Analyst Note
| Greggory Warren, CFA |The stand-alone publicly traded alternative asset managers we cover—narrow-moat-rated Blackstone, KKR & Company, and The Carlyle Group—have enjoyed something of a "golden era of growth" during the past decade as institutional and high-net-worth investors have increased their allocation to alternatives in the pursuit of returns that were less correlated to equity and credit markets and yields that were better than what they could get in a fixed-income market hamstrung by historically low interest rates.