This is the Q1 portfolio update for legendary hedge fund manager Julian Robertson at Tiger Management. The portfolio is primarily Mr. Robertson’s personal investment.
Mr. Robertson is regarded as the founder of the whole hedge fund industry. He had tremendous success from 1980 through 2000, when his flagship fund compounded 31.5%, and his assets grew from a few hundred million to $26 billion in 2008.
In addition to his own success with his fund, Mr. Robertson has taught and seeded a group of hedge fund managers who are called Tiger Cubs or Tiger Seeds. Many of the Tiger Cubs are also great investors and have been very successful on their own. GuruFocus tracks the portfolios of a few of them, including John Griffin of Blue Ridge Capital, Lee Ainslie of Maverick Capital, Andreas Halvorsen of Viking Global, and Steve Mandel of Lone Pine Capital.
Julian Robertson buys Amazon.com Inc., Smurfit-Stone Container Corp, Chinacache International Holdings Ltd., Digitalglobe Inc., Qualcomm Inc., The Goldman Sachs Group Inc., Wuxi Pharmatech Inc., Cardiome Pharma Corp., sells Snapon Inc., Apple Inc., Nexen Inc., Lyondellbasell Ind Nv Ord Shs Cl A, Valeant Pharmaceuticals International, Theravance Inc. during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Tiger Management. As of 03/31/2011, Tiger Management owns 27 stocks with a total value of $387 million. These are the details of the buys and sells.
This is the portfolio chart of Julian Robertson. You can click on the legend of the chart to show/hide buys, sells or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Julian Robertson
DigitalGlobe Inc. is a global provider of commercial high-resolution earth imagery products and services. Digitalglobe Inc. has a market cap of $1.12 billion; its shares were traded at around $24.33 with a P/E ratio of 304.13 and P/S ratio of 3.48.
QUALCOMM Inc. develops and delivers innovative digital wireless communications products and services based on the company's CDMA digital technology. Qualcomm Inc. has a market cap of $93.89 billion; its shares were traded at around $57.12 with a P/E ratio of 22.94 and P/S ratio of 8.54. The dividend yield of Qualcomm Inc. stocks is 1.33%. Qualcomm Inc. had an annual average earnings growth of 14.6% over the past 10 years. GuruFocus rated Qualcomm Inc. the business predictability rank of 3-star.
Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments and high net-worth individuals. The Goldman Sachs Group Inc. has a market cap of $73.63 billion; its shares were traded at around $141.46 with a P/E ratio of 12.77 and P/S ratio of 1.88. The dividend yield of The Goldman Sachs Group Inc. stocks is 0.99%. The Goldman Sachs Group Inc. had an annual average earnings growth of 9.8% over the past 10 years.
Shanghai-based WuXi PharmaTech is the China-based pharmaceutical and biotechnology R&D outsourcing company. WuXi PharmaTech Inc. has a market cap of $1.33 billion; its shares were traded at around $18.55 with a P/E ratio of 19.73 and P/S ratio of 3.98.
Cardiome Pharma Corp. is a product-focused cardiovascular drug development company with two clinical drug programs focused on atrial arrhythmia (intravenous and oral dosing) and a pre-clinical program directed at improving cardiovascular function. Cardiome Pharma Corp. has a market cap of $337.43 million; its shares were traded at around $5.52 with a P/E ratio of 9.36 and P/S ratio of 5.1.
Amazon.com Inc. seeks to be the world's most customer-centric company, where customers can find and discover anything they may want to buy online. Amazon.com Inc. has a market cap of $91.36 billion; its shares were traded at around $202.56 with a P/E ratio of 87.69 and P/S ratio of 2.67. Amazon.com Inc. had an annual average earnings growth of 28.5% over the past 5 years.
Smurfit-Stone Container Corporation is an integrated producer of containerboard corrugated containers and other packaging products. Smurfit-Stone Container Corp. has a market cap of $3.68 billion; its shares were traded at around $39.37 with a P/E ratio of 21.28 and P/S ratio of 0.59.
ChinaCache International Holdings Ltd. provides Internet content and application delivery services to businesses, government agencies and other enterprises in China. Chinacache International Holdings Ltd. has a market cap of $306.09 million; its shares were traded at around $13.19 with and P/S ratio of 5.01.
Apple Computer Inc. designs, manufactures and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer and business customers. Apple Inc. has a market cap of $313.7 billion; its shares were traded at around $340.5 with a P/E ratio of 16.23 and P/S ratio of 4.81. Apple Inc. had an annual average earnings growth of 59.8% over the past 5 years.
