Business Context and Reporting Period
This Form 13F-HR filing reports the equity holdings of The Blackstone Group L.P. and three other included managers (Blackstone Capital Partners V L.P., Blackstone Kailix Advisors L.L.C., and GSO Capital Partners LP) as of the quarter ended March 31, 2008. The report was filed on May 15, 2008, by Robert L. Friedman, an authorized person for the reporting manager.
Key Financial Metrics
As a Form 13F filing, this document discloses long-only equity positions and does not report revenue, profit, cash flow, margins, or debt levels for the reporting entity itself.
- Total Reported Portfolio Value: $4,897,665,000 (approx. $4.9 billion).
- Total Number of Holdings: 66 entries.
- Largest Single Position: TRW Automotive Holdings Corp. valued at $1,076,429,000 (46,060,285 shares).
- Top 5 Holdings by Value:
- TRW Automotive Holdings Corp. ($1.08 billion)
- Allied Waste Industries, Inc. ($517.9 million)
- Orbitz Worldwide, Inc. ($317.1 million)
- SPDR Series Trust (Put Options) ($263.9 million)
- NRG Energy Inc. ($224.2 million)
- Derivatives: The portfolio includes put options on iShares Trust (Russell 2000) and SPDR Series Trust, as well as put options on individual equities like Comerica and Olin Corporation.
Material Changes
The filing text does not provide comparative data for the prior quarter (December 31, 2007). Consequently, material changes in holdings, entry/exit of positions, or valuation shifts versus the prior period cannot be determined from this document alone.
Guidance, Outlook, and Risks
This filing is a regulatory disclosure of holdings and does not contain management commentary, forward-looking guidance, risk factors, or contingency plans. The report notes 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.
Investor Verification Checklist
- Verify the total portfolio value of $4.9 billion against the firm's broader asset management scale to understand the proportion of assets represented here.
- Confirm the concentration risk associated with the top holding, TRW Automotive, which represents approximately 22% of the reported portfolio value.
- Review the specific terms of the put options held on iShares and SPDR trusts to assess hedging strategies versus speculative short positions.
- Compare these holdings against the firm's 10-Q or 10-K filings for the same period to reconcile reported equity positions with total assets under management.
- Note that this report excludes non-equity assets, private equity holdings, and debt instruments, which are significant components of Blackstone's overall business.