Firing on All Cylinders: Carlyle (NASDAQ:CG) Q2 Earnings Lead the Way
Wrapping up Q2 earnings, we look at the numbers and key takeaways for the asset management stocks, including Carlyle (NASDAQ:CG) and its peers.
Asset management firms oversee investment portfolios for institutions and individuals. The industry benefits from the growing global wealth pool, retirement savings needs, and expansion into alternative investments (private equity, real estate, etc.). However, firms face significant pressure from the shift to lower-cost passive investment products, regulatory requirements for fee transparency, and increasing technology costs to stay competitive in portfolio management and client service.
The 5 asset management stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 8.4%.
Thankfully, share prices of the companies have been resilient as they are up 8.2% on average since the latest earnings results.
Best Q2: Carlyle (NASDAQ:CG)
Founded in 1987 with just $5 million in capital and named after the iconic New York hotel where the founders first met, The Carlyle Group (NASDAQ:CG) is a global investment firm that raises, manages, and deploys capital across private equity, credit, and investment solutions.
Carlyle reported revenues of $1.11 billion, up 13% year on year. This print exceeded analysts’ expectations by 20.7%. Overall, it was a stunning quarter for the company with a beat of analysts’ EPS and AUM estimates.
Carlyle scored the biggest analyst estimate beat in the group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 3.8% since reporting and currently trades at $48.70.
Founded in 1992 and managing over 300 active portfolio companies across more than 30 countries, TPG (NASDAQ:TPG) is a global alternative asset management firm that invests across private equity, credit, real estate, and public market strategies.
TPG reported revenues of $610.4 million, up 24.7% year on year, outperforming analysts’ expectations by 7.8%. The business had a stunning quarter with an impressive beat of analysts’ AUM and EPS estimates.
The market seems happy with the results as the stock is up 7.2% since reporting. It currently trades at $52.49.
With roots in the leveraged finance group of Apollo Management, Ares Management (NYSE:ARES) is an alternative investment firm that manages private equity, credit, real estate, and infrastructure assets for institutional and high-net-worth clients.
Ares reported revenues of $1.28 billion, up 25.6% year on year, in line with analysts’ expectations. It was a mixed quarter as it posted a narrow beat of analysts’ AUM estimates.
Ares delivered the fastest revenue growth but had the weakest performance against analyst estimates in the group. Interestingly, the stock is up 15.5% since the results and currently trades at $143.39.
With over $1 trillion in assets under management and investments spanning real estate, private equity, credit, and hedge funds, Blackstone (NYSE:BX) is a global alternative asset manager that invests capital on behalf of pension funds, sovereign wealth funds, and other institutional investors.
Blackstone reported revenues of $3.83 billion, up 23.8% year on year. This result beat analysts’ expectations by 10.9%. It was a stunning quarter as it also produced a beat of analysts’ EPS and AUM estimates.
The stock is up 16.8% since reporting and currently trades at $143.51.
Founded in 1994 with a focus on autonomous investment teams and a “high-value-added” approach, Artisan Partners (NYSE:APAM) is an investment management firm that offers actively managed equity and fixed income strategies to institutional and individual investors.
Artisan Partners reported revenues of $307.9 million, up 8.9% year on year. This print topped analysts’ expectations by 2.3%. Overall, it was a strong quarter as it also recorded a beat of analysts’ EPS estimates and AUM in line with analysts’ estimates.
Artisan Partners had the slowest revenue growth among its peers. The stock is up 5.5% since reporting and currently trades at $43.14.
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