Nexen Inc. is an independent, Canadian-based global energy company. Nexen Inc. has a market cap of $11.78 billion; its shares were traded at around $22.4 with a P/E ratio of 20.36 and P/S ratio of 2.08. The dividend yield of Nexen Inc. stocks is 0.89%. Nexen Inc. had an annual average earnings growth of 38% over the past 10 years. GuruFocus rated Nexen Inc. the business predictability rank of 4-star.
LyondellBasell Industries AF S.C.A is a manufactures chemicals and derivatives. Lyondellbasell Ind Nv Ord Shs Cl A has a market cap of $22.54 billion; its shares were traded at around $39.68 with and P/S ratio of 0.55. The dividend yield of LyondellBasell Ind Nv Ord Shs Cl A stocks is 0.25%.
Valeant Pharmaceuticals International Inc. is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. Valeant Pharmaceuticals International has a market cap of $15.23 billion; its shares were traded at around $50.07 with a P/E ratio of 47.69 and P/S ratio of 12.9.
Theravance Inc. is focused on the discovery, development and commercialization of small molecule medicines for unmet medical needs across a number of therapeutic areas including respiratory disease, bacterial infections, overactive bladder and gastrointestinal disorders. Theravance Inc. has a market cap of $2.18 billion; its shares were traded at around $26.305 with and P/S ratio of 89.98.
Snap-On Incorporated is engaged in the business of providing productivity-enhancing, innovative products, services and solutions. Snapon Inc. has a market cap of $3.5 billion; its shares were traded at around $59.82 with a P/E ratio of 17.24 and P/S ratio of 1.33. The dividend yield of Snapon Inc. stocks is 2.14%. Snapon Inc. had an annual average earnings growth of 14.5% over the past 10 years.
Mr. Robertson is regarded as the founder of the whole hedge fund industry. He had tremendous success from 1980 through 2000, when his flagship fund compounded 31.5%, and his assets grew from a few hundred million to $26 billion in 2008.
In addition to his own success with his fund, Mr. Robertson has taught and seeded a group of hedge fund managers who are called Tiger Cubs or Tiger Seeds. Many of the Tiger Cubs are also great investors and have been very successful on their own. GuruFocus tracks the portfolios of a few of them, including John Griffin of Blue Ridge Capital, Lee Ainslie of Maverick Capital, Andreas Halvorsen of Viking Global, and Steve Mandel of Lone Pine Capital.
Julian Robertson buys Amazon.com Inc., Smurfit-Stone Container Corp, Chinacache International Holdings Ltd., Digitalglobe Inc., Qualcomm Inc., The Goldman Sachs Group Inc., Wuxi Pharmatech Inc., Cardiome Pharma Corp., sells Snapon Inc., Apple Inc., Nexen Inc., Lyondellbasell Ind Nv Ord Shs Cl A, Valeant Pharmaceuticals International, Theravance Inc. during the 3-months ended 03/31/2011, according to the most recent filings of his investment company, Tiger Management. As of 03/31/2011, Tiger Management owns 27 stocks with a total value of $387 million. These are the details of the buys and sells.
This is the portfolio chart of Julian Robertson. You can click on the legend of the chart to show/hide buys, sells or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.
- New Purchases: AMZN, SSCC, CCIH,
- Added Positions: DGI, QCOM, GS, WX, CRME,
- Reduced Positions: AAPL, NXY, LYB, VRX, THRX,
- Sold Out: SNA,
This is the sector weightings of his portfolio:
| Technology | 25.9% |
| Consumer Services | 17.5% |
| Health Care | 17.1% |
| Financials | 16.7% |
| Oil & Gas | 10.3% |
| Industrials | 5.1% |
| Consumer Goods | 0.1% |
These are the top 5 holdings of Julian Robertson
- Apple Inc. (AAPL) - 81,130 shares, 7.3% of the total portfolio. Shares reduced by 33.41%
- Amazon.com Inc. (AMZN) - 150,350 shares, 6.99% of the total portfolio. Shares added by 10000%
- The Goldman Sachs Group Inc. (GS) - 143,500 shares, 5.88% of the total portfolio. Shares added by 4.52%
- VALEANT PHARMACEUTICALS INTERNATIONAL (VRX) - 449,000 shares, 5.77% of the total portfolio. Shares reduced by 25.17%
- Google Inc. (GOOG) - 37,850 shares, 5.73% of the total portfolio. Shares reduced by 8.02%
Added: Digitalglobe Inc. (DGI, Financial)
Julian Robertson added to his holdings in Digitalglobe Inc. by 43.24%. His purchase prices were between $28.29 and $32.5, with an estimated average price of $30.25. The impact to his portfolio due to this purchase was 1.24%. His holdings were 565,862 shares as of 03/31/2011.DigitalGlobe Inc. is a global provider of commercial high-resolution earth imagery products and services. Digitalglobe Inc. has a market cap of $1.12 billion; its shares were traded at around $24.33 with a P/E ratio of 304.13 and P/S ratio of 3.48.
