Apollo Global Management LLC Class AAPO
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Apollo Global Management LLC Class ATheme Impact
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Royce Investment PartnersPrivate± Mixed
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Apollo Global Management LLC Class AUnprofitable Russell 2000 stocks have surged about 60% since April 2025, far outpacing the 38% gain for profitable small-cap firms, according to Apollo Global Management. Apollo chief economist Torsten Slok warned that the market has stopped pricing risk the way it once did, noting that 806 of the index's roughly 2,000 members carried negative trailing earnings late last year while 1,120 were profitable. The rally began after the Liberation Day tariff shock, with the Russell 2000 gaining nearly 44% off its April 2025 low and micro-caps up about 66%, according to Royce Investment Partners. Most of the loss-makers are tech firms in software, semiconductors, and biotech, riding AI enthusiasm, though some strategists see growing bubble fears. Slok wrote on June 20 that something is broken in price discovery when companies with negative earnings keep outperforming those with positive earnings.
Apollo Global Management LLC Class A