The Fund’s top contributor overall was Ares Management (ARES, Financial), an asset manager that focuses on tradable credit, direct lending, private equity, and real estate. Investors became more optimistic about the company’s ability to sustain mid-teens, high margin earnings growth for an extended period. The company also converted to C-corp. status, which broadened ownership, supporting an increase in its valuation.
From Chuck Royce (Trades, Portfolio)'s Royce Premier Fund fourth-quarter 2019 commentary.
