Investor Presentaiton
It Has Become Increasingly Difficult to Organically Build Capital by Generating
'Safe Yield' in the Public Fixed Income Markets Alone
% of Active Corporate Bond Managers Underperforming Passive Funds¹
43%
3 year
64%
10 year
Liquidity in Public Fixed Income Markets Has Dwindled Since 2008²
$T
84%
10
9
8
7
6
5
4
3
2
1
0
2001
2003
20 year
2005 2007 2009 2011 2013 2015 2017 2019
Total stock of US corporate bonds outstanding (Is)
Primary dealer inventory of corporate bonds (rs)
2021
1. Morningstar's Active/Passive Barometer, year-end 2022 edition (here). Trailing periods ending 2022. Data shown for Intermediate Bond fund managers, which primarily have a duration of 3-7 years.
2. Sources: Bloomberg, Apollo Chief Economist; chart data reflects period from January 1, 2012 through December 31, 2021.
ATHENE
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300
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150
100
50
0
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