Added: Qualcomm Inc. (QCOM, Financial)
Julian Robertson added to his holdings in Qualcomm Inc. by 9.31%. His purchase prices were between $49.49 and $59.58, with an estimated average price of $54.32. The impact to his portfolio due to this purchase was 0.38%. His holdings were 317,000 shares as of 03/31/2011.QUALCOMM Inc. develops and delivers innovative digital wireless communications products and services based on the company's CDMA digital technology. Qualcomm Inc. has a market cap of $93.89 billion; its shares were traded at around $57.12 with a P/E ratio of 22.94 and P/S ratio of 8.54. The dividend yield of Qualcomm Inc. stocks is 1.33%. Qualcomm Inc. had an annual average earnings growth of 14.6% over the past 10 years. GuruFocus rated Qualcomm Inc. the business predictability rank of 3-star.
Added: The Goldman Sachs Group Inc. (GS, Financial)
Julian Robertson added to his holdings in The Goldman Sachs Group Inc. by 4.52%. His purchase prices were between $154.38 and $175, with an estimated average price of $164.5. The impact to his portfolio due to this purchase was 0.25%. His holdings were 143,500 shares as of 03/31/2011.Goldman Sachs is a global investment banking and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments and high net-worth individuals. The Goldman Sachs Group Inc. has a market cap of $73.63 billion; its shares were traded at around $141.46 with a P/E ratio of 12.77 and P/S ratio of 1.88. The dividend yield of The Goldman Sachs Group Inc. stocks is 0.99%. The Goldman Sachs Group Inc. had an annual average earnings growth of 9.8% over the past 10 years.
Added: WuXi PharmaTech Inc. (WX, Financial)
Julian Robertson added to his holdings in Wuxi Pharmatech Inc. by 5.71%. His purchase prices were between $15.07 and $18.49, with an estimated average price of $16.38. The impact to his portfolio due to this purchase was 0.24%. His holdings were 1,095,772 shares as of 03/31/2011.Shanghai-based WuXi PharmaTech is the China-based pharmaceutical and biotechnology R&D outsourcing company. WuXi PharmaTech Inc. has a market cap of $1.33 billion; its shares were traded at around $18.55 with a P/E ratio of 19.73 and P/S ratio of 3.98.
Added: Cardiome Pharma Corp. (CRME, Financial)
Julian Robertson added to his holdings in Cardiome Pharma Corp. by 6.15%. His purchase prices were between $4.26 and $6.99, with an estimated average price of $5.9. The impact to his portfolio due to this purchase was 0.16%. His holdings were 2,532,340 shares as of 03/31/2011.Cardiome Pharma Corp. is a product-focused cardiovascular drug development company with two clinical drug programs focused on atrial arrhythmia (intravenous and oral dosing) and a pre-clinical program directed at improving cardiovascular function. Cardiome Pharma Corp. has a market cap of $337.43 million; its shares were traded at around $5.52 with a P/E ratio of 9.36 and P/S ratio of 5.1.
New Purchase: Amazon.com Inc. (AMZN, Financial)
Julian Robertson initiated holdings in Amazon.com Inc. His purchase prices were between $160.97 and $191.25, with an estimated average price of $176.75. The impact to his portfolio due to this purchase was 6.99%. His holdings were 150,350 shares as of 03/31/2011.Amazon.com Inc. seeks to be the world's most customer-centric company, where customers can find and discover anything they may want to buy online. Amazon.com Inc. has a market cap of $91.36 billion; its shares were traded at around $202.56 with a P/E ratio of 87.69 and P/S ratio of 2.67. Amazon.com Inc. had an annual average earnings growth of 28.5% over the past 5 years.
New Purchase: Smurfit-Stone Container Corp. (SSCC, Financial)
Julian Robertson initiated holdings in Smurfitstone Container Corp. His purchase prices were between $25.6 and $40.01, with an estimated average price of $35.53. The impact to his portfolio due to this purchase was 4.5%. His holdings were 451,245 shares as of 03/31/2011.Smurfit-Stone Container Corporation is an integrated producer of containerboard corrugated containers and other packaging products. Smurfit-Stone Container Corp. has a market cap of $3.68 billion; its shares were traded at around $39.37 with a P/E ratio of 21.28 and P/S ratio of 0.59.
