Artisan Partners, an investment management company, released its “Artisan Value Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund outperformed the Russell 1000 Value Index. Its Investor Class fund ARTLX returned 14.04%, Advisor Class fund APDLX posted a return of 14.14%, and Institutional Class fund APHLX returned 14.10% in the quarter, compared to a 12.42% return for the benchmark index. Positive stock selection led to the outperformance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.
Artisan Value Fund highlighted stocks like Blackstone Inc. (NYSE:BX) in the Q4 2022 investor letter. Headquartered in New York, New York, Blackstone Inc. (NYSE:BX) is an alternative asset management company. On March 1, 2023, Blackstone Inc. (NYSE:BX) stock closed at $89.78 per share. One-month return of Blackstone Inc. (NYSE:BX) was -10.25%, and its shares lost 28.66% of their value over the last 52 weeks. Blackstone Inc. (NYSE:BX) has a market capitalization of $107.961 billion.
Artisan Value Fund made the following comment about Blackstone Inc. (NYSE:BX) in its Q4 2022 investor letter:
“Another laggard in Q4 was investment manager Blackstone Inc. (NYSE:BX). Shares came under pressure along with those of other alternative asset managers due to price declines across asset markets. Blackstone has been met with redemptions in its private real estate fund BREIT (Blackstone Real Estate Income Trust), one of the company’s strong growth drivers in the attractive high net worth channel. Redemptions have picked up due to concerns about the real estate market due to higher interest rates, and because BREIT has been a strong performing product, investors are selling their winners to gain liquidity in an environment where their other assets may have lost value. In early January 2023, it was announced that the University of California is putting $4 billion into BREIT with the same fees as other shareholders but with a commitment to hold shares for 6 years. This announcement may help to allay concerns about BREIT’s stability in the face of redemptions. We still view the business as a proven long-term compounder of value, driven by a virtuous cycle of strong investment results leading to fundraising success. Blackstone remains a smaller position in the portfolio.”
Source: PEXELS
Blackstone Inc. (NYSE:BX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 51 hedge fund portfolios held Blackstone Inc. (NYSE:BX) at the end of the fourth quarter which was 61 in the previous quarter.
We discussed Blackstone Inc. (NYSE:BX) in another article and shared the list of high growth non-tech stocks that are profitable. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
