Apollo Global Management (APO)
Market Price (11/10/2026): $121.0 | Market Cap: $71.4 BilInvestor Relations Sector: Financials | Industry: Asset Management & Custody Banks
Apollo Global Management (APO)
Market Price (11/10/2026): $121.0Market Cap: $71.4 BilSector: FinancialsIndustry: Asset Management & Custody Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -345% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%, CFO LTM is 9.3 Bil, FCF LTM is 9.3 Bil Attractive yieldFCF Yield is 13% Stock buyback supportStock Buyback 3Y Total is 2.5 Bil Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, Sustainable Infrastructure, Renewable Energy Transition, Show more. | Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -19% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 20x Weak revenue growthRev Chg QQuarterly Revenue Change % is -52% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8% Key risksAPO key risks include [1] regulatory and capital adequacy challenges within its Athene insurance subsidiary, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -345% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%, CFO LTM is 9.3 Bil, FCF LTM is 9.3 Bil |
| Attractive yieldFCF Yield is 13% |
| Stock buyback supportStock Buyback 3Y Total is 2.5 Bil |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, Sustainable Infrastructure, Renewable Energy Transition, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -39%, 3Y Excs Rtn is -19% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 20x |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -52% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.8% |
| Key risksAPO key risks include [1] regulatory and capital adequacy challenges within its Athene insurance subsidiary, Show more. |
Qualitative Assessment
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Apollo Global Management (APO) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings Report with Strong Operational Metrics.
Apollo Global Management reported adjusted earnings per share (EPS) of $2.07 for its fiscal third quarter ended September 30, 2026, which missed the analyst consensus estimate of $2.22 by 6.8%. This earnings miss contributed to a 4.16% decline in the stock on November 3, 2026, the day results were announced. However, this negative sentiment was significantly counterbalanced by strong underlying operational performance, including record fee-related earnings of $802 million, representing a 23% year-over-year increase, and record origination activity of $114 billion during the quarter. Total assets under management (AUM) also grew to $1.074 trillion. The combination of an earnings miss and robust operational growth likely resulted in the stock remaining largely range-bound as investors weighed these opposing factors.
2. Negative Impact from Retirement Services and Rising Interest Rates.
The company reported a GAAP net loss of $1.057 billion, or $1.78 per share, for fiscal Q3 2026, primarily attributed to unrealized markdowns on investments within its Retirement Services segment, particularly Athene, due to rising interest rates. While fee-related earnings showcased substantial growth, the sensitivity of the insurance balance sheet to market rate fluctuations created a specific drag on overall reported net income. This concern over the performance of the Retirement Services segment, despite positive contributions from other areas, tempered overall investor enthusiasm and prevented a sustained upward movement in the stock.
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Apollo Global Management (APO) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q3 2026 Earnings Report with Strong Operational Metrics.
Apollo Global Management reported adjusted earnings per share (EPS) of $2.07 for its fiscal third quarter ended September 30, 2026, which missed the analyst consensus estimate of $2.22 by 6.8%. This earnings miss contributed to a 4.16% decline in the stock on November 3, 2026, the day results were announced. However, this negative sentiment was significantly counterbalanced by strong underlying operational performance, including record fee-related earnings of $802 million, representing a 23% year-over-year increase, and record origination activity of $114 billion during the quarter. Total assets under management (AUM) also grew to $1.074 trillion. The combination of an earnings miss and robust operational growth likely resulted in the stock remaining largely range-bound as investors weighed these opposing factors.
2. Negative Impact from Retirement Services and Rising Interest Rates.
The company reported a GAAP net loss of $1.057 billion, or $1.78 per share, for fiscal Q3 2026, primarily attributed to unrealized markdowns on investments within its Retirement Services segment, particularly Athene, due to rising interest rates. While fee-related earnings showcased substantial growth, the sensitivity of the insurance balance sheet to market rate fluctuations created a specific drag on overall reported net income. This concern over the performance of the Retirement Services segment, despite positive contributions from other areas, tempered overall investor enthusiasm and prevented a sustained upward movement in the stock.
3. Reaffirmed Positive Outlook and Strategic Growth Initiatives.
Despite the fiscal Q3 2026 earnings miss, Apollo's management reaffirmed an optimistic outlook, projecting over 20% growth in fee-related earnings and approximately 10% growth in spread-related earnings for the full fiscal year 2026, with a strong setup for fiscal year 2027. This forward-looking confidence was bolstered by strategic growth initiatives announced during the period, such as the launch of the European Credit Company (ECC) on November 2, 2026, which boasts over €10 billion ($11.2 billion) in lending capacity, and a strategic investment in Mubadala Capital in October 2026. These announcements signaled continued expansion in private credit and long-term revenue growth potential, helping to mitigate the negative impact of the earnings miss and support the stock's stability.
