Macro US Stocks

Oppenheimer: Alternative asset manager stocks are highly attractive

Oct 20, 2026 11:05 ET · 2h ago

TREE NEWS reports: Oppenheimer analyst Chris Kotowski said the selloff in alternative asset manager stocks has been overdone and the shares are highly attractive given continued improvement in the sector’s fundamentals. The broker noted that while macro narratives have never truly been key to the fundamentals, they have repeatedly caused sharp swings, and rate hikes do not change the industry’s basic business conditions or investors’ willingness to allocate to future fundraising. Kotowski cited the 2015-2016 period, when the stocks fell 42% as oil prices dropped and high-yield spreads widened, saying the impact on business was slight and short-lived.

Original source

AI take

This is a broker call pushing back on a narrative-driven selloff, and its real value is the reminder that alternative managers trade on macro sentiment far more than on their actual fundraising economics. The 2015-2016 comparison is the load-bearing part of the argument: sharp drawdowns tied to oil and credit spreads that left the business largely intact. What it does not settle is whether current conditions are truly analogous, since the cited precedent involved different drivers. Worth watching is whether the gap between share-price moves and fundamental improvement persists, or whether allocator behavior eventually validates the macro fear.

Generated by AI for reference only.

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