KKR & Co. Inc.
Thesis
KKR is positioned to benefit from a growing total addressable market (TAM) in asset management, with a strong business model that leverages scale advantages. The company has demonstrated significant growth in assets under management (AUM) and is expected to continue capturing market share in the alternative asset space, which is projected to grow at a high single-digit rate annually. KKR's diversified revenue streams and stability in earnings make it an attractive investment opportunity, especially in a turbulent market environment.
Did it work?
The long thesis on KKR has played out successfully, as evidenced by a substantial price increase of 93.7% over the 52 months since the pitch. The company's growth in assets under management and its ability to capture market share in the alternative asset space align with the thesis, confirming the anticipated benefits from a growing total addressable market. Additionally, KKR's diversified revenue streams and stability in earnings have contributed to its strong performance, validating the investment thesis.
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