Brookfield Asset Management Is In My Top 3 Alt Asset Managers For 2024 (Archive)

This 5-Minute Pitch was originally published on Seeking Alpha before the launch of the Hunting Alphas website. It is shared here to showcase my previous work and track record. New 5-Minute Pitches published on this site will not be disseminated anywhere else.

Elevator Pitch

• KKR and Blackstone were my top alt asset manager picks in 2023 and Brookfield Asset Management was a neutral/hold.
• My previous assessments have been accurate; KKR was the absolute best-performing alternative asset manager, Blackstone was in the leadership group, and finished in the top 5. BAM did mediocre.
• Now, I am bullish on BAM as it is part of the top 3 alternative asset managers for 2024.
• I expect BAM's fee-bearing capital and fee-related earnings to accelerate, augmented by eligibility to earn carry interest on new funds going forward. Industry consolidation is also a tailwind given BAM's scale and specialist positioning in real assets.
• Valuations are a bit pricey as it trades at a 19% premium to the median group, however, I think this risk is acceptable given the bright growth outlook and bullish technicals suggesting alpha over the S&P500.

Read the full article here.