Third Avenue Management, an investment management firm, published its “Real Estate Value Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. For the first quarter of the calendar year, the Fund generated a return of -7.40% (after fees) versus -3.79% (before fees) for the Fund’s most relevant benchmark, the FTSE EPRA NAREIT Developed Index. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.
In its Q1 2022 investor letter, Third Avenue Management Real Estate Value Fund mentioned Blackstone Inc. (NYSE:BX) and explained its insights into the company. Founded in 1985, Blackstone Inc. (NYSE:BX) is a New York, New York-based alternative investment management company with a $129.1 billion market capitalization. Blackstone Inc. (NYSE:BX) delivered a -16.94% return since the beginning of the year, while its 12-month returns are up by 20.08%. The stock closed at $107.47 per share on April 27, 2022.
Here is what Third Avenue Management Real Estate Value Fund has to say about Blackstone Inc. (NYSE:BX) in its Q1 2022 investor letter:
“Along these lines, funds affiliated with the Blackstone Group launched a takeover offer for one of the Fund’s holdings for the second time in the previous three quarters. In this case, the bid related to Preferred Apartment Communities, Inc. (NYSE:APTS)- a US-based Real Estate Investment Trust (“REIT”) that predominantly owns a portfolio of modern and well-located multi-family properties in the Sunbelt region as well as grocery-anchored retail properties across the same geographic footprint. While the Fund’s investment was only established in 2021, Blackstone’s (NYSE:BX) offer price represented a substantial premium to the Fund’s cost basis. The process undertaken by the Board to eliminate the disconnect between the company’s public and private market values also seemed robust.”
PTstock/Shutterstock.comHedge Fund
Our calculations show that Blackstone Inc. (NYSE:BX) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Blackstone Inc. (NYSE:BX) was in 62 hedge fund portfolios at the end of the fourth quarter of 2021, compared to 54 funds in the previous quarter. Blackstone Inc. (NYSE:BX) delivered a -9.72% return in the past 3 months.
In March 2022, we also shared another hedge fund’s views on Blackstone Inc. (NYSE:BX) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.
Disclosure: None. This article is originally published at Insider Monkey.