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Stock Movement Drivers
Fundamental Drivers
The -2.3% change in APO stock from 7/31/2026 to 11/9/2026 was primarily driven by a -2.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 125.06 | 122.20 | -2.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31,558 | 30,813 | -2.4% |
| P/S Multiple | 2.4 | 2.4 | 1.4% |
| Shares Outstanding (Mil) | 595 | 603 | -1.3% |
| Cumulative Contribution | -2.3% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| APO | -2.3% | |
| Market (SPY) | 0.8% | 52.4% |
| Sector (XLF) | 1.8% | 72.0% |
Fundamental Drivers
The -4.3% change in APO stock from 4/30/2026 to 11/9/2026 was primarily driven by a -3.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 127.64 | 122.20 | -4.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 32,057 | 30,813 | -3.9% |
| P/S Multiple | 2.4 | 2.4 | 1.0% |
| Shares Outstanding (Mil) | 594 | 603 | -1.4% |
| Cumulative Contribution | -4.3% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| APO | -4.3% | |
| Market (SPY) | 5.0% | 46.0% |
| Sector (XLF) | 11.6% | 59.3% |
Fundamental Drivers
The -0.1% change in APO stock from 10/31/2025 to 11/9/2026 was primarily driven by a -15.3% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 122.29 | 122.20 | -0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 25,426 | 30,813 | 21.2% |
| P/S Multiple | 2.8 | 2.4 | -15.3% |
| Shares Outstanding (Mil) | 587 | 603 | -2.6% |
| Cumulative Contribution | -0.1% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| APO | -0.1% | |
| Market (SPY) | 11.3% | 43.0% |
| Sector (XLF) | 12.1% | 59.8% |
Fundamental Drivers
The 65.3% change in APO stock from 10/31/2023 to 11/9/2026 was primarily driven by a 49.7% change in the company's P/S Multiple.| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.94 | 122.20 | 65.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 26,823 | 30,813 | 14.9% |
| P/S Multiple | 1.6 | 2.4 | 49.7% |
| Shares Outstanding (Mil) | 579 | 603 | -3.9% |
| Cumulative Contribution | 65.3% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| APO | 65.3% | |
| Market (SPY) | 86.2% | 62.2% |
| Sector (XLF) | 87.1% | 67.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APO Return | 53% | -10% | 49% | 80% | -11% | -15% | 183% |
| Peers Return | 87% | -29% | 66% | 47% | -1% | -14% | 176% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| APO Win Rate | 67% | 33% | 83% | 75% | 42% | 55% | |
| Peers Win Rate | 73% | 35% | 63% | 72% | 50% | 55% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| APO Max Drawdown | -14% | -36% | -23% | -21% | -37% | -34% | |
| Peers Max Drawdown | -17% | -44% | -21% | -16% | -38% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BX, KKR, ARES, CG, BAM. See APO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | APO | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -16.8% | -7.8% |
| % Gain to Breakeven | 20.2% | 8.5% |
| Time to Breakeven | 45 days | 18 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.0% | -6.7% |
| % Gain to Breakeven | 25.0% | 7.1% |
| Time to Breakeven | 80 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.7% | -24.5% |
| % Gain to Breakeven | 50.9% | 32.4% |
| Time to Breakeven | 211 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.9% | -33.7% |
| % Gain to Breakeven | 95.7% | 50.9% |
| Time to Breakeven | 64 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.8% | -19.2% |
| % Gain to Breakeven | 55.7% | 23.8% |
| Time to Breakeven | 193 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.3% | -12.2% |
| % Gain to Breakeven | 59.4% | 13.9% |
| Time to Breakeven | 273 days | 62 days |
In The Past
Apollo Global Management's stock fell -16.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 20.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | APO | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.0% | -6.7% |
| % Gain to Breakeven | 25.0% | 7.1% |
| Time to Breakeven | 80 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -33.7% | -24.5% |
| % Gain to Breakeven | 50.9% | 32.4% |
| Time to Breakeven | 211 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -48.9% | -33.7% |
| % Gain to Breakeven | 95.7% | 50.9% |
| Time to Breakeven | 64 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -35.8% | -19.2% |
| % Gain to Breakeven | 55.7% | 23.8% |
| Time to Breakeven | 193 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.3% | -12.2% |
| % Gain to Breakeven | 59.4% | 13.9% |
| Time to Breakeven | 273 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -41.5% | -6.8% |
| % Gain to Breakeven | 71.0% | 7.3% |
| Time to Breakeven | 301 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -42.3% | -17.9% |
| % Gain to Breakeven | 73.3% | 21.8% |
| Time to Breakeven | 395 days | 123 days |
In The Past
Apollo Global Management's stock fell -16.8% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 20.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Apollo Global Management (APO)
Apollo Global Management, Inc. (APO) is a leading global alternative investment manager specializing in private equity, credit, and real estate investments. The firm distinguishes itself through a disciplined contrarian, value, and distressed investment approach, actively seeking opportunities to acquire or invest in complex and undervalued assets and companies across various sectors worldwide. Founded in 1990, Apollo has established itself as a significant player in the alternative asset management industry.
