KKR (KKR)
Market Price (7/15/2026): $98.0 | Market Cap: $87.4 BilSector: Financials | Industry: Asset Management & Custody Banks
KKR (KKR)
Market Price (7/15/2026): $98.0Market Cap: $87.4 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 -90% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, and Renewable Energy Transition. Themes include Private Equity, Show more. | Weak multi-year price returns2Y Excs Rtn is -42% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 181x, P/EPrice/Earnings or Price/(Net Income) is 37x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11% Key risksKKR key risks include the amplified financial risk created by [1] its business model's use of substantial leverage in its private equity deals. |
| 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 -90% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Digital & Alternative Assets, Sustainable Finance, and Renewable Energy Transition. Themes include Private Equity, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -42% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 181x, P/EPrice/Earnings or Price/(Net Income) is 37x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11% |
| Key risksKKR key risks include the amplified financial risk created by [1] its business model's use of substantial leverage in its private equity deals. |
Qualitative Assessment
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Updated on 7/14/2026
KKR (KKR) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. KKR reported robust financial performance in its fiscal Q1 2026, exceeding analyst expectations. The company announced its Q1 2026 earnings on May 5, 2026, with an Earnings Per Share (EPS) of $1.39, surpassing the consensus estimate of $1.26. Revenue also saw a significant increase of 38.8% year-over-year, reaching $2.35 billion, which was above analysts' expectations of $2.18 billion.
2. The firm demonstrated strong monetization activity, accelerating capital returns to clients during fiscal Q2 2026. KKR provided an intra-quarter update on June 25, 2026, revealing income from monetization activities exceeding $900 million for the period from March 31, 2026, through June 24, 2026. This indicated accelerated capital returns to its clients, with approximately 80% attributed to realized performance income and 20% to realized investment income.
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KKR (KKR) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. KKR reported robust financial performance in its fiscal Q1 2026, exceeding analyst expectations. The company announced its Q1 2026 earnings on May 5, 2026, with an Earnings Per Share (EPS) of $1.39, surpassing the consensus estimate of $1.26. Revenue also saw a significant increase of 38.8% year-over-year, reaching $2.35 billion, which was above analysts' expectations of $2.18 billion.
2. The firm demonstrated strong monetization activity, accelerating capital returns to clients during fiscal Q2 2026. KKR provided an intra-quarter update on June 25, 2026, revealing income from monetization activities exceeding $900 million for the period from March 31, 2026, through June 24, 2026. This indicated accelerated capital returns to its clients, with approximately 80% attributed to realized performance income and 20% to realized investment income.
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Updated on 7/14/2026
KKR (KKR) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. KKR reported robust financial performance in its fiscal Q1 2026, exceeding analyst expectations. The company announced its Q1 2026 earnings on May 5, 2026, with an Earnings Per Share (EPS) of $1.39, surpassing the consensus estimate of $1.26. Revenue also saw a significant increase of 38.8% year-over-year, reaching $2.35 billion, which was above analysts' expectations of $2.18 billion.
2. The firm demonstrated strong monetization activity, accelerating capital returns to clients during fiscal Q2 2026. KKR provided an intra-quarter update on June 25, 2026, revealing income from monetization activities exceeding $900 million for the period from March 31, 2026, through June 24, 2026. This indicated accelerated capital returns to its clients, with approximately 80% attributed to realized performance income and 20% to realized investment income.
3. KKR expanded significantly in the renewable energy sector with a major strategic acquisition. On June 30, 2026, KKR announced its agreement to acquire the North American operations of EDF power solutions from EDF group for approximately $4.2 billion, with potential additional payments up to $0.39 billion. This marks KKR's largest individual investment in the renewables sector and positions the company to capitalize on increasing power demand driven by data centers and electrification.
4. A recovering public market and stabilizing private markets provided a favorable backdrop for KKR. Public equity markets experienced a return of momentum in fiscal Q2 2026, with equity indices strongly recovering from Q1 weakness, supporting valuation multiple expansion. While private markets remained selective, they showed signs of stabilization, contributing to a more constructive environment for investment firms like KKR.
Show less
KKR (KKR) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. KKR reported robust financial performance in its fiscal Q1 2026, exceeding analyst expectations. The company announced its Q1 2026 earnings on May 5, 2026, with an Earnings Per Share (EPS) of $1.39, surpassing the consensus estimate of $1.26. Revenue also saw a significant increase of 38.8% year-over-year, reaching $2.35 billion, which was above analysts' expectations of $2.18 billion.
2. The firm demonstrated strong monetization activity, accelerating capital returns to clients during fiscal Q2 2026. KKR provided an intra-quarter update on June 25, 2026, revealing income from monetization activities exceeding $900 million for the period from March 31, 2026, through June 24, 2026. This indicated accelerated capital returns to its clients, with approximately 80% attributed to realized performance income and 20% to realized investment income.
3. KKR expanded significantly in the renewable energy sector with a major strategic acquisition. On June 30, 2026, KKR announced its agreement to acquire the North American operations of EDF power solutions from EDF group for approximately $4.2 billion, with potential additional payments up to $0.39 billion. This marks KKR's largest individual investment in the renewables sector and positions the company to capitalize on increasing power demand driven by data centers and electrification.
