Here’s Why Artisan Value Fund Exited Blackstone (BX)

Artisan Partners, an investment management company, released its “Artisan Value Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the fund outperformed the Russell 1000 Value Index. Its Investor Class fund ARTLX returned 7.88%, Advisor Class fund APDLX posted a return of 7.93%, and Institutional Class fund APHLX returned 8.02% in the quarter, compared to a 1.01% return for the Russell 1000 Value Index. In Q1, sector allocation and stock selection turned out to be positive. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Artisan Value Fund highlighted stocks like Blackstone Inc. (NYSE:BX) in the first quarter 2023 investor letter. Headquartered in New York, New York, Blackstone Inc. (NYSE:BX) is an asset management firm. On May 23, 2023, Blackstone Inc. (NYSE:BX) stock closed at $83.73 per share. One-month return of Blackstone Inc. (NYSE:BX) was -1.85%, and its shares lost 24.60% of their value over the last 52 weeks. Blackstone Inc. (NYSE:BX) has a market capitalization of $100.607 billion.

Artisan Value Fund made the following comment about Blackstone Inc. (NYSE:BX) in its Q1 2023 investor letter:

Blackstone Inc. (NYSE:BX), an alternative asset manager, was our only sale in Q1. We chose to exit our position in favor of better opportunities due to fundraising headwinds in the industry.

Blackstone Inc. (NYSE:BX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 45 hedge fund portfolios held Blackstone Inc. (NYSE:BX) at the end of first quarter 2023 which was 51 in the previous quarter.

We discussed Blackstone Inc. (NYSE:BX) in another article and shared the list of best asset management stocks to buy according to hedge funds. In addition, please check out our hedge fund investor letters Q1 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.