Apollo offers investors a range of products and services primarily through its diverse investment funds and managed accounts. In private equity, it executes traditional buyouts, growth capital, and distressed investments, taking both minority and majority positions in companies, typically targeting enterprise values between $750 million and $2.5 billion. Its expansive credit platform invests across the fixed income and alternative credit markets, encompassing senior loans, bonds, distressed debt, and structured credit. Additionally, Apollo manages substantial real estate funds, providing comprehensive exposure to property markets globally.
The firm primarily caters to a sophisticated client base, including large institutional investors such as endowment funds, sovereign wealth funds, and other institutional and individual investors. Apollo's investment reach is broad, covering a wide array of industries from consumer and retail to financial services, manufacturing, media, technology, and natural resources. Geographically, Apollo maintains a global footprint, with a strong focus on North America, Europe, and Asia, consistently seeking to identify and capitalize on compelling investment opportunities in both developed and growth markets.
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Here are 1-3 brief analogies for Apollo Global Management (APO):
- Imagine a **BlackRock or Vanguard, but focused on private markets**, investing billions for institutions in private companies, real estate, and specialized credit.
- Think of it as a **Warren Buffett-style investment firm (like Berkshire Hathaway), but for institutional clients**, acquiring and managing private companies, real estate, and complex debt through dedicated funds.
- It's like the **private equity and specialized lending divisions of a major investment bank (e.g., Goldman Sachs), but operating as a standalone global asset manager** for institutions and wealthy investors.
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- Private Equity Fund Management: Apollo manages funds that invest across various private equity strategies including buyouts, distressed assets, growth capital, and corporate restructuring.
- Credit and Fixed Income Fund Management: The firm manages a range of credit-focused funds investing in senior loans, bonds, structured credit, distressed debt, and other fixed income securities.
- Real Estate Fund Management: Apollo launches and manages funds dedicated to investments in real estate markets, encompassing both debt and equity strategies.
- Hedge Fund Management: The firm launches and manages hedge funds for its institutional and individual clients.
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Apollo Global Management (APO) is an asset management firm, and its customers are the investors whose capital it manages in various funds and portfolios. The company primarily serves the following categories of investors:
- Institutional Investors, including endowment funds and sovereign wealth funds.
- Other Institutional Investors.
- Individual Investors.
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Marc Rowan, Chief Executive Officer (CEO)
Mr. Rowan is a Co-Founder, CEO, and Chair of the board of Apollo Global Management, Inc.. He co-founded Apollo in 1990 with Leon Black and Josh Harris after working in the mergers and acquisitions department of Drexel Burnham Lambert. He became CEO in 2021. Mr. Rowan was an investor in Beats Electronics, which was acquired by Apple in 2014. He is also involved in public policy and is a funder of the Penn Wharton Budget Model.
Martin Kelly, Chief Financial Officer (CFO)
Mr. Kelly has served as Chief Financial Officer of Apollo Global Management, Inc. since 2012. Prior to joining Apollo, he was a Managing Director, CFO of the Americas, and Global Head of Financial Control for Barclays Capital's Corporate and Investment Bank from 2008 to 2012. He also held senior finance roles at Lehman Brothers from 2000 to 2008 and was a partner at PricewaterhouseCoopers in their Financial Services Group.
James Zelter, President
Mr. Zelter has served as President of Apollo Global Management, Inc. since January 2025 and is a member of the board of directors. He joined Apollo in 2006 and previously served as Co-President of Apollo Asset Management from 2018-2025 and as CIO of Apollo's credit business from 2006-2025. Prior to joining Apollo, Mr. Zelter was Chief Investment Officer of Citigroup Alternative Investments from 2003 to 2005, and before that, he was a high-yield trader at Goldman Sachs.
