Blackstone

Stephen Schwarzman

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

413

Market Value

$24.2B

Portfolio Analysis

AIPreview
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I. Institutional Overview

The institutional investment landscape is often defined by the movements of its most significant titans, and few names carry as much weight as Stephen Schwarzman and Blackstone. As of the first quarter of 2026, Blackstone’s 13F portfolio presents a masterclass in high-conviction, thematic investing, revealing a strategic architecture that prioritizes...

Blackstone’s current portfolio structure is characterized by a fascinating "barbell" approach. On one end, the institution maintains an extraordinary level of concentration, with 413 total holdings but a top-heavy distribution that sees a single sector—Energy—dominating nearly 68% of the total reported value. This level of concentration is rare for an...

The scale of the portfolio has remained robust, reflecting Blackstone's ability to navigate volatile market environments while maintaining its core "ballast" positions. The institution’s investment style, though not explicitly labeled in the raw data, can be clearly inferred as "Value-Oriented Infrastructure and Yield." Unlike many of its peers who may...

Based on the latest available 13F filing.

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Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$CQP

Cheniere Energy Partners, L.P.

25.8%

% of Portfolio

2

$CRBG

Corebridge Financial, Inc.

5.8%

% of Portfolio

3

$FE

FirstEnergy Corp.

5.7%

% of Portfolio

4

$LGN

Legence Corp.

5.6%

% of Portfolio

5

$WMB

The Williams Companies, Inc.

4.8%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
CQP25.8%21.6%22.2%24.5%
CRBG5.8%7.4%8.0%9.4%
FE5.7%5.1%5.3%5.0%
LGN5.6%4.4%3.6%-
WMB4.8%4.2%5.0%5.2%
MPLX3.4%3.3%2.8%3.7%
TRGP3.3%2.7%-2.7%
EPD3.1%---
ENB3.0%2.8%3.2%2.8%
KMI2.8%---

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

LGN+42.92%
CRBG+13.91%
WMB-0.71%
AMZN+14.27%
TRGP+9.24%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

FE-8.35%
CQP+2.34%
LNG-14.78%
MPLX-1.19%
KMI-4.16%

Sector Analysis

Energy67.9%
Others1.9%
Utilities8.3%
Financials7.5%
Healthcare0.9%
Technology3.4%
Industrials7.0%
Real Estate1.6%

Trading Summary

1

$AMAT

0.3%

2

$AVB

0.3%

3

$AMD

0.2%

4

$NFG

0.2%

5

$GRAB

0.2%

6

$APC

0.2%

7

$TLN

0.1%

8

$FPS

0.1%

9

$ALXO

0.1%

10

$GLTO

0.1%

11

$DFTX

0.0%

12

$JLL

0.0%

13

$PGR

0.0%

14

$AS

0.0%

15

$BE

0.0%

16

$C

0.0%

17

$CGON

0.0%

18

$CON

0.0%

19

$FIS

0.0%

All Holdings

1

$CQP

25.8%

2

$CRBG

5.8%

3

$FE

5.7%

4

$LGN

5.6%

5

$WMB

4.8%

6

$MPLX

3.4%

7

$TRGP

3.3%

8

$EPD

3.1%

9

$ENB

3.0%

10

$KMI

2.8%

11

$ET

2.4%

12

$KNTK

2.3%

13

$LNG

2.1%

14

$TXNM

1.8%

15

$PAA

1.6%

16

$TRP

1.6%

17

$DTM

1.4%

18

$WES

1.4%

19

$OKE

1.2%

20

$HESM

1.2%

21

$SUNC

0.7%

22

$BXMT

0.7%

23

$AMZN

0.6%

24

$ETF-IWM

0.6%

25

$MSFT

0.5%

26

$BMBL

0.4%

27

$CX

0.4%

28

$CWAN

0.4%

29

$VNET

0.3%

30

$AMAT

0.3%

31

$SHO

0.3%

32

$PTEN

0.3%

33

$NVT

0.3%

34

$BXSL

0.3%

35

$AVB

0.3%

36

$PSFE

0.3%

37

$ETF-INDA

0.3%

38

$ETF-SPY

0.3%

39

$TASK

0.3%

40

$AM

0.3%

41

$SUN

0.2%

42

$AMD

0.2%

43

$NFG

0.2%

44

$GRAB

0.2%

45

$COF

0.2%

46

$CCAP

0.2%

47

$V

0.2%

48

$PAGP

0.2%

49

$EQT

0.2%

50

$VRT

0.2%