These Hedge Funds Profited Handsomely As Blackstone Surged 5%

The Blackstone Group L.P. (NYSE:BX) is one of the biggest winners today, increasing 5%. Bloomberg explains this movement as follows:

The Blackstone Group L.P. (NYSE:BX), the biggest manager of alternative assets, posted record fourth-quarter earnings as it sold real estate and private-equity investments at a profit. The shares rose the most in a year.

The Blackstone Group L.P. (NYSE:BX)

Economic net income, a measure of earnings excluding some costs, more than doubled to $1.54 billion, or $1.35 a share, from $670 million, or 59 cents, a year earlier, New York-based Blackstone said today in a statement. Analysts had expected earnings of 83 cents a share, according to the average of 16 estimates in a Bloomberg survey.

Here are some of the highlights from The Blackstone Group L.P. (NYSE:BX)’s earnings release:

The Blackstone Group L.P. (NYSE:BX)’s record $3.5 billion of Economic Net Income (“ENI”) was driven by its best year of overall investment performance.

ENI was $1.5 billion ($1.35/unit) for the quarter and $3.5 billion ($3.07/unit) for the full year.

Full year Distributable Earnings (“DE”) continued to accelerate to $1.9 billion ($1.56/unit), up 66%.

Distributable Earnings were $0.68/unit for the fourth quarter, driven by Realized Performance Fees and Realized Investment Income totaling $694 million.

Fund activity generated $1.4 billion of Realized Performance Fees, up 126% for the year.

Fee Related Earnings rose to $745 million driven by 18% growth in Fee-Earning Assets Under Management.

GAAP Net Income was $621 million for the quarter and $1.2 billion for the year, net of certain non-cash IPO and transaction related expenses and non-controlling interests, mainly inside ownership.

Total Assets Under Management (“AUM”) reached $266 billion, up 26% year-over-year with double-digit increases across all investing businesses, through a combination of strong inflows and appreciation.

Gross asset inflows totaled $17 billion in the fourth quarter and $60 billion for the year.

The Blackstone Group L.P. (NYSE:BX)’s funds returned $38 billion(a) of capital to investors during 2013.

Some of the hedge funds and institutional investors tracked by Insider Monkey profited handsomely as Blackstone surged 5%. Here are the top 5 investors and their gains (assuming they haven’t changed their positions recently):

1. Robert Joseph Caruso’s Select Equity Group

Number of Blackstone Group shares: 3,337,729

Gain: More than $5 million.

2. John W. Rogers’s Ariel Investments

Number of Blackstone Group shares: 2,476,790

Gain: More than $3 million.

3. Jim Simons’s Renaissance Technologies

Number of Blackstone Group shares: 2,357,400

Gain: More than $3 million.

4. Thomas E. Claugus’ GMT Capital

Number of Blackstone Group shares: 2,158,400

Gain: More than $3 million.

5. Paul Marshall And Ian Wace’s Marshall Wace

Number of Blackstone Group shares: 910,286

Gain: More than $1 million.

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