Alternative asset manager stocks highly attractive, Oppenheimer says
** The sell-off in alternative asset manager stocks is overdone and shares are highly attractive as the industry continues to perform well on a fundamental basis, Oppenheimer analyst Chris Kotowski says
** Brokerage says macro narratives have time and again created havoc in alternative asset manager stocks even though they were never a fundamental needle mover
** Adds rate hikes doesn't change the underlying business or investor willingness to allocate to future fundraise
** "One good example is how in 2015-16 the stocks declined by 42% because a decline in oil prices had caused high yield bond spreads to blow out. We remember people telling us then that it killed the PE business model, but in fact only had minor and short-term impacts on the business" - Kotowski
** Private capital appeals to both investors and issuers - brokerage
** "It has been painful, but we are confident that we have seen this movie before and that this represents an outstanding buying opportunity in the group," Kotowski says