Scott Kleinman, Co-President, Apollo Asset Management
Mr. Kleinman is an executive officer and Co-President of Apollo Asset Management, Inc., where he co-leads day-to-day operations for all of Apollo's revenue-generating businesses and enterprise solutions. He joined Apollo in 1996 and was named Lead Partner for Private Equity in 2009 before becoming Co-President in 2018. Prior to joining Apollo, Mr. Kleinman was a member of the Investment Banking division at Smith Barney Inc. He co-founded the Kleinman Center for Energy Policy at the University of Pennsylvania in 2014.
Matt Nord, Partner, Co-Head of Private Equity and Head of Hybrid
Mr. Nord is a Partner, Co-Head of Private Equity and Head of Hybrid at Apollo. He joined Apollo in 2003 and has led numerous investments across the technology, healthcare, and business services sectors. Before joining Apollo, Mr. Nord was a member of the Investment Banking division of Salomon Smith Barney Inc. He was involved in the take-private buyout of Tech Data in 2020.
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The key risks to Apollo Global Management's business operations include vulnerabilities within the private credit market, ongoing legal and reputational challenges, and inherent revenue volatility tied to its investment portfolio.
The most significant risk stems from the < strong>private credit market, where Apollo Global Management faces potential challenges. The CEO, Marc Rowan, has specifically highlighted concerns over rising defaults on loans to software firms, predicting a substantial impact on the broader private credit market, partly due to the increasing influence of artificial intelligence on software companies. Furthermore, Apollo's structured-credit division has experienced significant exposure from collapses, such as the Market Financial Solutions event, underscoring vulnerabilities in the sector. The firm's reliance on lender financing practices also introduces multiple layers of leverage, making it difficult to fully assess the risk of underlying loans to private companies. A major economic downturn could trigger widespread defaults across these investments.
Secondly, Apollo Global Management is exposed to significant < strong>legal and reputational risks. The company is currently facing class action lawsuits alleging that it misled investors regarding senior leaders' contacts with Jeffrey Epstein. These lawsuits bring legal and reputational risk to the forefront for both current and prospective shareholders. Overall risk analysis indicates that "Finance & Corporate" and "Legal & Regulatory" are key risk categories for the company.
Finally, < strong>revenue volatility presents a considerable risk to Apollo Global Management. As an alternative asset manager, the firm's revenue can fluctuate significantly, as demonstrated by a substantial miss against analyst expectations in the third quarter of 2025. The Principal Investing segment, in particular, can cause considerable swings in top-line numbers. This volatility is inherently tied to the valuation of Apollo's diverse investment portfolio; if asset values materially diverge from their stated valuations, fund investors could lose confidence, potentially leading to redemptions from managed funds or difficulties in raising new capital.
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The addressable markets for Apollo Global Management's main products and services are substantial, primarily encompassing global private equity, private credit, and professionally managed real estate investments.
For **private equity**, the global market size reached approximately $10.8 trillion in assets under management (AUM) at the end of 2024. In the United States, the private equity AUM was around $3.128 trillion as of September 2024.
The **private credit** market, globally, was estimated to be $3.5 trillion in AUM by the end of 2024. Within the U.S., the private credit market totaled approximately $1.34 trillion by the second quarter of 2024.
In the **professionally managed real estate investment** market, the global size was $12.5 trillion in 2024. The U.S. market for professionally managed real estate was approximately $4.9 trillion in the same year.
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Apollo Global Management (APO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Growth in Assets Under Management (AUM) and Fee-Related Earnings (FRE) driven by Private Credit and Flagship Fundraises: Apollo anticipates over 20% growth in fee-related earnings for 2026, supported by robust origination activities that exceeded $300 billion in 2025. The firm is actively raising capital for its 11th flagship fund, targeting up to $25 billion with a final close expected in the first quarter of 2027. This focus, particularly on private credit, which Apollo views as a $40 trillion market, is a significant driver of increasing AUM and associated management fees.
- Expansion of Retirement Services (Athene) and Associated Inflows: Apollo's retirement services business, Athene, is a substantial contributor to spread-related earnings (SRE) and provides a stable source of long-term capital. Athene's net invested assets grew by 18% year-over-year in 2025, and Apollo projects approximately $85 billion in inflows for retirement services in 2026. This growth is driven by the increasing global demand for retirement income solutions.
