Apollo Management Holdings, L.P.

Apollo Management Holdings' Q4 2025 13F is a $9.32B, 87-position portfolio that more than doubled AUM from $4.44B in Q3 2025 to $9.32B in Q4 2025 (+$4.88B or +109.9%) via a radical restructuring: the previous 6-position book (anchored by Aspen Insurance Holdings at $2.80B and Echostar bonds at $1.58B) was replaced by an 87-position portfolio with 12 new opens, 12 sells, 10 increases, 12 decreases, and 16 unchanged positions. The defining structural feature is extreme concentration in a single name: Echostar Corp's 3.875% 2030 convertible bonds ($827M, 10.9%, 230.9M shares) plus Echostar common stock ($221M, 2.9%, 1.88M shares) total $1.05B or 11.2% of AUM combined -- this is a distressed-or-activist satellite communications bet. Phoenix ED Partners ($783M, 10.3%, 24.9M shares, essentially flat from Q3) is the portfolio's second-largest position and most unusual -- a private-education-services SPAC-or-acquisition-vehicle suggesting Apollo has a co-investment or affiliated advisory relationship. Seven new opens in Q4: VanEck SMH (semiconductor ETF, $767M), Hilton Grand Vacations ($714M, timeshare-and-vacation-ownership -- a leisure-travel recovery narrative), ADT ($670M, home-security -- the same size as Q3, technically 'new' because the Q3 position was held under a different reporting entity or structure), Vanguard S&P 500 ETF (VOO, $353M), JPMorgan Chase ($328M), TPG ($103M, alternative-asset-manager -- a peer-and-potential-deal-partner), Churchill Downs ($43M), Ares Management ($36M), Owens Corning ($26M), Mohawk Industries ($24M), James Hardie ($22M), and Masterbrand ($22M). 12 sold: Aspen Insurance Holdings (the entire $2.80B anchor from Q3 was liquidated), SPY, IVV, Oracle, Welltower, Prologis, Equinix, Digital Realty, Kennametal, plus two smaller. Ten increased including Echostar bonds (+46.1% shares, a massive add into the convertible position), Echostar stock (+46.5% shares), IWM (+56.0%), Comcast (+94.0%, nearly doubling from $67M to $124M), and Invitation Homes (+242%, quadrupling the real-estate position). Twelve decreased including Echostar bonds (-51.2% by value, though share count increased suggesting mark-to-market), Echostar stock (-23.5%), NVIDIA (-20.6%), SMH (-9.1%), and CarMax (-17.9%). The sector breakdown -- Unknown $2.29B (23.6%, primarily Echostar bonds classified as debt not equity), ETF $1.47B (15.8%), Technology $1.06B (11.3%, Echostar satellite comms / ADT classified here), Consumer Cyclical $1.02B (10.9%, HGV/ADT/CMCSA), Financial Services $976M (10.5%), Communication Services $431M (4.6%), Industrials $128M (1.4%), Real Estate $50M (0.5%), Basic Materials $26M (0.3%). The 76.75 whaleScore on $9.32B reflects the threshold. The portfolio's identity is one of the most idiosyncratic in institutional data: Apollo, a leading alternative-asset manager, built a $9.32B public-equity book that reads as a collection of high-conviction activist, distressed, and special-situation bets -- satellite communications (Echostar $1.05B), travel-and-leisure recovery (HGV $714M), home-security/SMB-lending (ADT $670M), timeshare-resort ownership (HGV), and specific real-estate and infrastructure names (Phoenix ED, Invitation Homes, Ventas, VICI, Iron Mountain, Public Storage). The Q4 2025 delta is best read as: Apollo executed a complete portfolio reconstruction -- liquidating the prior Q3 anchor Aspen Insurance entirely to fund a dramatically diversified 87-position book, while simultaneously doubling-down on Echostar (the portfolio's defining conviction name), establishing seven large new opens, and expanding the real-estate-and-alternative-asset sleeve (TPG, Ares, Invitation Homes, Ventas, Realty Income, UDR, Omega Healthcare, Kimco, Camden, Brixmor, Agree, Host Hotels, Equity Residential, American Homes 4 Rent, VICI, Public Storage, Extra Space). This is not a typical long-only growth portfolio -- it is an alternative-asset manager's public-markets arm executing high-conviction, often special-situations-oriented bets.