SEC Filing Summary: Form 13F-HR
Business Context and Reporting Period
This filing is a Form 13F Combination Report submitted by The Blackstone Group L.P. for the quarter ended December 31, 2007. The report was signed on May 15, 2008, by Robert L. Friedman. It covers a portion of the holdings managed by The Blackstone Group L.P., with other holdings reported by Blackstone Kailix Advisors LLC and Blackstone Capital Partners V L.P.
Key Financial Metrics
As a Form 13F filing, this document reports equity holdings rather than the company's own financial performance (revenue, profit, or cash flow). The filing provides the following aggregate data for the reported portfolio:
- Total Reported Portfolio Value: $2,841,185,000 (reported in thousands).
- Number of Holdings Reported: 20 entries.
- Largest Reported Position: TRW Automotive Holdings Corp. ($962,660,000).
- Second Largest Position: Allied Waste Industries, Inc. ($527,934,000).
- Third Largest Position: Orbitz Worldwide, Inc. ($415,756,000).
The filing does not provide data on the manager's own revenue, profit margins, debt, or liquidity.
Material Changes and Portfolio Composition
The filing lists specific equity positions held as of the period end. Notable characteristics of the portfolio include:
- Derivative Exposure: Several positions involve call or put options, including Ford Motor Company (Call), General Motors Corporation (Call), Harrah's Entertainment (Call), iShares Trust MSCI EMERG MKT (Put), and Tribune Company (Call).
- Industry Concentration: Significant exposure to automotive (TRW, Ford, GM, Visteon, Lear), media/telecom (Tribune, Airmedia), and consumer services (Allied Waste, Orbitz, Harrah's).
- Voting Authority: All reported positions are held with "Sole" voting authority.
The filing text does not provide comparative data for the prior quarter to determine material changes in position size or total portfolio value.
Guidance, Risks, and Management Commentary
This filing type does not contain management guidance, outlook, or commentary on future performance. The only explanatory note provided states that The Blackstone Group L.P. is managed by Blackstone Group Management L.L.C., which is controlled by founders Stephen A. Schwarzman and Peter G. Peterson. No specific risks or contingencies regarding the reported holdings are disclosed in this text.
Key Facts for Investor Verification
- Verify the total assets under management (AUM) for The Blackstone Group L.P. separately, as this report only covers a subset of holdings ($2.84 billion).
- Confirm the current status of the large positions in TRW Automotive and Allied Waste, as these represent over 50% of the reported portfolio value.
- Review the derivative positions (Calls/Puts) to understand the hedging or speculative strategy employed for companies like Ford and Tribune.
- Note that this is a "Combination Report," meaning other managers (Blackstone Kailix Advisors LLC, Blackstone Capital Partners V L.P.) hold additional assets for the same entity not listed here.