- Broadening Distribution Channels, including Global Wealth and New Geographic Markets: Apollo is strategically expanding its reach to individual investors and entering new markets. The firm generated $18 billion from global wealth fundraising in 2025, representing a nearly 50% year-over-year increase. Management expects more than $5 billion of 2026 inflows to originate from markets the firm was not active in 18 months prior. Strategic partnerships, such as the one with Schroders in February 2026, aim to develop wealth and retirement investment solutions in the UK and US, further diversifying its investor base.
- Strategic Investments and Diversification into High-Growth Alternative Asset Classes: Apollo is actively expanding its footprint into critical sectors such as infrastructure and asset-backed finance, which diversifies its income sources and offers innovative liquidity solutions. Notable strategic acquisitions, including Bridge Investment Group in September 2025 (which nearly doubled its real estate AUM) and Argo Infrastructure Partners in January 2025, are designed to strengthen these platforms and support long-term fee-based revenue growth. Additionally, Apollo has committed or deployed $30 billion towards clean energy and net-zero aligned projects, with an ambitious target of investing $100 billion in energy transition solutions by 2030.
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Peer Outperformance in Asset Management & Custody Banks
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| APO | Apollo Global Management | 6.3% | -80.2x | -6.2% | 50.6% | 76.5% | — |
| BNY | Bank of New York Mellon | 8.3% | 15.7x | 40.3% | 254.3% | 195.3% | +119pp |
| FHI | Federated Hermes | 7.5% | 11.0x | 34.7% | 123.5% | 126.1% | +50pp |
| STT | State Street | 8.9% | 12.7x | 47.9% | 176.6% | 108.2% | +32pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 29.9% | 70.2% | 119.9% | SPNT 174% · RGA 166% · RNR 132% |
| Diversified Banks | 12 | 31.7% | 143.1% | 92.9% | CM 147% · JPM 131% · RY 130% |
| Investment Banking & Brokerage | 13 | -3.5% | 93.4% | 90.2% | IBKR 337% · SNEX 169% · GS 152% |
| Multi-Sector Holdings | 4 | 32.0% | 62.9% | 88.0% | BRK-B 101% · VOYA 75% · JEF 42% |
| Life & Health Insurance | 20 | 10.4% | 58.7% | 85.1% | JXN 527% · UNM 261% · FG 240% |
| Property & Casualty Insurance | 42 | 15.6% | 69.9% | 69.1% | TRV 176% · ACGL 171% · PGR 166% |
| Multi-line Insurance | 9 | 8.4% | 71.7% | 58.9% | AIZ 115% · GNW 106% · L 94% |
| Regional Banks | 264 | 31.6% | 93.8% | 48.6% | CBC 279% · FCNCA 179% · NIC 141% |
| Insurance Brokers | 15 | 1.6% | 9.0% | 28.6% | LIFE 317% · ARX 89% · WTW 50% |
| Financial Exchanges & Data | 15 | 18.4% | 30.2% | 15.1% | CBOE 187% · VIRT 148% · CME 69% |
| Asset Management & Custody Banks ← | 85 | -5.8% | 18.3% | 6.3% | VCTR 254% · WT 235% · AAMI 221% |
| Diversified Financial Services | 4 | -2.6% | 23.3% | 5.8% | FRHC 148% · EQH 82% |
| Commercial & Residential Mortgage Finance | 14 | -41.7% | 28.1% | 4.5% | FNMA 350% · FMCC 313% · ACT 161% |
| Consumer Finance | 30 | 1.8% | 77.8% | -2.1% | ENVA 319% · FCFS 133% · AXP 92% |
| Specialized Finance | 3 | 26.9% | 30.4% | -18.7% | CACC -19% · HASI -21% |
| Transaction & Payment Processing Services | 17 | 23.2% | 12.5% | -23.3% | V 105% · MA 96% · CPAY 88% |
| Mortgage REITs | 34 | -18.9% | -10.5% | -38.1% | RITM 37% · DX 18% · AGNC 13% |
| Diversified Capital Markets | 20 | -48.7% | -14.1% | -69.3% | LPLA 90% · TW 37% · RIOT -56% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 109.56 |
