Blackstone’s Stock Slides to 201st in Trading Volume Amid $510M Activity as Firm Backs New Covara Capital Hedge Fund

On September 9, 2025, , ranking 201st among stocks in terms of trading activity. .

, a newly launched hedge fund managed by , a former portfolio manager at Fir Tree Partners. Gupta’s firm, backed by the Strategic Alliance Fund IV and other company capital pools, will employ a similar to Fir Tree’s approach during his tenure. Blackstone’s Multi-Asset Investing unit, , frequently supports emerging managers through to secure early-stage access to promising talent and potential returns. Gupta, who previously led research and portfolio management at Fir Tree until its closure this year, was selected after a rigorous evaluation of hundreds of candidates by Blackstone executives.

Covara, which began trading last week, will focus on high-yield and investment-grade corporate credit instruments in the U.S. and Western Europe. This marks another addition to Blackstone’s portfolio of seeded firms, including Astaris Capital Management and Arrowpoint Investment Partners, reflecting the firm’s ongoing strategy to cultivate new managers in the hedge fund industry.

To run this back-test cleanly I need to pin down a few practical details: 1. Market universe • Should we limit ourselves to U.S. listed shares (NYSE + NASDAQ) or include other exchanges? 2. Weighting & sizing • Equal-weight each of the 500 names each day? • Ignore transaction costs / commissions, or model a specific cost per trade? 3. Re-balancing frequency • Re-compute the “top-500-by-volume” list every trading day at the close, buy them at next day’s open, and exit them at that day’s close (i.e., a 1-day holding period)? – this is the usual interpretation, but please confirm. 4. Practical data volume • The strategy requires pulling daily volume and price data for thousands of tickers; the current tool set can handle it as long as we specify the tickers up front. • Do you already have a file with the daily “top-500” lists that I can upload, or should I generate the lists directly from raw volume data? (Generating the lists is feasible, but confirming your preference helps avoid delays). Once I have these points I can prepare the data-retrieval plan and launch the back-test.