1 Roaring Dividend Stock That's Leading the Market Recovery
The first half of 2022 was historically bad for investors. The S&P 500 fell 16% in the second quarter and 20% during the first half of the year. That was the largest first-half decline for the stock market in over half a century. Bond markets didn't fare any better, experiencing their biggest drop on record. Put together, the traditional 60/40 portfolio produced its worst return since the Great Depression.
Abysmal market conditions are usually bad for asset managers because investors typically pull funds out. However, that hasn't been the case for leading alternative asset manager Blackstone Group (NYSE: BX) this year. It delivered outstanding second-quarter results, driven by its superior performance. That enabled the company to rack up management and performance fees, the bulk of which it returned to investors via its lucrative dividend.
While the stock and bond markets were historically bad for investors during the first half of 2022, Blackstone's investment funds fared considerably better. Co-founder and CEO Steve Schwarzman dove into its performance on the second quarter conference call. He stated:
Source Fool.com