| Mkt Cap | 79.6 |
| Rev LTM | 9,774 |
| Op Inc LTM | 3,035 |
| FCF LTM | 2,242 |
| FCF 3Y Avg | 3,146 |
| CFO LTM | 2,316 |
| CFO 3Y Avg | 3,234 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.2% |
| Rev Chg 3Y Avg | 21.1% |
| Rev Chg Q | -3.6% |
| QoQ Delta Rev Chg LTM | -1.2% |
| Op Inc Chg LTM | 36.2% |
| Op Inc Chg 3Y Avg | 171.9% |
| Op Mgn LTM | 16.7% |
| Op Mgn 3Y Avg | 22.0% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 21.0% |
| CFO/Rev 3Y Avg | 29.9% |
| FCF/Rev LTM | 20.7% |
| FCF/Rev 3Y Avg | 29.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retirement Services | 27,049 | 21,938 | 29,137 | 8,199 | 0 |
| Asset Management | 5,000 | 4,176 | 3,507 | 2,769 | 5,951 |
| Total | 32,049 | 26,114 | 32,644 | 10,968 | 5,951 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retirement Services | 430,122 | 355,683 | 294,730 | 8,235 | |
| Adjustments | 14,274 | 9,453 | 7,247 | 3,391 | 16,928 |
| Principal Investing | 11,527 | 10,473 | 9,573 | ||
| Asset Management | 5,026 | 2,286 | 1,938 | 2,168 | |
| Credit Segment | 7,633 | ||||
| Private Equity Segment | 5,068 | ||||
| Real Assets Segment | 872 | ||||
| Total | 460,949 | 377,895 | 313,488 | 13,794 | 30,502 |
Price Behavior
| Market Price | $122.20 | |
| Market Cap ($ Bil) | 73.6 | |
| First Trading Date | 03/30/2011 | |
| Distance from 52W High | -19.0% | |
| 50 Days | 200 Days | |
| DMA Price | $120.47 | $122.15 |
| DMA Trend | down | down |
| Distance from DMA | 1.4% | 0.0% |
| 3M | 1YR | |
| Volatility | 36.2% | 37.2% |
| Downside Capture | 162.10 | 149.68 |
| Upside Capture | 99.15 | 123.64 |
| Correlation (S&P 500) | 48.7% | 42.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.64 | 1.11 | 1.33 | 1.06 | 1.13 | 1.50 |
| Up Beta | 4.46 | 2.00 | 1.97 | 0.84 | 0.86 | 1.50 |
| Down Beta | 0.68 | -0.02 | 0.75 | 0.55 | 0.78 | 1.68 |
| Up Capture | 46% | 80% | 113% | 112% | 138% | 254% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 10 | 17 | 29 | 60 | 128 | 401 |
| Down Capture | 44% | 187% | 157% | 142% | 128% | 109% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 12 | 25 | 34 | 65 | 122 | 350 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APO | |
|---|---|---|---|---|
| APO | -3.7% | 37.2% | -0.03 | - |
| Sector ETF (XLF) | 12.0% | 15.3% | 0.53 | 60.0% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | 44.4% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | 10.7% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | -18.1% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 29.5% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | 26.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APO | |
|---|---|---|---|---|
| APO | 12.0% | 37.5% | 0.39 | - |
| Sector ETF (XLF) | 9.4% | 18.4% | 0.37 | 68.0% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 66.6% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 3.6% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 11.8% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 46.2% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 30.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with APO | |
|---|---|---|---|---|
| APO | 25.8% | 38.3% | 0.71 | - |
| Sector ETF (XLF) | 13.4% | 22.1% | 0.55 | 64.6% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 66.2% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 1.7% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 22.2% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 51.1% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 17.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | -4.9% | ||
