Research Feed
Alt AM Sector: Four Transcripts, One Message — Buy the Panic
Four major alt AM earnings transcripts processed in 72 hours (BX, ARES, STEP, CG). Every single one shows the same thing: - Record recurring fee growth — ARES AUM +29%, BX AUM +13%, STEP FEAUM +21%, CG FRE +12% - Performance fee timing lumpiness — SPRING crystallization (STEP), incentive fee normali