4. A recovering public market and stabilizing private markets provided a favorable backdrop for KKR. Public equity markets experienced a return of momentum in fiscal Q2 2026, with equity indices strongly recovering from Q1 weakness, supporting valuation multiple expansion. While private markets remained selective, they showed signs of stabilization, contributing to a more constructive environment for investment firms like KKR.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 5.3% change in KKR stock from 3/31/2026 to 7/14/2026 was primarily driven by a 5.3% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 92.32 | 97.21 | 5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,208 | 19,208 | 0.0% |
| Net Income Margin (%) | 12.3% | 12.3% | 0.0% |
| P/E Multiple | 34.7 | 36.6 | 5.3% |
| Shares Outstanding (Mil) | 891 | 891 | 0.0% |
| Cumulative Contribution | 5.3% |
Market Drivers
3/31/2026 to 7/14/2026| Return | Correlation | |
|---|---|---|
| KKR | 5.3% | |
| Market (SPY) | 15.6% | 50.2% |
| Sector (XLF) | 13.8% | 58.7% |
Fundamental Drivers
The -23.5% change in KKR stock from 12/31/2025 to 7/14/2026 was primarily driven by a -24.1% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 127.00 | 97.21 | -23.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,723 | 19,208 | 14.9% |
| Net Income Margin (%) | 14.1% | 12.3% | -12.2% |
| P/E Multiple | 48.1 | 36.6 | -24.1% |
| Shares Outstanding (Mil) | 891 | 891 | -0.1% |
| Cumulative Contribution | -23.5% |
Market Drivers
12/31/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| KKR | -23.5% | |
| Market (SPY) | 10.6% | 50.9% |
| Sector (XLF) | 3.1% | 64.2% |
Fundamental Drivers
The -26.4% change in KKR stock from 6/30/2025 to 7/14/2026 was primarily driven by a -31.2% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 132.15 | 97.21 | -26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,095 | 19,208 | 27.2% |
| Net Income Margin (%) | 14.6% | 12.3% | -15.6% |
| P/E Multiple | 53.2 | 36.6 | -31.2% |
| Shares Outstanding (Mil) | 888 | 891 | -0.4% |
| Cumulative Contribution | -26.4% |
Market Drivers
6/30/2025 to 7/14/2026| Return | Correlation | |
|---|---|---|
| KKR | -26.4% | |
| Market (SPY) | 22.7% | 51.2% |
| Sector (XLF) | 8.6% | 64.9% |
Fundamental Drivers
The 77.3% change in KKR stock from 6/30/2023 to 7/14/2026 was primarily driven by a 149.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7142026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.84 | 97.21 | 77.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7,691 | 19,208 | 149.7% |
| P/S Multiple | 6.1 | 4.5 | -26.5% |
| Shares Outstanding (Mil) | 861 | 891 | -3.4% |
| Cumulative Contribution | 77.3% |
Market Drivers
6/30/2023 to 7/14/2026| Return | Correlation | |
|---|---|---|
| KKR | 77.3% | |
| Market (SPY) | 75.6% | 67.8% |
| Sector (XLF) | 74.1% | 70.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KKR Return | 86% | -37% | 80% | 80% | -13% | -24% | 152% |
| Peers Return | 73% | -28% | 57% | 48% | 3% | -18% | 144% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| KKR Win Rate | 67% | 33% | 67% | 83% | 50% | 43% | |
| Peers Win Rate | 73% | 42% | 62% | 68% | 55% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| KKR Max Drawdown | -15% | -42% | -19% | -14% | -44% | -38% | |
| Peers Max Drawdown | -15% | -41% | -23% | -17% | -36% | -35% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BX, APO, CG, BN, ARES. See KKR 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 7/14/2026 (YTD)
How Low Can It Go
| Event | KKR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.0% | -18.8% |
| % Gain to Breakeven | 49.2% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.0% | -9.5% |
| % Gain to Breakeven | 12.3% | 10.5% |
| Time to Breakeven | 7 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.9% | -6.7% |
| % Gain to Breakeven | 23.3% | 7.1% |
| Time to Breakeven | 58 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.0% | -24.5% |
| % Gain to Breakeven | 69.6% | 32.4% |
| Time to Breakeven | 425 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.5% | -33.7% |
| % Gain to Breakeven | 83.4% | 50.9% |
| Time to Breakeven | 107 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.0% | -19.2% |
| % Gain to Breakeven | 49.3% | 23.8% |
| Time to Breakeven | 262 days | 105 days |
In The Past
KKR's stock fell -33.0% during the 2025 US Tariff Shock. Such a loss loss requires a 49.2% gain to breakeven.
