Aristotle Capital Management, LLC, an investment management company, released its “Value Equity Strategy” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund returned 10.57% gross of fees, underperforming the Russell 1000 Value Index, which returned 12.42%. The underperformance of the fund relative to the benchmark in the quarter was attributed to the stock selection while the sector allocation had a positive impact. In addition, you can check the top 5 holdings of the fund to know its best picks in 2022.
Aristotle Value Equity Strategy highlighted stocks like Blackstone Inc. (NYSE:BX) in its Q4 2022 investor letter. Headquartered in New York, New York, Blackstone Inc. (NYSE:BX) is an asset management firm. On March 24, 2023, Blackstone Inc. (NYSE:BX) stock closed at $83.94 per share. One-month return of Blackstone Inc. (NYSE:BX) was -5.75%, and its shares lost 32.20% of their value over the last 52 weeks. Blackstone Inc. (NYSE:BX) has a market capitalization of $100.939 billion.
Aristotle Value Equity Strategy made the following comment about Blackstone Inc. (NYSE:BX) in its Q4 2022 investor letter:
“Blackstone Inc. (NYSE:BX), one of the world’s largest alternative asset managers, was the leading detractor for the period. Shares of the company declined following the decision to limit withdrawals from its Blackstone Real Estate Income Trust (BREIT), which allows retail clients access to alternative investments (typically only available to institutions). While we will continue to study potential long-term impacts of this move, the monthly redemption limits are a mere 2% of the fund’s assets and, importantly, the structure of the fund is one of the reasons that attracted us to Blackstone. We believe lockup periods and redemption limits create stickier capital, while the evergreen nature of BREIT provides an edge over traditional alternative funds that require fundraising cycles. Just after quarter end, a large institution invested $4 billion in BREIT at current net asset value, providing what we view as a noteworthy endorsement of both the fund and firm as a whole. Moreover, we believe Blackstone’s track record of investment performance, as well as first-mover and distribution advantages, positions the firm well to further penetrate retail and private wealth channels.”
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 dividend giants with the lowest short interest. 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.
