RiverPark Funds, an investment management company, released its “RiverPark Large Growth Fund” second quarter 2022 investor letter. A copy of the same can be downloaded here. The second quarter was extremely difficult for the fund which returned -34%. Year to date, the fund returned -47%. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
RiverPark Funds discussed stocks like Blackstone Inc. (NYSE:BX) in the second quarter investor letter. Headquartered in New York, New York, Blackstone Inc. (NYSE:BX) is an asset management company. On September 20, 2022, Blackstone Inc. (NYSE:BX) stock closed at $90.94 per share. One-month return of Blackstone Inc. (NYSE:BX) was -11.50%, and its shares lost 27.72% of their value over the last 52 weeks. Blackstone Inc. (NYSE:BX) has a market capitalization of $109.487 billion.
Here is what RiverPark Funds specifically said about Blackstone Inc. (NYSE:BX) in its Q2 2022 investor letter:
“Blackstone Inc. (NYSE:BX) has been investing in private markets since 1987. The company today has over $900 billion in assets under management as compared with about $70 billion at the time of its 2007 debut as a public company. The company’s world-class reputation is built on its superior investment returns which, in private equity, have delivered a compounded 16% net to investors for over 30 years.
BX’s business is asset light and brand heavy as the company has virtually no net debt against its $110 billion equity market capitalization and pays out a large percentage of its earnings each year in dividends (while also supporting a steady stock buyback program). Fee related earnings (a conservative proxy for EPS that does not include lucrative performance fees) have increased 225% since the company’s Investor Day 3.5 years ago, having compounded more than 35% annually over that time.
The company continues to target strong AUM growth, expecting to raise in excess of $150 billion in new assets over the next 1.5 years as it continues to lead in an alternative management industry that continues to take share of institutional assets. AUM in the alt space has steadily migrated up from a low single digit share 25 years ago to the low 30% range today with substantial additional growth coming from the retail and insurance industries. By 2030, some analysts estimate that allocations to alternatives could double again to over 60% of institutional AUM. Today, while AUM in the alternative industry has grown to $10 trillion, there are over $250 trillion of assets in stocks and bonds, leaving a vast runway of growth available for the future…” (Click here to read the full text)
Blackstone Inc. (NYSE:BX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 61 hedge fund portfolios held Blackstone Inc. (NYSE:BX) at the end of the second quarter which was 61 in the previous quarter.
We discussed Blackstone Inc. (NYSE:BX) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.
Disclosure: None. This article is originally published at Insider Monkey.