New Purchase: Chinacache International Holdings Ltd. (CCIH, Financial)
Julian Robertson initiated holdings in Chinacache International Holdings Ltd. His purchase prices were between $16.9 and $23.67, with an estimated average price of $20.39. The impact to his portfolio due to this purchase was 2.23%. His holdings were 474,359 shares as of 03/31/2011.ChinaCache International Holdings Ltd. provides Internet content and application delivery services to businesses, government agencies and other enterprises in China. Chinacache International Holdings Ltd. has a market cap of $306.09 million; its shares were traded at around $13.19 with and P/S ratio of 5.01.
Reduced: Apple Inc. (AAPL, Financial)
Julian Robertson reduced to his holdings in Apple Inc. by 33.41%. His sale prices were between $322.56 and $363.13, with an estimated average price of $345.06. The impact to his portfolio due to this sale was -3.66%. Julian Robertson still held 81,130 shares as of 03/31/2011.Apple Computer Inc. designs, manufactures and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer and business customers. Apple Inc. has a market cap of $313.7 billion; its shares were traded at around $340.5 with a P/E ratio of 16.23 and P/S ratio of 4.81. Apple Inc. had an annual average earnings growth of 59.8% over the past 5 years.
Reduced: Nexen Inc. (NXY, Financial)
Julian Robertson reduced to his holdings in Nexen Inc. by 84.91%. His sale prices were between $21.91 and $27.4, with an estimated average price of $24.81. The impact to his portfolio due to this sale was -3.32%. Julian Robertson still held 91,400 shares as of 03/31/2011.Nexen Inc. is an independent, Canadian-based global energy company. Nexen Inc. has a market cap of $11.78 billion; its shares were traded at around $22.4 with a P/E ratio of 20.36 and P/S ratio of 2.08. The dividend yield of Nexen Inc. stocks is 0.89%. Nexen Inc. had an annual average earnings growth of 38% over the past 10 years. GuruFocus rated Nexen Inc. the business predictability rank of 4-star.
Reduced: LyondellBasell Ind Nv Ord Shs Cl A (LYB, Financial)
Julian Robertson reduced to his holdings in LyondellBasell Ind Nv Ord Shs Cl A by 29.9%. His sale prices were between $34.4 and $40.9, with an estimated average price of $37.37. The impact to his portfolio due to this sale was -2.2%. Julian Robertson still held 504,000 shares as of 03/31/2011.LyondellBasell Industries AF S.C.A is a manufactures chemicals and derivatives. Lyondellbasell Ind Nv Ord Shs Cl A has a market cap of $22.54 billion; its shares were traded at around $39.68 with and P/S ratio of 0.55. The dividend yield of LyondellBasell Ind Nv Ord Shs Cl A stocks is 0.25%.
Reduced: Valeant Pharmaceuticals International (VRX)
Julian Robertson reduced to his holdings in Valeant Pharmaceuticals International by 25.17%. His sale prices were between $28.29 and $50.08, with an estimated average price of $38.68. The impact to his portfolio due to this sale was -1.94%. Julian Robertson still held 449,000 shares as of 03/31/2011.Valeant Pharmaceuticals International Inc. is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. Valeant Pharmaceuticals International has a market cap of $15.23 billion; its shares were traded at around $50.07 with a P/E ratio of 47.69 and P/S ratio of 12.9.
Reduced: Theravance Inc. (THRX)
Julian Robertson reduced to his holdings in Theravance Inc. by 20.94%. His sale prices were between $20.98 and $25.78, with an estimated average price of $23.32. The impact to his portfolio due to this sale was -0.35%. Julian Robertson still held 211,686 shares as of 03/31/2011.Theravance Inc. is focused on the discovery, development and commercialization of small molecule medicines for unmet medical needs across a number of therapeutic areas including respiratory disease, bacterial infections, overactive bladder and gastrointestinal disorders. Theravance Inc. has a market cap of $2.18 billion; its shares were traded at around $26.305 with and P/S ratio of 89.98.
Sold Out: Snapon Inc. (SNA)
Julian Robertson sold out his holdings in Snapon Inc. His sale prices were between $55.03 and $61.28, with an estimated average price of $57.7.Snap-On Incorporated is engaged in the business of providing productivity-enhancing, innovative products, services and solutions. Snapon Inc. has a market cap of $3.5 billion; its shares were traded at around $59.82 with a P/E ratio of 17.24 and P/S ratio of 1.33. The dividend yield of Snapon Inc. stocks is 2.14%. Snapon Inc. had an annual average earnings growth of 14.5% over the past 10 years.
