Themes / Group
Inactive · established relationshipLatest completed snapshot · Aug 20 · 16:27 ET

MARKET-DISCOVERED GROUP

Asset Management Firms

THE TRADER READRecurring relationship, inactive in the latest snapshot

6 of 11 measured SPY-adjusted paths align to the downside across 7.6 effective names. Capital-flow agreement is 3%, so the basket is not yet clean.

Price breadth6 up · 5 down-0.3% median path versus SPY
Capital-flow alignment3%Price breadth is not yet confirmed by flow
Activity nowCalmActivity score 14/100 · lift 0.8×
Evidence depth8 episodes20 observed active sessions
EVIDENCE CLOCK

What happened, in timestamp order

5 timed events · 09:30–15:55 ET
TIMING READA verified headline preceded the first measured price move in the common-bar window by 825 minutes. The timing makes it a catalyst candidate, not proof of cause.
  2. 5-minute inferenceSTEP registered the first material upside path

    +2.08% session path at the threshold · STEP

  3. 5-minute inferenceARES registered a material downside path

    -0.83% session path at the threshold · ARES

  4. 5-minute inferenceBX registered a material downside path

    -0.44% session path at the threshold · BX

  5. 5-minute inferenceTPG registered a material upside path

    +1.41% session path at the threshold · TPG

2 earlier filing context receipts

TUE, FEB 24APO filing documented shared operating contextcredit / rates affecting interest expense · date precision only

THU, AUG 6ARES filing documented shared operating contextcredit / rates affecting interest expense · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.
THEME CONSTRUCTION

Broad move or one-stock disguise?

SPY-adjusted 5m paths

Observed movement is broad across 7.6 effective names. STEP represents 19.6% of absolute path energy; 6 of 11 members align with the down relative path.

ConstructionBroad19.6% from the largest path
Effective names7.6 / 11Movement diversity after concentration
Direction breadth6/11 aligneddownside relative path · 4 counter-moving
Largest moverSTEP 19.6%36.6% from the top two paths
STEP19.6%Counter-move · path +2.98% · basket +0.27pp
OWL17.0%Aligned contributor · path -2.59% · basket -0.23pp
HLNE14.4%Counter-move · path +2.19% · basket +0.20pp
APO13.8%Aligned contributor · path -2.10% · basket -0.19pp
ARES8.8%Aligned contributor · path -1.33% · basket -0.12pp
BX7.1%Aligned contributor · path -1.07% · basket -0.10pp
CG6.9%Counter-move · path +1.06% · basket +0.10pp
KKR6.5%Aligned contributor · path -0.99% · basket -0.09pp
TPG4.0%Counter-move · path +0.61% · basket +0.06pp
PJT1.7%Aligned contributor · path -0.26% · basket -0.02pp
OTF0.1%Flat / inactive path · path +0.02% · basket +0.00pp
Top six names by movement share are shown. Movement share measures absolute 5-minute path energy; signed basket contribution is equal-weight. Neither is a portfolio weight or causal attribution.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
HOW THE PRICE MOVE SPREAD

Observed session sequence

5-minute bars · inferred
  1. STEP moved higher firstFirst member to clear the material path threshold · path +2.08%
  2. ARES registered a material lower path0m after the first price move · path -0.83%
  3. BX registered a material lower path0m after the first price move · path -0.44%
  4. TPG registered a material higher path0m after the first price move · path +1.41%
  5. PJT registered a material lower path0m after the first price move · path -1.27%
  6. OTF registered a material higher path0m after the first price move · path +0.47%

Sequence inferred from aligned 5-minute price paths; it is not a causal ordering.

RELATIVE CO-MOVEMENT

How the members are behaving together

SPY-adjusted
Oct 1 · 09:30 ETMove visible 09:50 ETOct 1 · 15:55 ET
Group median -0.26%Strongest relative path STEPWeakest relative path OWL

Observed member paths adjusted against SPY. The dashed marker shows when the median move first cleared a material threshold; shading marks the latest 20% of the observed window.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY THIS GROUP EXISTS

Shared filing context

11/11 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across ARES, BX, CG, HLNE, KKR, OTF, OWL, PJT, TPG.

credit / rates affecting interest expense

“The increase in interest expense was primarily due to an increase in host accretion on business ceded to Catalina, as well as interest related to additional issuances of long-term debt in the second quarter of 2025 and a full year of interest on long-term debt issued in the fourth quarter of 2024.”

APO 10-K · 2026-02-25
credit / rates

“The revolving credit facility will mature and the commitments thereunder will terminate on July 29, 2026, subject to extension by agreement of the Borrower and Administrative Agent.”

PJT 10-K · 2026-02-26
restructuring

“The increase in Revenues was due to increases in strategic advisory, private capital solutions, and restructuring revenues.”

