Oaktree Capital (OAK) is one of the companies in the private equity space I really like (previous update here). Many companies in this space appear deeply undervalued. Drivers of the systemic undervaluation appear to be exclusion within the ETF universe (due to partnership structure), tax complications and unpredictable performance fees.
Actually asset managers as a group look very inexpensive. Both on an absolute basis and historically. The narrative continues to be that ETFs or Exchange Traded Funds are superior to active management. If ETFs will continue to dominate, asset managers may not