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Asset Allocation
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| Event | KKR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.0% | -18.8% |
| % Gain to Breakeven | 49.2% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.0% | -24.5% |
| % Gain to Breakeven | 69.6% | 32.4% |
| Time to Breakeven | 425 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -45.5% | -33.7% |
| % Gain to Breakeven | 83.4% | 50.9% |
| Time to Breakeven | 107 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -33.0% | -19.2% |
| % Gain to Breakeven | 49.3% | 23.8% |
| Time to Breakeven | 262 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -48.9% | -12.2% |
| % Gain to Breakeven | 95.7% | 13.9% |
| Time to Breakeven | 596 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -48.1% | -6.8% |
| % Gain to Breakeven | 92.7% | 7.3% |
| Time to Breakeven | 595 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -37.7% | -17.9% |
| % Gain to Breakeven | 60.5% | 21.8% |
| Time to Breakeven | 347 days | 123 days |
In The Past
KKR's stock fell -33.0% during the 2025 US Tariff Shock. Such a loss loss requires a 49.2% 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 KKR (KKR)
KKR & Co. Inc. is a leading global investment firm primarily focused on private equity and real estate. It operates as an asset manager, deploying substantial capital across a diverse range of companies and assets worldwide. KKR utilizes various investment strategies, including leveraged buyouts, growth equity, distressed investing, and credit special situations, to acquire, grow, and ultimately exit its investments.
The firm's core service involves making direct and fund-of-fund investments across the capital structure, often taking controlling or strategic minority stakes in portfolio companies and typically seeking board representation. KKR's investment mandates are exceptionally broad, spanning a vast array of industries globally. These include technology (e.g., software, semiconductors), energy and infrastructure (e.g., oil & gas, renewables), real estate (e.g., property equity, debt), financial services, healthcare, consumer products, industrials, and media, among many others.
KKR operates globally, with a strong presence across North America, Europe, and Asia. It targets companies typically with enterprise values ranging from $500 million to over $2 billion. The firm's primary customers are the institutional and individual investors who commit capital to KKR's funds. KKR's value proposition is to generate substantial returns for these investors by actively managing its diverse portfolio, typically holding investments for five to seven years or more, and exiting through public offerings or strategic sales.
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Here are 1-3 brief analogies to describe KKR:
- Imagine a global real estate and infrastructure investment giant like **Brookfield Asset Management**, but KKR also buys, improves, and sells entire companies across virtually every other industry.
- Like a global, more transactional **Berkshire Hathaway**, KKR buys, develops, and then sells a diverse portfolio of businesses and real estate projects rather than holding them indefinitely.
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- Private Equity Investments: KKR deploys capital through strategies like leveraged buyouts, growth equity, and distressed investments to acquire, operate, and grow private companies across various industries.
- Real Estate Investments: The firm invests in private and public real estate, including property-level equity, debt, and businesses with significant real estate holdings.
- Credit Investments: KKR provides various forms of debt financing, such as mezzanine and credit special situations, to support companies and projects.
- Public Equity Investments: The firm allocates capital to publicly traded equities as part of its broader investment portfolio.
- Impact Investments: KKR identifies and invests in businesses that aim to achieve positive social or environmental impact alongside financial returns.
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KKR & Co. Inc. is an investment firm that manages capital on behalf of a diverse range of limited partners and investors. Therefore, its "customers" are the entities and individuals who commit capital to KKR's various funds and strategies. KKR sells its investment management services and products primarily to the following categories of customers:
- Institutional Investors: This category constitutes a significant portion of KKR's client base and includes large organizations such as public and corporate pension funds, sovereign wealth funds, university endowments, and charitable foundations. These entities allocate capital to KKR's private equity, credit, real estate, and infrastructure funds to achieve their long-term investment objectives.
- Insurance Companies: KKR manages substantial assets for insurance companies, including through its Global Atlantic Financial Group subsidiary, and insurance firms also invest directly into KKR's broad range of investment strategies.
- High-Net-Worth Individuals (HNWIs) and Family Offices: KKR also serves wealthy individuals and family offices seeking access to private market investments and sophisticated asset management solutions, often through various wealth management platforms and bespoke offerings.
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Joseph Bae, Co-Chief Executive Officer
Joseph Bae joined KKR in 1996 after starting his career at Goldman Sachs. He was instrumental in KKR's expansion into Asia, establishing one of the region's largest private equity platforms. Under his leadership, KKR completed more than 60 transactions in Asia, representing over $12 billion in private equity investments. Notable transactions he worked on include Oriental Brewery, which KKR bought for $1.9 billion in 2009 and sold for $5.8 billion in 2014, and high-profile carve-out deals for Japanese conglomerates like Panasonic and Hitachi. Bae co-founded The Asian American Foundation.
Scott Nuttall, Co-Chief Executive Officer
Scott Nuttall joined KKR in 1996, following a brief period at Blackstone. He has held numerous leadership roles at KKR and is credited as the architect of the firm's major strategic development initiatives. These initiatives include leading KKR's public listing, developing its balance sheet strategy, overseeing the expansion of its public markets businesses (such as credit and hedge funds), and establishing the firm's capital markets, capital raising, and insurance businesses.
Robert Lewin, Chief Financial Officer
Robert Lewin joined KKR in 2004 and was appointed Chief Financial Officer on January 1, 2020. During his tenure at KKR, he has held various positions, including investor in private equity, co-leading the firm's credit and capital markets businesses, serving as Treasurer and Head of Corporate Development, and Head of Human Capital & Strategic Talent. From 2006 to 2010, Mr. Lewin resided in Hong Kong, where he helped launch KKR's Asia business. Before joining KKR, he worked at Bear Stearns & Company.
