ClearBridge Investments: “We Continued to Trim Blackstone (BX)”

ClearBridge Investments, an investment management firm, published its “Dividend Strategy” third quarter 2021 investor letter – a copy of which can be downloaded here. The ClearBridge Dividend Strategy outperformed its S&P 500 Index benchmark during the third quarter. On an absolute basis, the Strategy had gains in six of 11 sectors in which it was invested for the quarter. The main contributors to Strategy performance were the financials and IT sectors. The materials and industrial sectors, meanwhile, were the main laggards. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

ClearBridge Investments Dividend Strategy, in its Q3 2021 investor letter, mentioned Blackstone Inc. (NYSE: BX) and discussed its stance on the firm. Blackstone Inc. is a New York, New York-based alternative investment management company with an $84.7 billion market capitalization. BX delivered a -7.91% return since the beginning of the year, while its 12-month returns are up by 88.45%. The stock closed at $119.16 per share on January 06, 2022.

Here is what ClearBridge Investments Dividend Strategy has to say about Blackstone Inc.  in its Q3 2021 investor letter:

“During the quarter we continued to trim Blackstone as the stock made new highs. We remain enthusiastic about the company’s prospects and continue to be large shareholders, but the riskreward at current levels is balanced and we sought to manage the overall position size within the portfolio.”

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Based on our calculations, Blackstone Inc. (NYSE: BX) was not able to clinch a spot in our list of the 30 Most Popular Stocks Among Hedge Funds. BX was in 54 hedge fund portfolios at the end of the third quarter of 2021, compared to 54 funds in the previous quarter. Blackstone Inc. (NYSE: BX) delivered a 3.37% return in the past 3 months.

In December 2021, we also shared another hedge fund’s views on BX in another article. You can find more than 100 investor letters from hedge funds and prominent investors on our hedge fund investor letters 2021 Q3 page.

Disclosure: None. This article is originally published at Insider Monkey.