How are hedge funds trading The Blackstone Group L.P. (NYSE:BX)?
At the end of the first quarter, a total of 42 of the hedge funds tracked by Insider Monkey were long in this stock, compared to 39 at the end of the fourth quarter. With hedgies’ capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their holdings significantly.
According to hedge fund intelligence website Insider Monkey, Robert Joseph Caruso‘s Select Equity Group had the largest position in The Blackstone Group L.P. (NYSE:BX), worth close to $91.5 million, comprising 0.8% of its total 13F portfolio. Coming in second was Thomas E. Claugus of GMT Capital, with a $60.7 million position; 1.5% of his fund’s 13F portfolio was allocated to the stock. Similar peers with shared optimism contain Kieran Goodwin’s Panning Capital Management, Martin Hughes‘ Toscafund Asset Management, and Julian Robertson‘s Tiger Management.
As one would reasonably expect, key money managers were leading the bulls’ herd. The aforementioned GMT Capital assembled the most valuable position in The Blackstone Group L.P. (NYSE:BX). Panning Capital Management and Tiger Management’s holdings were also newly initiated in the first trimester. Other funds with new positions in the stock were Robert Raiff’s Raiff Partners, and Jim Simons’ Renaissance Technologies.
Had The Blackstone Group L.P. (NYSE:BX)’s stock slid in light of disappointment in earnings, it would have provided an entry point, but the current momentum could be dangerous if the company’s assets continue to depreciate. We wouldn’t advise investors to jump into the company right away, despite positive hedge fund sentiment.