Kathryn Sudol, Chief Legal Officer and General Counsel
Kathryn Sudol serves as KKR's Chief Legal Officer and General Counsel. Prior to joining KKR in 2018, she was a Partner at Simpson Thacher & Bartlett LLP, where her practice focused on advising private equity firms and other clients on mergers and acquisitions, and general corporate matters.
Henry R. Kravis, Co-Executive Chairman
Henry Kravis is a co-founder of KKR, which he established in 1976 with George R. Roberts and Jerome Kohlberg Jr. Prior to founding KKR, he worked at Bear Stearns, where he was involved in some of the earliest leveraged buyout transactions. Kravis and Roberts served as Co-CEOs of KKR until October 2021, when they transitioned to Co-Executive Chairmen of KKR's Board of Directors. KKR has completed significant transactions under his leadership, including the leveraged buyouts of RJR Nabisco in 1989 and TXU Energy in 2007, both of which were the largest buyouts at the time of their completion.
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KKR, a prominent private equity and real estate investment firm, faces several key risks inherent to its business model and the broader financial landscape.
1. **Economic Downturns and Market Volatility:** KKR's business is highly susceptible to macroeconomic conditions and market fluctuations. Economic downturns, recessions, or prolonged periods of market volatility can significantly impact deal flow, depress asset valuations of portfolio companies, increase the difficulty and reduce the profitability of exits (such as IPOs or sales to strategic buyers), and raise the cost of capital. Historically, KKR has shown particular vulnerability to "Growth & Demand Scare" events, experiencing an average decline of 42% during such periods. For instance, its private equity portfolio saw a 12% decline during the first quarter of the COVID-19 pandemic due to the economic squeeze on companies.
2. **Rising Interest Rates and Availability of Debt Financing:** As a firm heavily engaged in leveraged buyouts, KKR's profitability and ability to execute new deals are closely tied to the interest rate environment and the availability of debt financing. Elevated or "higher-for-longer" interest rates directly increase the cost of borrowing for new acquisitions and can strain the financial health of existing portfolio companies with variable-rate debt, thereby compressing margins and potentially reducing returns. Tighter credit markets can also hinder KKR's capacity to secure financing for new investments or refinance existing ones. While KKR has acknowledged this environment and aims to adapt by focusing on value creation rather than solely on leverage, the underlying sensitivity to interest rate movements remains a significant risk.
3. **Regulatory and Political Scrutiny:** The private equity industry, and KKR specifically, is subject to increasing regulatory oversight and political scrutiny globally. KKR is currently involved in a legal confrontation with the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) over alleged antitrust violations, including accusations of repeatedly flouting federal premerger review laws by failing to make complete and accurate filings for multiple transactions. The DOJ is seeking civil penalties that could exceed $650 million. Additionally, the European Commission has initiated a formal investigation into KKR concerning potentially incorrect or misleading information provided during a merger investigation, which could result in substantial fines or even the revocation of merger approval. Such regulatory challenges can impose significant financial penalties, operational restrictions, and reputational damage.
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The increasing trend of large institutional investors, such as sovereign wealth funds, major pension funds, and endowments, developing robust internal direct investment teams or significantly expanding their co-investment programs. These institutions are increasingly bypassing traditional private equity fund structures by directly investing in companies or alongside private equity firms. This trend directly threatens KKR's core business model by reducing fee income as institutions pay no management fees or carried interest for direct investments, intensifying competition for attractive deals, and potentially shifting capital allocation away from traditional funds.
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KKR & Co. Inc. (symbol: KKR) operates within several large addressable markets pertaining to alternative investments, including private equity, real estate, and infrastructure. These markets represent the total capital available for investment in these asset classes across various regions.
Global Addressable Markets
- Alternative Investments (Private Markets): The global private markets assets under management (AUM) totaled approximately $15 trillion in 2024. This figure grew from $11.87 trillion in 2023 and is projected to exceed $18 trillion by 2027. Other estimates project the global alternatives industry to reach $29.2 trillion in AUM by 2029, up from $16.8 trillion at the end of 2023. This broad category includes private equity, private credit, infrastructure, real estate, hedge funds, and natural resources.
- Private Equity: The global private equity and venture capital assets under management (AUM) reached just over $11 trillion at year-end 2023. Separately, the global private equity market size was valued at $4.5 trillion in 2023 and is projected to reach $7.9 trillion by 2032. By 2025, the global private equity market size is projected to be $6,749.85 billion (approximately $6.75 trillion).
- Real Estate Investment: The global real estate investment market size was $9,158.04 billion (approximately $9.16 trillion) in 2023 and is expected to grow to $18,611.46 billion by 2033. Another report valued the global real estate market size at $4.06 trillion in 2024, projected to reach $4.36 trillion in 2025.
- Infrastructure Assets: The total market value of infrastructure assets globally reached $1.22 trillion at the end of 2024, an increase from $1.09 trillion in 2023.
