Robert Karr is the founder of Joho Capital. He is one of the Tiger Cubs, the hedge fund managers who learned from the legendary Julian Robertson. This is his Q4 portfolio update. Robert Karr started a few new positions in Chinese stocks.
Robert Karr tends to hold very concentrated positions in the area of new technologies. His portfolio turnover is small. As of Jan. 2010, his fund, Joho Fund, Ltd -A-, has gained an annualized 22.15% since inception in Oct. 1996. Over the lifetime of the fund, his largest loss was from Nov. 2007 to Nov. 2008, lost 19%.
Robert Karr buys Mindray Medical International Ltd., Cninsure Inc., 7 Days Group Holdings Limited, sells Mindray Medical International Ltd. during the 3-months ended 12/31/2009, according to the most recent filings of his investment company, Joho Capital. Robert Karr owns 9 stocks with a total value of $711 million. These are the details of the buys and sells.
This is the sector weightings of his portfolio:
These are the top 5 holdings of Robert Karr
New Oriental is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. New Oriental Education & Technology Grou has a market cap of $2.76 billion; its shares were traded at around $72.58 with a P/E ratio of 39.5 and P/S ratio of 9.5.
Netease.com is one of the Internet companies in China. Netease.com Inc. has a market cap of $4.94 billion; its shares were traded at around $38.13 with a P/E ratio of 19.1 and P/S ratio of 11.4. Netease.com Inc. had an annual average earning growth of 52.9% over the past 5 years.
Mindray Medical International Limited is a developer, manufacturer and marketer of medical devices in China with a significant and growing presence worldwide. Mindray Medical International Ltd. has a market cap of $2.81 billion; its shares were traded at around $37.18 with a P/E ratio of 31.8 and P/S ratio of 5.1. The dividend yield of Mindray Medical International Ltd. stocks is 0.5%.
Cninsure Inc. is a independent insurance agency and brokerage company operating in China. Cninsure Inc. has a market cap of $987.3 million; its shares were traded at around $21.64 with a P/E ratio of 27.1 and P/S ratio of 8. The dividend yield of Cninsure Inc. stocks is 0.9%.
7 Days Group Holdings Limited is a hotel chain based in China. 7 Days Group Holdings Limited has a market cap of $598.5 million; its shares were traded at around $12.27 .
Ctrip.com International, Ltd. is a travel service provider of hotel accommodations, airline tickets and packaged-tours in China. Ctrip.com International Ltd. has a market cap of $4.81 billion; its shares were traded at around $35.83 with a P/E ratio of 52 and P/S ratio of 15.5.
Google is a public and profitable company focused on search services. Google Inc. has a market cap of $172.35 billion; its shares were traded at around $543.22 with a P/E ratio of 25.8 and P/S ratio of 7.4.
Mindray Medical International Limited is a developer, manufacturer and marketer of medical devices in China with a significant and growing presence worldwide. Mindray Medical International Ltd. has a market cap of $2.81 billion; its shares were traded at around $37.18 with a P/E ratio of 31.8 and P/S ratio of 5.1. The dividend yield of Mindray Medical International Ltd. stocks is 0.5%.
Robert Karr tends to hold very concentrated positions in the area of new technologies. His portfolio turnover is small. As of Jan. 2010, his fund, Joho Fund, Ltd -A-, has gained an annualized 22.15% since inception in Oct. 1996. Over the lifetime of the fund, his largest loss was from Nov. 2007 to Nov. 2008, lost 19%.
Robert Karr buys Mindray Medical International Ltd., Cninsure Inc., 7 Days Group Holdings Limited, sells Mindray Medical International Ltd. during the 3-months ended 12/31/2009, according to the most recent filings of his investment company, Joho Capital. Robert Karr owns 9 stocks with a total value of $711 million. These are the details of the buys and sells.
- New Purchases: CISG, MR , SVN,
- Added Positions: EDU, NTES,
- Reduced Positions: CTRP, GOOG,
- Sold Out: MR,
This is the sector weightings of his portfolio:
These are the top 5 holdings of Robert Karr
- Baidu.com Inc. ADS (BIDU) - 537,996 shares, 31.11% of the total portfolio
- Mindray Medical International Ltd. (MR ) - 5,328,074 shares, 25.42% of the total portfolio
- New Oriental Education & Technology Grou (EDU) - 1,664,409 shares, 17.7% of the total portfolio
- Google Inc. (GOOG) - 107,413 shares, 9.37% of the total portfolio
- Netease.com Inc. (NTES) - 1,485,368 shares, 7.86% of the total portfolio
Added: New Oriental Education & Technology Grou (EDU, Financial)
Robert Karr added to his holdings in New Oriental Education & Technology Grou by 21.49%. His purchase prices were between $67.26 and $83.2, with an estimated average price of $74.06. The impact to his portfolio due to this purchase was 3.13%. His holdings were 1,664,409 shares as of 12/31/2009.New Oriental is the largest provider of private educational services in China based on the number of program offerings, total student enrollments and geographic presence. New Oriental Education & Technology Grou has a market cap of $2.76 billion; its shares were traded at around $72.58 with a P/E ratio of 39.5 and P/S ratio of 9.5.
