Nomura Value Fund on Blackstone Inc.
Thesis
The fund initiated Blackstone with the shares trading near five-year-low valuation levels. As the world's largest alternatives asset manager, Blackstone offers scale and long-term earnings exposure to private markets. The team believes the valuation creates an attractive long-term risk-reward profile despite near-term concerns about AI disruption in its software lending portfolio.
“Trading near 5-year-low valuation levels, the company has an attractive long-term risk-reward profile in our view despite near-term concerns around AI disruption vis-à-vis its software lending portfolio.”
Key risks
- Potential AI disruption affecting the software lending portfolio