Regional Addressable Markets
Private Equity (2025 Market Valuation/Size)
- North America: This region is estimated to have a private equity market valuation of approximately $3.26 trillion in 2025, representing 48.3% of the global private equity market.
- Europe: The European private equity market is projected to reach a valuation of approximately $1.63 trillion (USD 1,628.83 billion) by 2025. Additionally, European private equity and venture capital had €1.154 trillion (approximately $1.25 trillion) in capital under management in 2023.
- Asia Pacific: The private equity market in Asia Pacific is expected to reach a valuation of approximately $1.29 trillion (USD 1,285.72 billion) in 2025.
Real Estate Investment (2024 Market Revenue/Value)
- North America: The North America real estate market generated revenue of $871.3 billion in 2024.
- Europe: The European real estate market was valued at $716.96 billion in 2024.
- Asia Pacific: The Asia Pacific real estate market generated revenue of $2,198.1 billion (approximately $2.20 trillion) in 2024. The Asia Pacific real estate market accounted for 53.2% of the global real estate market revenue in 2024.
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KKR (symbol: KKR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
* Expansion of the Private Credit Business: KKR is significantly expanding its private credit business, which has seen substantial growth. The firm is introducing new products, such as the KKR Enhanced US Direct Lending Fund, and has demonstrated strong fundraising in this sector, securing $33 billion in the first half of 2024. This segment is identified as a core driver for targeted Assets Under Management (AUM) compound annual growth rate (CAGR).
* Growth in Assets Under Management (AUM) through Robust Fundraising: KKR anticipates continued expansion in management fees, driven by its ability to raise substantial new capital across various investment solutions. The firm raised $114 billion in 2024 and projects gathering over $300 billion in fresh capital in the next two years. As of Q1 2025, KKR's AUM reached $664 billion, reflecting a 15% year-over-year increase.
* Expansion of the Insurance Segment via Global Atlantic: The full acquisition of Global Atlantic Financial Group in January 2024 is a pivotal event, significantly enhancing KKR's insurance solutions segment and contributing to its fee-related earnings. Global Atlantic has $197 billion in AUM and is a top-tier player in the insurance industry, making it a key strategic growth engine for KKR.
* Increased Deployment of Uncalled Capital ("Dry Powder"): KKR holds a significant amount of uncalled commitments, or "dry powder," totaling $118 billion. As this capital is deployed into investments, it will directly increase fee-paying AUM and subsequently, fee revenue, with management fees growing by 15% in Q1 2025.
* Strategic Geographic Expansion and Diversification into Key Asset Classes: KKR is actively pursuing aggressive expansion across multiple fronts, aiming to broaden its asset class offerings and enhance its geographical reach. This includes a focus on the Asia-Pacific region, targeting Japan, India, and Southeast Asia, as well as European momentum in sectors like telecom, healthcare, and industrial platforms. The firm is also emphasizing growth in real assets, including infrastructure (like the third Asia Pacific infrastructure fund targeting $7-9 billion) and energy transition.
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Share Repurchases
- In April 2025, KKR's share repurchase plan was increased by $500 million.
- As of October 29, 2021, KKR had approximately $160 million of buyback authority remaining under its previous program before the increase.
- FS KKR Income Trust Select, a KKR-managed entity, announced an equity buyback for up to 1,587,372 shares in December 2025, representing 5% of its issued shares.
Share Issuance
- The conversion of Series D Mandatory Convertible Preferred Stock into 21.4 million common shares is expected no later than March 1, 2028.
Outbound Investments
- KKR deployed nearly $37 billion year-to-date in 2025.
- KKR's Long-Term Investments increased to $175.1 billion in Q1 2025, an 1103.0% rise from the same period in the prior year.
- Strategic acquisitions in 2025 included HealthCare Royalty Partners, adding approximately $3 billion to KKR's assets under management, and significant investments in 1-800 Contacts and USI.
