Touchstone Balanced Fund on Blackstone Inc.
Thesis
The fund initiated a position in Blackstone during Q2 while modestly increasing its equity allocation. The commentary does not provide a Blackstone-specific valuation framework or operating catalyst. The purchase was made within a portfolio focused on high-quality companies with durable competitive advantages, strong returns on capital and pricing power. The fund remains willing to take equity risk but continues to acknowledge expensive valuations and macroeconomic uncertainty.
“initiating positions in QXO, Inc. (Industrials sector), SAP SE (IT sector), Blackstone, Inc. (Financials sector), and Cencora, Inc.”
Key risks
- Equity valuations are expensive relative to history
- Continued policy and geopolitical uncertainty