Apollo Global Management (APO, Financial) was a notable position in the AVI Global Trust 2023 Q1 fund letter, experiencing a challenging month with an 11% decline in share price. This was within the context of a broader sell-off in financial stocks following the collapse of Silicon Valley Bank. Despite this, Apollo's insurance operations, particularly through Athene, provide a robust balance sheet and strategic advantage, with management reaffirming their long-term earnings targets.
"Hardest-hit was top ten holding Apollo Global (APO, Financial), the US alternative asset manager (AAM). At one point during the month, APO’s share price had declined by -23% before recouping some of those losses to finish down -11%." — AVI Global Trust, Q1 2023 Fund Letter
Read full letter at gurufocus AVI Global Trust 2023 Q1 page.
