Apollo Global Management

Apollo Global Management is a leading alternative asset manager, best known for its credit and private equity strategies and its close ties to the insurance business Athene, which anchors a large and growing base of permanent capital. It earns management fees and investment income across a broad range of assets, positioning it at the heart of the private credit boom. Apollo pays a dividend with a relatively short but rising history, complemented by the more variable nature of realisations common to the sector. The yield is modest, and earnings can be lumpy given performance-related income. The stock suits investors comfortable with the cyclicality of alternative asset managers who value growth in fee-earning capital over a steady, predictable payout.