Here’s What’s in the Apollo Management 13-F

November 20, 2019 | Investments, News, Private Equity

ADT tops the list of holdings once again.

The Apollo Management 13-F revealed what the private equity and alternative investment firm bought and sold in the third quarter.

While we cannot see or benefit from their private holdings, they do have an active public securities portfolio and many of the same valuation techniques they use for private equity purchases are also used to select investments in public securities.

What’s Inside the Apollo Management 13-F

Apollo’s biggest purchase in the quarter is also its largest equity holding.

The firm continued to add to ADT (ADT), a major holding in its private equity funds.

Apollo took ADT private in 2017 for $6.9 billion. They did a partial IPO of the company last year selling $1.6 billion of stock that values the company at a little over $10 billion. Although the stock has rallied in recent months it is still well below the IPO price. Management has been using cash flow to pay dividends, buy back stock and reduce the debt this year. Apollo owns 85% of ADT and has been a buyer for the last two quarters in a row as they apparently believe this stock is undervalued.

Apollo also made a bet that Nordstrom’s (JWN) will do better than Wall Street expects as the retail apocalypse rolls on seemingly unchecked. The Nordstrom family tried to take the company private last year at a substantial premium to the current stock price, but the board rejected it as being too low.

The Apollo Management Top 10

Apollos’ Top Ten equity holdings at the end of the third quarter were:

  • ADT (ADT)
  • OneMain Holdings (OMF)
  • Presidio (PSDO)
  • Talos Energy (TALO)
  • Vistra Energy (VST)
  • VICI Properties (VICI)
  • PlayAGS (AGS)
  • Clearway Energy (CWEN)
  • Genco Shipping and Trading (GNK)
  • Apollo Investment (AINV)

By: Tim Melvin

Related: Icahn Capital, Berkshire Hathaway and the Battle Over Occidental  

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