During the quarter, we initiated a position in KKR (KKR, Financial). The company is one of the world’s largest alternative asset managers, with over $450 billion in assets under management. Pensions and endowments continued to increase their allocation to alternatives, favoring the largest and most successful alternative managers. KKR benefited from this trend and is also expanding distribution into the retail market.
From Spiros Segalas (Trades, Portfolio)' Harbor Capital Appreciation Fund fourth-quarter 2021 commentary.
