RiverPark Advisors, an investment advisory firm and sponsor of the RiverPark family of mutual funds, released its “RiverPark Large Growth Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, markets performed poorly, and the S&P 500 index (“S&P”) and the Russell 1000 Growth Index (RLG) declined -3.27% and -3.13%, respectively and Institutional Class (RPX) declined -4.11%. Year to date, RPX has returned 26.59% compared to the SPX and the RLG’s 13.07% and 24.98% returns, respectively. In addition, please check the fund’s top five holdings to know its best picks in 2023.
RiverPark Advisors highlighted stocks like Blackstone Inc. (NYSE:BX) in the third quarter 2023 investor letter. Headquartered in New York, New York, Blackstone Inc. (NYSE:BX) is an asset management firm specializing in Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions. On November 16, 2023, Blackstone Inc. (NYSE:BX) stock closed at $103.70 per share. One-month return of Blackstone Inc. (NYSE:BX) was 9.83%, and its shares gained 13.11% of their value over the last 52 weeks. Blackstone Inc. (NYSE:BX) has a market capitalization of $125.428 billion.
RiverPark Advisors made the following comment about Blackstone Inc. (NYSE:BX) in its Q3 2023 investor letter:
“Blackstone Inc. (NYSE:BX): Alternative asset manager Blackstone was our top contributor in the quarter. In July, the company reported 2Q23 EPS that were slightly ahead of investors’ expectations despite management fees and fundraising that were marginally weaker than expected. The stock’s recent strength is more likely the result of lower than anticipated redemption requests for the company’s private real estate fund, BREIT. Recent high-profile IPO’s also increased the likelihood of a better environment for realizations.
Whatever the near-term brings for realizations, we continue to view Blackstone as offering an attractive risk/reward profile given its below-market valuation and consistent double-digit AUM growth driving recurring fee revenue growth, plus strong and consistent investment performance. Most of its capital is long-dated or even permanent (BX has $384 billion of permanent capital, 38% of its total), most of its fees (which are high-margin and recurring) are not sensitive to market fluctuations, and the company has billions of dollars of uninvested capital available to put to work (BX has $194.5 billion of “dry powder” or uncalled capital commitments, a new record). BX’s recurring fees provide a base of consistent earnings, while its opportunistic investing and harvesting add the ability to maximize investment returns, providing a strong foundation for long-term stock performance. Additionally, BX has a 3.1% trailing 12 months (“TTM”) dividend yield at the current share price.”
Source: PEXELS
Blackstone Inc. (NYSE:BX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Blackstone Inc. (NYSE:BX) at the end of second quarter which was 45 in the previous quarter.
We discussed Blackstone Inc. (NYSE:BX) in another article and shared the list of best dividend stocks according to Jim Cramer. In addition, please check out our hedge fund investor letters Q3 2023 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.
