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 March 31, 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 May 16, 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. Key portfolio metrics include:
- Total Portfolio Value: $5,630,729,000 (reported in thousands).
- Total Number of Holdings: 46 entries.
- Top Holdings by Value:
- Nielsen Holdings N.V.: $1,504,654,000
- TRW Automotive Holdings Corp.: $1,073,422,000
- General Growth Properties, Inc.: $764,005,000
- Graham Packaging Holdings Company: $702,351,000
- Team Health Holdings, Inc.: $635,163,000
- Derivatives: The portfolio includes positions in Call and Put options for several issuers, including Beazer Homes USA Inc., Central European Distribution Corp., Dollar Thrifty Automotive GP, and SPDR S&P 500 ETF Trust.
Material Changes and Discretionary Notes
The filing does not provide comparative data against the prior quarter to determine material changes in holdings. However, specific notes regarding investment discretion are material:
- Stephen A. Schwarzman Discretion: Shares in Graham Packaging Holdings Company are under the investment discretion of Mr. Stephen A. Schwarzman, not The Blackstone Group L.P.
- Blackstone LR Associates Discretion: Shares in Orbitz Worldwide Inc. are under the discretion of Blackstone LR Associates (Cayman) V Ltd., controlled by Mr. Schwarzman.
- Co-Investment Entities: Holdings in General Growth Properties, Inc. and The Howard Hughes Corporation include shares owned by co-investment entities (Blackstone GGP Principal Transaction Partners L.P.).
Guidance, Outlook, and Risks
This filing type does not contain management commentary, forward-looking guidance, or risk factors regarding the company's operations. The primary risk disclosure inherent in the data is the concentration of assets in specific large-cap positions and the use of derivative instruments (puts and calls) which introduce leverage and market risk.
Investor Verification Checklist
- Verify the distinction between holdings under the direct discretion of The Blackstone Group L.P. versus those controlled by Mr. Schwarzman or affiliated entities.
- Confirm the total aggregate value of $5.63 billion represents the full scope of reportable equity holdings for the included managers.
- Review the specific derivative positions (puts/calls) to understand hedging strategies or speculative exposure on specific names like Beazer Homes and SPDR S&P 500 ETF.
- Note that this filing does not reflect the operating financial health of Blackstone Inc., only its investment portfolio.