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 December 31, 2009. The report was signed on February 16, 2010, by Robert L. Friedman. The filing covers holdings managed by The Blackstone Group L.P. and includes two other institutional investment managers: Blackstone Capital Partners V L.P. and GSO Capital Partners LP.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings and does not contain the reporting manager's own revenue, profit, cash flow, or debt metrics. The following aggregate portfolio data is provided:
- Total Portfolio Value: $3,238,197,000 (reported in thousands).
- Total Number of Holdings: 29 entries.
- Largest Holdings by Value:
- TRW Automotive Holdings Corp: $1,099,919,000
- Republic Services Inc: $573,268,000
- Orbitz Worldwide Inc: $337,797,000
- SPDR Trust (Put Option): $958,384,000
Material Changes and Portfolio Composition
The filing lists 29 distinct positions, primarily consisting of common stock and American Depositary Receipts (ADRs). Notable characteristics of the portfolio include:
- Geographic Diversification: Significant exposure to Indian and Chinese markets via ADRs (e.g., ICICI Bank, Infosys, Wipro, NetEase).
- Derivatives: The portfolio includes a substantial put option position on SPDR Trust Unit Ser 1 valued at $958,384,000.
- Fixed Income: One debt instrument is reported: Standard Pac Corp Note 6.000% valued at $4,625,000.
Management Commentary, Risks, and Contingencies
The filing includes specific explanatory notes regarding investment discretion and contingencies for certain holdings:
- Investment Discretion Exceptions:
- Orbitz Worldwide Inc.: Shares are under the discretion of Blackstone LR Associates (Cayman) V Ltd., controlled by Stephen A. Schwarzman, not The Blackstone Group L.P.
- Republic Services Inc.: Shares are under the direct discretion of Stephen A. Schwarzman.
- Contingency - Standard Parking Corp: Shares in Standard Parking Corp were obtained by lenders in satisfaction of loan obligations. Per a Schedule 13D filed in May 2009, these shares must be disposed of, and proceeds distributed as defined in that filing.
Investor Verification Checklist
- Verify the distinction between holdings under the direct discretion of The Blackstone Group L.P. versus those controlled by Stephen A. Schwarzman or affiliated entities (Orbitz, Republic Services).
- Review the Schedule 13D filed on May 26, 2009, to understand the disposition requirements for the Standard Parking Corp position.
- Assess the impact of the large SPDR Trust put option position ($958M) on the overall portfolio risk profile.
- Note that this filing does not provide financial performance data (revenue, earnings) for Blackstone Inc. itself, only its equity holdings.