PJT 10-Q · 2026-04-30
CONFIRMATION NETWORK

Outsiders and cross-asset links

0 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

BENNot confirming

HLNE · text peer

TROWNot confirming

STEP · text peer

AMGNot confirming

HLNE · text peer

SLRCNot confirming

OWL · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
PJTOWLSTEPAPOCGTPGARESOTFBXHLNEKKR

5/11 active6 rising · 5 falling

MemberUnusual activityToday's moveRead now
PJTPJT Partners Inc.
Most unusual · 100/100
-2.2%
Aligned path contributorActive in 15% of observed group sessions
OWLBlue Owl Capital Inc.
Elevated · 81/100
-1.6%
Aligned price + flowActive in 15% of observed group sessions
STEPStepStone Group Inc.
Elevated · 80/100
+2.9%
Counter-move / dispersionActive in 40% of observed group sessions
APOApollo Global Management, Inc.
Elevated · 75/100
-1.6%
Aligned path contributorActive in 30% of observed group sessions
CGThe Carlyle Group Inc.
Elevated · 72/100
+1.9%
Counter-move / dispersionActive in 30% of observed group sessions
TPGTPG Inc.
Elevated · 67/100
+1.4%
Counter-move / dispersionActive in 35% of observed group sessions
ARESAres Management Corporation
Quiet · 59/100
+0.2%
Watch / laggardActive in 30% of observed group sessions
OTFBlue Owl Technology Finance Corp.
Quiet · 56/100
-0.5%
Watch / laggardActive in 10% of observed group sessions
BXBlackstone Inc.
Quiet · 51/100
+0.1%
Watch / laggardActive in 20% of observed group sessions
HLNEHamilton Lane Incorporated
Quiet · 49/100
+2.0%
Watch / laggardActive in 40% of observed group sessions
KKRKKR & Co. Inc.
Quiet · 44/100
-0.1%
Watch / laggardActive in 60% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
PJTPJT Partners Inc.Most unusual-2.2%15% of 20 sessionsMost unusual activity in this snapshot; performance direction may differ.
OWLBlue Owl Capital Inc.Participating-1.6%15% of 20 sessionsPrice participation with accumulating signed flow.
STEPStepStone Group Inc.Participating+2.9%40% of 20 sessionsPrice participation is not yet confirmed by per-name flow.
APOApollo Global Management, Inc.Participating-1.6%30% of 20 sessionsPrice participation is not yet confirmed by per-name flow.
CGThe Carlyle Group Inc.Participating+1.9%30% of 20 sessionsPrice participation with distributing signed flow.
TPGTPG Inc.Participating+1.4%35% of 20 sessionsPrice participation with accumulating signed flow.
ARESAres Management CorporationQuiet / lagging+0.2%30% of 20 sessionsNot participating yet; a breadth test or a genuine divergence.
OTFBlue Owl Technology Finance Corp.Quiet / lagging-0.5%10% of 20 sessionsNot participating yet; a breadth test or a genuine divergence.
BXBlackstone Inc.Quiet / lagging+0.1%20% of 20 sessionsNot participating yet; a breadth test or a genuine divergence.
HLNEHamilton Lane IncorporatedQuiet / lagging+2.0%40% of 20 sessionsNot participating yet; a breadth test or a genuine divergence.
KKRKKR & Co. Inc.Quiet / lagging-0.1%60% of 20 sessionsNot participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Early observed follow-through

3/3 events completed
30 minutes-0.40%0% continuation · n=2Median MFE +-0.08% · MAE -2.92%
60 minutes-1.15%0% continuation · n=2Median MFE +-0.08% · MAE -2.92%
Session close+0.08%100% continuation · n=1Median MFE +0.29% · MAE -1.10%
Next-session close-2.30%0% continuation · n=2Median MFE +-0.08% · MAE -2.92%
Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
moderate structural support

8 completed episodes across 20 active sessions provide moderate historical support. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support63 daysHow often the cohort identity was observed
Completed episodes8Separate periods of broad group activity
Active sessions20Completed session observations, not trades
2026-08-11 → 2026-08-133 active sessionsNo name was active through every recorded session
2026-07-30 → 2026-08-065 active sessionsNo name was active through every recorded session
2026-07-231 active session100% composition consistency through the episode
2026-07-08 → 2026-07-154 active sessionsNo name was active through every recorded session
2026-06-29 → 2026-07-013 active sessionsNo name was active through every recorded session
2026-06-241 active session100% composition consistency through the episode
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
KKR60% · 7 episodes
HLNE40% · 5 episodes
STEP40% · 6 episodes
TPG35% · 7 episodes
APO30% · 6 episodes
ARES30% · 5 episodes
CG30% · 4 episodes
BX20% · 4 episodes
OWL15% · 2 episodes
PJT15% · 3 episodes
OTF10% · 1 episode