| 8/4/2026 | 2.9% | 2.0% | 2.2% |
| 5/6/2026 | -0.6% | 1.3% | -1.0% |
| 2/9/2026 | 0.7% | -6.0% | -18.4% |
| 11/4/2025 | 5.3% | 5.6% | 10.8% |
| 8/5/2025 | 2.5% | 0.1% | -6.3% |
| 5/2/2025 | -1.8% | -3.4% | -5.0% |
| 2/4/2025 | -2.7% | -3.0% | -15.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 10 |
| # Negative | 8 | 7 | 9 |
| Median Positive | 3.4% | 5.0% | 9.6% |
| Median Negative | -3.8% | -4.9% | -9.2% |
| Max Positive | 8.0% | 19.6% | 25.7% |
| Max Negative | -7.5% | -17.7% | -18.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/3/2026 | -4.9% | ||
| 8/4/2026 | 2.9% | 2.0% | 2.2% |
| 5/6/2026 | -0.6% | 1.3% | -1.0% |
| 2/9/2026 | 0.7% | -6.0% | -18.4% |
| 11/4/2025 | 5.3% | 5.6% | 10.8% |
| 8/5/2025 | 2.5% | 0.1% | -6.3% |
| 5/2/2025 | -1.8% | -3.4% | -5.0% |
| 2/4/2025 | -2.7% | -3.0% | -15.7% |
| 11/5/2024 | 7.1% | 19.6% | 25.7% |
| 8/1/2024 | -7.5% | -17.7% | -9.2% |
| 5/2/2024 | 4.0% | 5.1% | 8.2% |
| 2/8/2024 | 1.4% | 6.3% | 3.1% |
| 11/1/2023 | 8.0% | 8.9% | 19.4% |
| 8/3/2023 | 5.7% | 0.5% | 8.0% |
| 5/9/2023 | 0.7% | 2.2% | 16.6% |
| 2/9/2023 | -7.4% | -2.0% | -18.0% |
| 11/2/2022 | 4.0% | 11.4% | 21.8% |
| 8/4/2022 | 1.3% | 4.8% | -3.6% |
| 5/5/2022 | -0.5% | -4.9% | 8.5% |
| 2/11/2022 | -5.7% | -5.8% | -14.2% |
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 10 |
| # Negative | 8 | 7 | 9 |
| Median Positive | 3.4% | 5.0% | 9.6% |
| Median Negative | -3.8% | -4.9% | -9.2% |
| Max Positive | 8.0% | 19.6% | 25.7% |
| Max Negative | -7.5% | -17.7% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/06/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
Insider Activity
Updated 11/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chatterjee, Whitney | Chief Legal Officer | Direct | Sell | 11062026 | 117.83 | 7,339 | 864,763 | 15,218,018 | Form |
| 2 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 8172026 | 140.84 | 3,000 | 422,535 | 55,849,690 | Form |
| 3 | Zito, John P | Co-President (see Remarks) | Direct | Sell | 5282026 | 130.66 | 48,644 | 6,355,708 | 400,295,126 | Form |
| 4 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 5152026 | 134.64 | 7,000 | 942,514 | 54,078,374 | Form |
| 5 | Chatterjee, Whitney | Chief Legal Officer | Direct | Sell | 12122025 | 146.03 | 8,500 | 1,241,257 | 10,907,288 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Chatterjee, Whitney | Chief Legal Officer | Direct | Sell | 11062026 | 117.83 | 7,339 | 864,763 | 15,218,018 | Form |
| 2 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 8172026 | 140.84 | 3,000 | 422,535 | 55,849,690 | Form |
| 3 | Zito, John P | Co-President (see Remarks) | Direct | Sell | 5282026 | 130.66 | 48,644 | 6,355,708 | 400,295,126 | Form |
| 4 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 5152026 | 134.64 | 7,000 | 942,514 | 54,078,374 | Form |
| 5 | Chatterjee, Whitney | Chief Legal Officer | Direct | Sell | 12122025 | 146.03 | 8,500 | 1,241,257 | 10,907,288 | Form |
| 6 | Kelly, Martin | Chief Financial Officer | Direct | Sell | 12032025 | 131.41 | 6,000 | 788,434 | 42,786,189 | Form |
Investor Activity (13F)
Updated Nov 10, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Curated Wealth Partners LLC | $247.3 Mil | 31.2% | 572 | Hold | 13F |
| MSA Advisors, LLC | $96.2 Mil | 28.9% | 50 | Hold | 13F |
| OCO Capital Partners, L.P. | $58.5 Mil | 15.4% | 8 | ADD +16.7% | 13F |