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 108.57 |
| Mkt Cap | 79.0 |
| Rev LTM | 15,897 |
| Op Inc LTM | 4,283 |
| FCF LTM | 1,613 |
| FCF 3Y Avg | 1,762 |
| CFO LTM | 1,679 |
| CFO 3Y Avg | 1,878 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.5% |
| Rev Chg 3Y Avg | 36.8% |
| Rev Chg Q | 4.9% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | -1.1% |
| Op Inc Chg 3Y Avg | 137.0% |
| Op Mgn LTM | 20.7% |
| Op Mgn 3Y Avg | 20.5% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 24.9% |
| CFO/Rev 3Y Avg | 19.1% |
| FCF/Rev LTM | 24.9% |
| FCF/Rev 3Y Avg | 19.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Insurance | 11,629 | 14,666 | 8,692 | 5,383 | 6,544 |
| Asset Management and Strategic Holdings | 7,836 | 7,212 | 5,807 | 321 | 9,693 |
| Total | 19,464 | 21,879 | 14,499 | 5,704 | 16,236 |
| $ Mil | 2017 |
|---|---|
| Private Markets | 1,296 |
| Principal Activities | 484 |
| Capital Markets | 330 |
| Public Markets | 326 |
| Total | 2,435 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Insurance | 272,649 | 243,720 | 203,727 | 171,712 | 164,565 |
| Impact of Consolidation and Reclassifications | 93,778 | 78,288 | 71,388 | ||
| Asset Management | 26,214 | 25,868 | |||
| Strategic Holdings | 11,627 | 8,052 | |||
| Carry Pool Reclassifications | 5,876 | 4,171 | 1,873 | ||
| Asset Management and Strategic Holdings | 113,567 | 30,374 | 99,720 | ||
| Total | 410,144 | 360,099 | 317,294 | 275,347 | 264,285 |
Price Behavior
Price Behavior
| Market Price | $97.21 | |
| Market Cap ($ Bil) | 86.7 | |
| First Trading Date | 07/15/2010 | |
| Distance from 52W High | -35.7% | |
| 50 Days | 200 Days | |
| DMA Price | $95.90 | $108.66 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 1.4% | -10.5% |
| 3M | 1YR | |
| Volatility | 32.2% | 37.2% |
| Downside Capture | 167.45 | 209.58 |
| Upside Capture | 99.26 | 120.77 |
| Correlation (SPY) | 48.4% | 50.6% |
KKR Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.97 | 0.96 | 1.24 | 1.49 | 1.51 | 1.70 |
| Up Beta | -0.25 | 0.16 | 1.14 | 1.13 | 1.13 | 1.59 |
| Down Beta | 0.92 | 1.05 | 0.85 | 1.31 | 1.52 | 1.86 |
| Up Capture | 116% | 52% | 95% | 119% | 132% | 550% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 8 | 16 | 28 | 57 | 116 | 397 |
| Down Capture | 143% | 166% | 184% | 184% | 157% | 110% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 13 | 25 | 35 | 68 | 136 | 353 |
[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 KKR | |
|---|---|---|---|---|
| KKR | -30.7% | 37.1% | -0.91 | - |
| Sector ETF (XLF) | 9.0% | 14.7% | 0.37 | 65.1% |
| Equity (SPY) | 21.7% | 12.6% | 1.28 | 50.8% |
| Gold (GLD) | 20.5% | 27.9% | 0.65 | -1.7% |
| Commodities (DBC) | 27.3% | 18.9% | 1.14 | -6.7% |
| Real Estate (VNQ) | 13.0% | 13.9% | 0.64 | 28.5% |
| Bitcoin (BTCUSD) | -47.0% | 42.7% | -1.37 | 37.6% |
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 KKR | |
|---|---|---|---|---|
| KKR | 11.2% | 39.3% | 0.37 | - |
| Sector ETF (XLF) | 10.9% | 18.6% | 0.46 | 70.2% |
| Equity (SPY) | 13.1% | 17.1% | 0.59 | 72.6% |
| Gold (GLD) | 17.2% | 18.4% | 0.76 | 2.5% |
| Commodities (DBC) | 8.6% | 19.5% | 0.33 | 15.0% |
| Real Estate (VNQ) | 2.7% | 18.9% | 0.04 | 53.2% |
| Bitcoin (BTCUSD) | 12.8% | 53.4% | 0.42 | 35.9% |
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 KKR | |
|---|---|---|---|---|
| KKR | 25.1% | 36.5% | 0.72 | - |
| Sector ETF (XLF) | 13.8% | 22.1% | 0.57 | 67.7% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 71.8% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 1.7% |
| Commodities (DBC) | 6.3% | 18.0% | 0.27 | 23.8% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 53.4% |
| Bitcoin (BTCUSD) | 57.3% | 66.2% | 0.97 | 22.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -1.3% | -3.7% | -12.2% |
| 2/5/2026 | -5.3% | 0.3% | -12.7% |
| 11/7/2025 | 1.7% | 1.2% | 14.0% |
| 7/31/2025 | -2.6% | -3.9% | -6.8% |
| 5/1/2025 | 0.2% | 1.7% | 6.5% |
| 2/4/2025 | -8.5% | -9.4% | -24.5% |
| 10/24/2024 | 3.4% | 1.2% | 13.9% |
| 7/31/2024 | 2.9% | -8.7% | 1.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 16 |
