SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
This filing is a Form 13F Holdings Report submitted by The Blackstone Group L.P. for the quarter ended June 30, 2011. The report discloses equity securities held by the institutional investment manager and includes holdings for two other included managers: Blackstone Capital Partners V L.P. and GSO Capital Partners LP. The report was signed by John G. Finley on August 12, 2011.
Key Financial Metrics
As a Form 13F filing, this document reports portfolio holdings rather than the operating financial performance (revenue, profit, cash flow) of Blackstone Inc. itself.
- Total Portfolio Value: $9,916,372 (in thousands), totaling approximately $9.92 billion.
- Total Number of Holdings: 42 entries reported in the information table.
- Top Holdings by Value:
- Freescale Semiconductor: $3,606,957 (thousands)
- Nielsen Holdings N.V.: $1,716,771 (thousands)
- TRW Automotive Holdings Corp: $1,150,401 (thousands)
- Graham Packaging Co Inc: $1,016,253 (thousands)
- General Growth Properties Inc: $828,666 (thousands)
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (March 31, 2011) to determine material changes in holdings or value. The portfolio is diversified across various sectors including technology, real estate, automotive, and media. Notable positions include significant stakes in Freescale Semiconductor (via Freescale LP) and Nielsen Holdings. Several holdings include derivative positions such as call and put options (e.g., Beazer Homes, General Motors, Pulte Group, SPDR S&P 500 ETF).
Management Commentary, Risks, and Contingencies
The filing contains no management commentary, forward-looking guidance, or discussion of risks and contingencies, as these are not required elements of a Form 13F. However, explanatory notes highlight specific investment structures:
- Investment Discretion: Certain shares (e.g., Graham Packaging, Orbitz Worldwide) are reported but are under the investment discretion of Mr. Stephen A. Schwarzman or affiliated entities rather than The Blackstone Group L.P. directly.
- Co-Investment Entities: Holdings in General Growth Properties and Howard Hughes Corporation include shares owned by Blackstone GGP Principal Transaction Partners L.P.
- Partnership Interests: The Freescale Semiconductor position includes limited partnership interests and general partner shares held by affiliated funds.
Key Facts for Investor Verification
- Verify the distinction between holdings under the direct discretion of The Blackstone Group L.P. versus those under the discretion of Stephen A. Schwarzman or other affiliated managers.
- Confirm the total exposure to Freescale Semiconductor, noting the complex structure involving limited partnership interests and general partner shares.
- Review the specific derivative positions (calls and puts) attached to equity holdings to understand the full risk profile of the reported positions.
- Note that this filing reflects holdings as of June 30, 2011, and does not disclose the operating financial health of Blackstone Inc. itself.