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 calendar quarter ended December 31, 2010. 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 February 14, 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 Reported Value: $5,026,802 (in thousands), totaling approximately $5.03 billion.
- Total Number of Holdings: 32 entries.
- Top Holdings by Value:
- TRW Automotive Holdings Corp.: $1,027,040 (in thousands)
- General Growth Properties, Inc. (Common Stock): $744,458 (in thousands)
- Team Health Holdings, Inc.: $688,213 (in thousands)
- Republic Services Inc.: $644,252 (in thousands)
- Graham Packaging Holdings Company: $525,453 (in thousands)
- Derivatives: Significant positions in SPY Put options totaling over $750 million in reported value.
Material Changes and Portfolio Composition
The filing does not provide comparative data against the prior quarter (September 30, 2010) to determine material changes in holdings. The portfolio is heavily concentrated in large-cap equities, with significant exposure to the real estate sector (General Growth Properties, Hovnanian Enterprises, Howard Hughes Corporation) and industrial/automotive sectors (TRW Automotive, Graham Packaging). Notable positions include warrants for General Growth Properties and The Howard Hughes Corporation.
Management Commentary, Risks, and Contingencies
This filing type does not contain management commentary, forward-looking guidance, or risk factors regarding the company's operations. However, specific investment discretion notes are provided:
- Orbitz Worldwide Inc.: Shares are under the investment discretion of Blackstone LR Associates (Cayman) V Ltd., controlled by Stephen A. Schwarzman, not The Blackstone Group L.P.
- Graham Packaging Holdings & Republic Services: Shares are under the investment discretion of Mr. Stephen A. Schwarzman personally.
Key Facts for Investor Verification
- Verify that the $5.03 billion reported value represents only the equity holdings of the specific managers listed and does not reflect Blackstone's total assets under management (AUM).
- Note the distinction in investment discretion for Orbitz, Graham Packaging, and Republic Services, which are attributed to specific affiliates or individuals rather than the primary reporting manager.
- Confirm the significant exposure to SPY Put options, indicating a hedging strategy or bearish view on the S&P 500 for early 2011.
- Recognize that operating metrics such as revenue, profit margins, and debt levels for Blackstone Inc. are not disclosed in this document.