising markets, higher valuations, and distressed pricing in corporate credit.

KKR & Company’s (KKR) Private Markets segment contributed almost 71% of the company’s total revenues in 4Q16.

First Data (FDC) is one of KKR’s major holdings. The stock has risen 7.8% in 4Q16 as compared to a substantial decline in 1H16.

KKR & Company (KKR) is creating value for shareholders through share dividends and repurchases.

KKR’s (KKR) Capital Markets and Principal Activities segment complements its activities in both private and public markets.

Public markets have performed well over the past couple of quarters mainly due to a rebound in energy prices (USO), which has led to rising prices of distressed credit.

In February 2017, 12 of the 17 analysts covering Ares Capital, or ~71%, have rated it as a “buy” or a “strong buy.”

Ares Capital stock has risen ~11.7% over the past six months. The company saw a strong performance in 4Q16 on higher deployment, stable yields, and expense management.

Ares Capital has consistently enhanced its exposure to second lien debt in a bid to generate higher yields. In 4Q16, its second lien debt made up 33% of its new commitments.

Ares Capital’s (ARCC) portfolio totaled $8.8 billion at fair value on December 31, 2016. Its total assets stood at $9.2 billion.

Ares Capital (ARCC) posted EPS (earnings per share) of $0.42, beating Wall Street analysts’ consensus estimate of $0.39 in 4Q16.

By the end of December 2016, Ares Capital (ARCC) had a diversified portfolio of 218 companies totaling $8.8 billion at fair value.

Analysts’ ratings for Ares Capital Ares Capital’s (ARCC) analyst ratings have improved over the past few months due to rising earnings and originations. So far in February 2017, twelve of the 17 analysts covering the company have rated it as a “buy” or a “strong buy.” Five analysts rated it as a “hold.” Since January 2017, Ares […]

Stock performance Ares Capital (ARCC) stock has risen ~14% over the past six months and 37% over the past year due to improved operating performance. In 3Q16, the company saw higher deployments and yields, and lower expenses. The company declared a dividend of $0.38 per share in 3Q16, in line with that of 3Q15. With a dividend […]

Second-lien preference Ares Capital (ARCC) has consistently increased its exposure to investments in second-lien debt to garner higher yields. In 3Q16, second-lien debt made up 23% of its new commitments and exits made up 18%. Second-lien loans formed 32% of the company’s total portfolio, and first-lien senior secured loans fell to 25% from 29% in […]

Broad markets driving statistics Ares Capital’s (ARCC) portfolio valuation and total assets stood at $8.8 billion and $9.1 billion, respectively, on September 30, 2016. The company’s corporate borrowers posted last-12-month EBITDA (earnings before interest, tax, depreciation, and amortization) growth of ~7% due to adequate growth and repayment capability. In 3Q16, Ares Capital’s credit statistics fell, with non-accrual […]

Net investments to rise Ares Capital (ARCC) has seen subdued deployment over the past few quarters. The company’s investments have fallen since 1Q16, mainly due to higher exits. In 4Q16, Ares might see marginally higher net investments due to new programs and first- and second-lien lending. As of September 30, 2016, Ares Capital had a diversified […]

Analysts’ ratings for Prospect Of the eight analysts covering Prospect Capital (PSEC), two rated it a “buy” or “strong buy” in January 2017. Three analysts, or ~37.5%, rated it a “hold.” One analyst rated Prospect an “underperform” and two analysts rated the company a “sell.” Prospect’s mean target price is $8.05 per share, implying a fall of 7.9% […]

Ares Capital (ARCC) is expected to post EPS (earnings per share) of $0.39 in 4Q16, compared with $0.40 in 4Q15 and $0.43 in the previous quarter.

Fiscal 2Q17 net exits Prospect Capital (PSEC) stock has risen 16% over the past three months and 16% over the past year. The company is currently trading near its 52-week high. The company saw net exits of $175.5 million in fiscal 2Q17, with higher exits from first-lien holdings. It saw lower leverage mainly due to higher exits, […]

Leverage declines Prospect Capital (PSEC) has been operating at higher leverage to take advantage of low rates. The company saw higher net exits in fiscal 2Q17, which led to lower leverage. Notably, Prospect’s fiscal 2Q17 net debt-to-equity ratio declined to 76.2% from its fiscal 2Q16 debt-to-equity ratio of 80.2% and 77.4% in the two previous quarters. As […]

In fiscal 3Q17, Apollo Investments (AINV) sold $17.1 million in investments and repaid $178.2 million.

In fiscal 3Q17, Apollo Investment (AINV) repurchased 2.3 million shares at a weighted average price per share of $5.90 for a total cost of $13.6 million.

Four of the 15 analysts covering Apollo Investment (AINV) rated it a “buy” or “strong buy” in January 2017.

Apollo Investment’s (AINV) yields have declined and stabilized at ~10.9%, on par with average returns garnered by other closed-end funds.

On February 6, 2017, Apollo Investment (AINV) posted earnings per share of $0.17 in fiscal 3Q17, beating analyst estimates of $0.16.

In 2016, alternative asset managers saw higher exits and investments on the back of improved liquidity. The trend is expected to continue in 2017.