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Is Blackstone (BX) A Smart Long-Term Buy?

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  • BX
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RiverPark Funds, an investment management firm, published its “RiverPark Large Growth Fund” third quarter 2021 investor letter – a copy of which can be downloaded here. The RiverPark Large Growth Fund (the “Fund”) returned -3.23% for the third quarter of 2021, while its benchmarks, the S&P 500 Total Return Index (“S&P”) advanced 0.58%, the Russell 1000 Growth Total Return Index (“RLG”) returned 1.16%, while the Morningstar Large Growth Category returned -0.07%. You can take a look at the fund’s top 5 holdings to have an idea about their best picks for 2021.

RiverPark Large Growth Fund, 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 a $106.3 billion market capitalization. BX delivered a 129.72%% return since the beginning of the year, while its 12-month returns are up by 150.01%. The stock closed at $148.88 per share on November 29, 2021.

Here is what RiverPark Large Growth Fund has to say about Blackstone Inc. in its Q3 2021 investor letter:

"Alternative asset manager Blackstone was our top contributor for the quarter, as well as year-to-date. BX’s internal results continue to impress; the company continues to grow its recurring revenues, with fee-related earnings up 30% year over year, and grow its AUM, which grew 21% year over year to $684 billion.

Due to a combination of continued strong fundraising, expansion to still additional categories of capital sources (such as retail investors and insurance companies), and growth of incentive fee realizations, we believe that BX can compound both its distributable earnings and its dividend at greater than 20% per year for at least the next 5 years."

Finance
Finance

Photo by Marten Bjork on Unsplash

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. Blackstone Inc. (NYSE: BX) delivered a 19.67% return in the past 3 months.

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