| Newbrook Capital Advisors LP | $74.9 Mil | 13.9% | 15 | ADD +21.1% | 13F |
| Spinecap SAS | $36.2 Mil | 13.3% | 15 | ADD +47.1% | 13F |
| Heard Capital LLC | $187.4 Mil | 9.7% | 21 | ADD +11.2% | 13F |
| Maestria Partners LLC | $25.5 Mil | 9.3% | 13 | Hold | 13F |
| Scoggin Management LP | $13.9 Mil | 5.5% | 30 | New | 13F |
| Lodge Hill Capital, LLC | $27.6 Mil | 5.3% | 22 | TRIM -15.4% | 13F |
| Partners Group Holding AG | $68.6 Mil | 5.1% | 50 | ADD +7.6% | 13F |
| Cooperman Leon G | $149.0 Mil | 4.9% | 41 | Hold | 13F |
| MHR Fund Management LLC | $44.5 Mil | 3.3% | 10 | Hold | 13F |
| Goodnow Investment Group, LLC | $28.7 Mil | 3.1% | 29 | Hold | 13F |
| Northern Right Capital Management, L.P. | $6.8 Mil | 2.4% | 25 | TRIM -53.6% | 13F |
| RDST Capital LLC | $23.4 Mil | 2.3% | 20 | ADD +17.2% | 13F |
| L1 Capital International Pty Ltd | $29.4 Mil | 1.7% | 23 | New | 13F |
| Blue Whale Capital LLP | $24.9 Mil | 1.2% | 26 | TRIM -52.7% | 13F |
| D1 Capital Partners L.P. | $129.1 Mil | 1.1% | 44 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| L1 Capital International Pty Ltd | $29.4 Mil | 1.7% | 23 | New | 13F |
| Scoggin Management LP | $13.9 Mil | 5.5% | 30 | New | 13F |
| Spinecap SAS | $36.2 Mil | 13.3% | 15 | ADD +47.1% | 13F |
| Newbrook Capital Advisors LP | $74.9 Mil | 13.9% | 15 | ADD +21.1% | 13F |
| RDST Capital LLC | $23.4 Mil | 2.3% | 20 | ADD +17.2% | 13F |
| OCO Capital Partners, L.P. | $58.5 Mil | 15.4% | 8 | ADD +16.7% | 13F |
| Heard Capital LLC | $187.4 Mil | 9.7% | 21 | ADD +11.2% | 13F |
| Partners Group Holding AG | $68.6 Mil | 5.1% | 50 | ADD +7.6% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Locust Wood Capital Advisers, LLC | $48.8 Mil | 1.2% | 32 | Exited | Dec 31, 2025 | 13F |
| Angelo Gordon & Co., L.P. | $18.8 Mil | 1.8% | 46 | Exited | Dec 31, 2025 | 13F |
| Archon Partners LLC | $9.1 Mil | 1.0% | 42 | Exited | Dec 31, 2025 | 13F |
| Northern Right Capital Management, L.P. | $6.8 Mil | 2.4% | 25 | TRIM -53.6% | Mar 31, 2026 | 13F |
| Blue Whale Capital LLP | $24.9 Mil | 1.2% | 26 | TRIM -52.7% | Mar 31, 2026 | 13F |
| Lodge Hill Capital, LLC | $27.6 Mil | 5.3% | 22 | TRIM -15.4% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Curated Wealth Partners LLC | $247.3 Mil | 31.2% | 572 | Hold | 13F |
| Heard Capital LLC | $187.4 Mil | 9.7% | 21 | ADD +11.2% | 13F |
| Cooperman Leon G | $149.0 Mil | 4.9% | 41 | Hold | 13F |
| D1 Capital Partners L.P. | $129.1 Mil | 1.1% | 44 | Hold | 13F |
| MSA Advisors, LLC | $96.2 Mil | 28.9% | 50 | Hold | 13F |
| Newbrook Capital Advisors LP | $74.9 Mil | 13.9% | 15 | ADD +21.1% | 13F |
| Partners Group Holding AG | $68.6 Mil | 5.1% | 50 | ADD +7.6% | 13F |
| OCO Capital Partners, L.P. | $58.5 Mil | 15.4% | 8 | ADD +16.7% | 13F |
| MHR Fund Management LLC | $44.5 Mil | 3.3% | 10 | Hold | 13F |
| Spinecap SAS | $36.2 Mil | 13.3% | 15 | ADD +47.1% | 13F |
| L1 Capital International Pty Ltd | $29.4 Mil | 1.7% | 23 | New | 13F |
| Goodnow Investment Group, LLC | $28.7 Mil | 3.1% | 29 | Hold | 13F |
| Lodge Hill Capital, LLC | $27.6 Mil | 5.3% | 22 | TRIM -15.4% | 13F |
| Maestria Partners LLC | $25.5 Mil | 9.3% | 13 | Hold | 13F |
| Blue Whale Capital LLP | $24.9 Mil | 1.2% | 26 | TRIM -52.7% | 13F |
| RDST Capital LLC | $23.4 Mil | 2.3% | 20 | ADD +17.2% | 13F |
| Scoggin Management LP | $13.9 Mil | 5.5% | 30 | New | 13F |
| Northern Right Capital Management, L.P. | $6.8 Mil | 2.4% | 25 | TRIM -53.6% | 13F |
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