The Ithaka Group, an investment advisory firm, released the “Ithaka US Growth Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the weak market, the fund underperformed during the quarter, by falling 6.3% compared to the Dow’s 2.6% fall, the S&P 500’s 3.7% decline, the NASDAQ’s 4.1% decline, and the fund’s benchmark, the Russell 1000 Growth’s 3.1% decline. The underperformance of the fund during the quarter was entirely due to stock selection. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Ithaka US Growth Strategy highlighted stocks like Blackstone Inc. (NYSE:BX) in the third quarter 2023 investor letter. Headquartered in New York, New York, Blackstone Inc. (NYSE:BX) is an asset management firm specializing in Real Estate, Private Equity, Credit and Insurance, and Hedge Fund Solutions. On October 27, 2023, Blackstone Inc. (NYSE:BX) stock closed at $89.61 per share. One-month return of Blackstone Inc. (NYSE:BX) was -16.38%, and its shares lost 1.68% of their value over the last 52 weeks. Blackstone Inc. (NYSE:BX) has a market capitalization of $109.094 billion.
Ithaka US Growth Strategy made the following comment about Blackstone Inc. (NYSE:BX) in its Q3 2023 investor letter:
“Blackstone Inc. (NYSE:BX) is one of the world’s leading alternative asset management firms with total Assets Under Management now in excess of $1 trillion. Over the past few decades Blackstone has evolved into one of the financial service industry’s largest asset gatherers, managing money on behalf of pension funds, insurance companies, and individual investors. The company remains at the forefront of financial innovation, broadening its product offering through time. Today, Blackstone invests clients’ capital across four business segments: (a) Real Estate, (b) Private Equity, (c) Hedge Fund Solutions, and (d) Credit & Insurance. The stock’s relative outperformance in the quarter was in part due to the announcement in early September that it would be added to the S&P 500.”
Source: PEXELS
Blackstone Inc. (NYSE:BX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Blackstone Inc. (NYSE:BX) at the end of second quarter which was 45 in the previous quarter.
We discussed Blackstone Inc. (NYSE:BX) in another article and shared the list of best commercial real estate stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q3 2023 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.
