Business Context and Reporting Period
This Form 13F-HR filing reports the equity holdings of The Blackstone Group L.P. as of the quarter ended June 30, 2010. The report was filed on August 16, 2010, and includes holdings for two other included managers: Blackstone Capital Partners V L.P. and GSO Capital Partners LP. The filing covers 27 distinct investment entries.
Key Financial Metrics
The filing provides a snapshot of long-term equity positions rather than operational financial performance metrics such as revenue, profit, or cash flow.
- Total Reported Value: $3,430,111,000 (approx. $3.43 billion).
- Number of Holdings: 27 entries.
- Top Holdings by Value:
- TRW Automotive Holdings Corp: $993,125,000
- Republic Services Inc: $641,448,000
- Team Health Holdings, Inc: $572,182,000
- Graham Packaging Holdings Company: $482,337,000
- Orbitz Worldwide Inc: $209,728,000
- Derivatives: Significant positions in SPDR S&P 500 ETF TR options (Calls and Puts) totaling over $360 million in reported value.
Material Changes and Prior Period Comparison
The filing text does not provide data for the prior comparable period (March 31, 2010) or explicitly state material changes in holdings values or quantities versus the previous quarter. Consequently, no comparative analysis of growth or reduction in positions can be derived from this document alone.
Guidance, Risks, and Unusual Items
As a Form 13F, this document does not contain management guidance, outlook, or risk factors regarding the company's operations. However, it discloses specific investment discretion arrangements:
- Orbitz Worldwide Inc: Shares are not under the investment discretion of The Blackstone Group L.P. but are managed by Blackstone LR Associates (Cayman) V Ltd., controlled by Stephen A. Schwarzman.
- Graham Packaging Holdings and Republic Services: Shares are reported but are not under the investment discretion of The Blackstone Group L.P.; they are under the discretion of Stephen A. Schwarzman personally.
Investor Verification Checklist
- Verify the total portfolio value of $3.43 billion against the firm's broader asset management disclosures.
- Confirm the distinction between holdings managed by The Blackstone Group L.P. versus those managed by Stephen A. Schwarzman personally or through Blackstone LR Associates.
- Review the concentration risk in the top five holdings, which represent approximately 60% of the reported portfolio value.
- Assess the exposure to SPDR S&P 500 ETF options, noting the mix of call and put positions.
- Check subsequent filings to determine if the "Sole" voting authority status for major holdings like TRW Automotive and Republic Services has changed.