| # Negative | 9 | 8 | 8 |
| Median Positive | 2.7% | 4.3% | 6.3% |
| Median Negative | -4.3% | -5.8% | -10.3% |
| Max Positive | 5.8% | 10.4% | 26.2% |
| Max Negative | -8.5% | -14.4% | -24.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -1.3% | -3.7% | -12.2% |
| 2/5/2026 | -5.3% | 0.3% | -12.7% |
| 11/7/2025 | 1.7% | 1.2% | 14.0% |
| 7/31/2025 | -2.6% | -3.9% | -6.8% |
| 5/1/2025 | 0.2% | 1.7% | 6.5% |
| 2/4/2025 | -8.5% | -9.4% | -24.5% |
| 10/24/2024 | 3.4% | 1.2% | 13.9% |
| 7/31/2024 | 2.9% | -8.7% | 1.5% |
| 5/1/2024 | 2.2% | 7.0% | 11.8% |
| 2/6/2024 | 5.8% | 10.4% | 9.9% |
| 11/7/2023 | 5.0% | 7.7% | 26.2% |
| 8/7/2023 | 2.7% | 2.9% | 3.3% |
| 5/8/2023 | -4.3% | -5.9% | 6.2% |
| 2/7/2023 | 5.2% | 5.5% | 2.0% |
| 11/1/2022 | 1.7% | 8.0% | 7.4% |
| 8/2/2022 | -5.9% | -4.9% | -8.4% |
| 5/3/2022 | 2.5% | -5.8% | 3.2% |
| 2/8/2022 | -6.2% | -14.4% | -22.1% |
| 11/2/2021 | 4.0% | 1.6% | -4.5% |
| 8/3/2021 | 2.0% | 5.2% | 1.4% |
| 5/4/2021 | -1.1% | 1.5% | -2.0% |
| 2/8/2021 | 2.8% | 5.9% | 5.8% |
| 10/30/2020 | -1.8% | 9.8% | 9.4% |
| 8/4/2020 | 1.2% | 3.4% | 1.7% |
| SUMMARY STATS | |||
| # Positive | 15 | 16 | 16 |
| # Negative | 9 | 8 | 8 |
| Median Positive | 2.7% | 4.3% | 6.3% |
| Median Negative | -4.3% | -5.8% | -10.3% |
| Max Positive | 5.8% | 10.4% | 26.2% |
| Max Negative | -8.5% | -14.4% | -24.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 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 | 02/18/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
| 06/30/2019 | 08/02/2019 | 10-Q |
| 03/31/2019 | 05/03/2019 | 10-Q |
Recent Forward Guidance
Updated 7/8/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Strategic Holdings Operating Earnings | 350.00 Mil | 0 | Affirmed | Guidance: 350.00 Mil for 2026 | |||
| 2028 Strategic Holdings Operating Earnings | 700.00 Mil | 0 | Affirmed | Guidance: 700.00 Mil for 2028 | |||
| 2030 Strategic Holdings Operating Earnings | 1.10 Bil | 0 | Affirmed | Guidance: 1.10 Bil for 2030 | |||
Prior: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Annualized Dividend per Share | 0.78 | 5.4% | Raised | Actual: 0.74 for 2025 | |||
| 2026 Strategic Holdings Operating Earnings | 350.00 Mil | 0 | Affirmed | Guidance: 350.00 Mil for 2026 | |||
| 2028 Strategic Holdings Operating Earnings | 700.00 Mil | 0 | Affirmed | Guidance: 700.00 Mil for 2028 | |||
| 2030 Strategic Holdings Operating Earnings | 1.10 Bil | 0 | Affirmed | Guidance: 1.10 Bil for 2030 | |||
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Strategic Holdings Operating Earnings | 350.00 Mil | 0 | Affirmed | Guidance: 350.00 Mil for 2026 | |||
| 2028 Strategic Holdings Operating Earnings | 700.00 Mil | 0 | Affirmed | Guidance: 700.00 Mil for 2028 | |||
| 2030 Strategic Holdings Operating Earnings | 1.10 Bil | 0 | Affirmed | Guidance: 1.10 Bil for 2030 | |||
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Barakett, Timothy R | Limited Partnership | Buy | 3052026 | 94.47 | 50,000 | 4,723,500 | 26,923,950 | Form | |
| 2 | Dillon, Mary N | Trust | Buy | 3032026 | 90.96 | 22,225 | 2,021,586 | 4,512,526 | Form | |
| 3 | Nuttall, Scott C | Co-Chief Executive Officer | Direct | Buy | 3032026 | 87.81 | 50,000 | 4,390,500 | 1,265,056,542 | Form |
| 4 | Bae, Joseph Y | Co-Chief Executive Officer | Trusts | Buy | 3032026 | 88.56 | 50,000 | 4,428,000 | 49,527,800 | Form |
| 5 | Cohler, Matt | Direct | Buy | 2182026 | 102.90 | 43,872 | 4,514,429 | 4,679,583 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Barakett, Timothy R | Limited Partnership | Buy | 3052026 | 94.47 | 50,000 | 4,723,500 | 26,923,950 | Form | |
| 2 | Dillon, Mary N | Trust | Buy | 3032026 | 90.96 | 22,225 | 2,021,586 | 4,512,526 | Form | |
| 3 | Nuttall, Scott C | Co-Chief Executive Officer | Direct | Buy | 3032026 | 87.81 | 50,000 | 4,390,500 | 1,265,056,542 | Form |
| 4 | Bae, Joseph Y | Co-Chief Executive Officer | Trusts | Buy | 3032026 | 88.56 | 50,000 | 4,428,000 | 49,527,800 | Form |