Added: Netease.com Inc. (NTES, Financial)
Robert Karr added to his holdings in Netease.com Inc. by 34.79%. His purchase prices were between $35.71 and $44.48, with an estimated average price of $38.85. The impact to his portfolio due to this purchase was 2.03%. His holdings were 1,485,368 shares as of 12/31/2009.Netease.com is one of the Internet companies in China. Netease.com Inc. has a market cap of $4.94 billion; its shares were traded at around $38.13 with a P/E ratio of 19.1 and P/S ratio of 11.4. Netease.com Inc. had an annual average earning growth of 52.9% over the past 5 years.
New Purchase: Mindray Medical International Ltd. (MR )
Robert Karr initiated holdings in Mindray Medical International Ltd.. His purchase prices were between $28.89 and $34.8, with an estimated average price of $31.82. The impact to his portfolio due to this purchase was 25.42%. His holdings were 5,328,074 shares as of 12/31/2009.Mindray Medical International Limited is a developer, manufacturer and marketer of medical devices in China with a significant and growing presence worldwide. Mindray Medical International Ltd. has a market cap of $2.81 billion; its shares were traded at around $37.18 with a P/E ratio of 31.8 and P/S ratio of 5.1. The dividend yield of Mindray Medical International Ltd. stocks is 0.5%.
New Purchase: Cninsure Inc. (CISG, Financial)
Robert Karr initiated holdings in Cninsure Inc.. His purchase prices were between $18.5 and $23.38, with an estimated average price of $21.38. The impact to his portfolio due to this purchase was 2.24%. His holdings were 792,787 shares as of 12/31/2009.Cninsure Inc. is a independent insurance agency and brokerage company operating in China. Cninsure Inc. has a market cap of $987.3 million; its shares were traded at around $21.64 with a P/E ratio of 27.1 and P/S ratio of 8. The dividend yield of Cninsure Inc. stocks is 0.9%.
New Purchase: 7 Days Group Holdings Limited (SVN, Financial)
Robert Karr initiated holdings in 7 Days Group Holdings Limited. His purchase prices were between $11.25 and $13.45, with an estimated average price of $12.25. The impact to his portfolio due to this purchase was 0.53%. His holdings were 302,098 shares as of 12/31/2009.7 Days Group Holdings Limited is a hotel chain based in China. 7 Days Group Holdings Limited has a market cap of $598.5 million; its shares were traded at around $12.27 .
Reduced: Ctrip.com International Ltd. (CTRP, Financial)
Robert Karr reduced to his holdings in Ctrip.com International Ltd. by 33.01%. His sale prices were between $107.08 and $154.74, with an estimated average price of $134.26. The impact to his portfolio due to this sale was -0.94%. Robert Karr still held 281,737 shares as of 12/31/2009.Ctrip.com International, Ltd. is a travel service provider of hotel accommodations, airline tickets and packaged-tours in China. Ctrip.com International Ltd. has a market cap of $4.81 billion; its shares were traded at around $35.83 with a P/E ratio of 52 and P/S ratio of 15.5.
Reduced: Google Inc. (GOOG, Financial)
Robert Karr reduced to his holdings in Google Inc. by 39.82%. His sale prices were between $484.58 and $622.87, with an estimated average price of $568.69. The impact to his portfolio due to this sale was -3.73%. Robert Karr still held 107,413 shares as of 12/31/2009.Google is a public and profitable company focused on search services. Google Inc. has a market cap of $172.35 billion; its shares were traded at around $543.22 with a P/E ratio of 25.8 and P/S ratio of 7.4.
Sold Out: Mindray Medical International Ltd. (MR, Financial)
Robert Karr sold out his holdings in Mindray Medical International Ltd.. His sale prices were between $28.89 and $34.8, with an estimated average price of $31.82.Mindray Medical International Limited is a developer, manufacturer and marketer of medical devices in China with a significant and growing presence worldwide. Mindray Medical International Ltd. has a market cap of $2.81 billion; its shares were traded at around $37.18 with a P/E ratio of 31.8 and P/S ratio of 5.1. The dividend yield of Mindray Medical International Ltd. stocks is 0.5%.