| 5 | Cohler, Matt | Direct | Buy | 2182026 | 102.90 | 43,872 | 4,514,429 | 4,679,583 | Form | |
| 6 | Bae, Joseph Y | Co-Chief Executive Officer | Trusts | Buy | 2182026 | 102.19 | 125,000 | 12,773,530 | 52,040,077 | Form |
| 7 | Nuttall, Scott C | Co-Chief Executive Officer | Direct | Buy | 2182026 | 102.66 | 125,000 | 12,833,087 | 1,591,687,617 | Form |
| 8 | Barakett, Timothy R | Limited Partnership | Buy | 2112026 | 104.93 | 50,000 | 5,246,500 | 24,658,550 | Form | |
| 9 | Roberts, George R | Co-Executive Chairman | See Footnote | Sell | 8072025 | 144.25 | 809,906 | 116,828,940 | 11,736,465,326 | Form |
Investor Activity (13F)
Updated Jul 15, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active 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 and community-bank filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Hudson Way Capital Management LLC | $143.5 Mil | 13.7% | 16 | ADD +20.8% | 13F |
| Maestria Partners LLC | $24.4 Mil | 8.9% | 13 | ADD +60.9% | 13F |
| OCO Capital Partners, L.P. | $21.7 Mil | 5.7% | 8 | New | 13F |
| Spinecap SAS | $14.8 Mil | 5.4% | 15 | New | 13F |
| ValueAct Holdings, L.P. | $303.4 Mil | 5.3% | 18 | New | 13F |
| Estuary Capital Management LP | $20.1 Mil | 3.4% | 22 | New | 13F |
| Partners Group Holding AG | $41.6 Mil | 3.1% | 50 | ADD +10.3% | 13F |
| Matthew 25 Management Corp | $9.2 Mil | 3.1% | 20 | Hold | 13F |
| MFF Capital Investments Ltd | $37.2 Mil | 2.4% | 19 | ADD +34.7% | 13F |
| Cander Asset Management LP | $13.1 Mil | 2.4% | 43 | ADD +679.4% | 13F |
| Mycio Wealth Partners, LLC | $7.7 Mil | 1.5% | 49 | ADD +202.8% | 13F |
| Unisphere Establishment | $101.8 Mil | 0.9% | 50 | TRIM -29.4% | 13F |
| Lone Pine Capital LLC | $16.6 Mil | 0.1% | 36 | TRIM -96.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| ValueAct Holdings, L.P. | $303.4 Mil | 5.3% | 18 | New | 13F |
| OCO Capital Partners, L.P. | $21.7 Mil | 5.7% | 8 | New | 13F |
| Estuary Capital Management LP | $20.1 Mil | 3.4% | 22 | New | 13F |
| Spinecap SAS | $14.8 Mil | 5.4% | 15 | New | 13F |
| Cander Asset Management LP | $13.1 Mil | 2.4% | 43 | ADD +679.4% | 13F |
| Mycio Wealth Partners, LLC | $7.7 Mil | 1.5% | 49 | ADD +202.8% | 13F |
| Maestria Partners LLC | $24.4 Mil | 8.9% | 13 | ADD +60.9% | 13F |
| MFF Capital Investments Ltd | $37.2 Mil | 2.4% | 19 | ADD +34.7% | 13F |
| Hudson Way Capital Management LLC | $143.5 Mil | 13.7% | 16 | ADD +20.8% | 13F |
| Partners Group Holding AG | $41.6 Mil | 3.1% | 50 | ADD +10.3% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Portman Square Capital LLP | $20.9 Mil | 3.6% | 40 | Exited | Dec 31, 2025 | 13F |
| Campbell Capital Management Inc | $11.8 Mil | 4.0% | 46 | Exited | Dec 31, 2025 | 13F |
| Philadelphia Financial Management of San Francisco, LLC | $10.0 Mil | 2.1% | 46 | Exited | Dec 31, 2025 | 13F |
| Trivest Advisors Ltd | $9.9 Mil | 0.5% | 30 | Exited | Dec 31, 2025 | 13F |
| Lone Pine Capital LLC | $16.6 Mil | 0.1% | 36 | TRIM -96.4% | Mar 31, 2026 | 13F |
| Unisphere Establishment | $101.8 Mil | 0.9% | 50 | TRIM -29.4% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| ValueAct Holdings, L.P. | $303.4 Mil | 5.3% | 18 | New | 13F |
| Hudson Way Capital Management LLC | $143.5 Mil | 13.7% | 16 | ADD +20.8% | 13F |
| Unisphere Establishment | $101.8 Mil | 0.9% | 50 | TRIM -29.4% | 13F |
| Partners Group Holding AG | $41.6 Mil | 3.1% | 50 | ADD +10.3% | 13F |
| MFF Capital Investments Ltd | $37.2 Mil | 2.4% | 19 | ADD +34.7% | 13F |
| Maestria Partners LLC | $24.4 Mil | 8.9% | 13 | ADD +60.9% | 13F |
| OCO Capital Partners, L.P. | $21.7 Mil | 5.7% | 8 | New | 13F |
| Estuary Capital Management LP | $20.1 Mil | 3.4% | 22 | New | 13F |
| Lone Pine Capital LLC | $16.6 Mil | 0.1% | 36 | TRIM -96.4% | 13F |
| Spinecap SAS | $14.8 Mil | 5.4% | 15 | New | 13F |
| Cander Asset Management LP | $13.1 Mil | 2.4% | 43 | ADD +679.4% | 13F |
| Matthew 25 Management Corp | $9.2 Mil | 3.1% | 20 | Hold | 13F |
| Mycio Wealth Partners, LLC | $7.7 Mil | 1.5% | 49 | ADD +202.8% | 13F |
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