Julian Robertson

Julian Robertson

Last Update: 2014-05-15

Number of Stocks: 56
Number of New Stocks: 23

Total Value: $304 Mil
Q/Q Turnover: 20%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Julian Robertson' s Profile & Performance

Profile

Julian Robertson is considered the father of hedge fund. He launched his firm Tiger Management in 1980 with $8 million, and turned it into over $22 billion in the late 1990s. Robertson had the best hedge fund record throughout the 1980s and 1990s. It is reported that the compound rate of return to his investors was 32%. During his active years, he was considered to be the "Wizard of Wall Street." His hedge fund, Tiger Management, became the world's largest fund, which peaked at over $23 billion invested.
He lost 4% in 1998 and 19% in 1999 as rival investors were riding the dot-com bubble to spectacular returns. He shut down his fund.
Today Tiger Management only manages fund from internal investment, mainly Mr. Robertson’s own money.


Besides his investment record, Mr. Robertson also mentored a group of young hedge fund managers, known as the "Tiger Cubs." A number of them became extremely successful hedge fund managers in their own right, including John Griffin of Blue Ridge Capital, Lee Ainslie of Maverick Capital, Andreas Halvorsen of Viking Global, and Steve Mandel of Lone Pine Capital. They are also included in our List of Gurus.

Investing Philosophy

Mr. Robertson invests with long-short strategies. These are some of his quotes:
"Our mandate is to find the 200 best companies in the world and invest in them, and find the 200 worst companies in the world and go short on them. If the 200 best don't do better than the 200 worst, you should probably be in another business."

"When Robertson is convinced that he is right," a former Tiger executive notes, "Julian bets the farm."

"Hear a [stock] story, analyze and buy aggressively if it feels right."

Total Holding History

Top Ranked Articles

Hedge Fund Giant Tiger Management Reports Q2 Portfolio: Buys TEVA, CXO, AMAP, TAOM, SIRI, AAPL, GS
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. Read more...
Google: A Quality Tech Stock That Gurus Own
Google (GOOG), the Internet search engine, is generating revenue with only the users’ clicks or the advertising related to their searches. Indeed, this activity represents 80% of its revenues. The remaining revenue is driven by advertising that Google places in other companies' websites, and by smaller initiatives. Read more...
Tilson Provides Recipe For Aspiring Hedgies For Attracting Patient Long Term Capital To Your Fund
I honestly don’t know how you hedge fund managers do it. Investing is hard enough. Having to invest with the fickle nature of your fund’s investors in mind must be exponentially difficult. Read more...
How the Tigers Stir Fry Investment Ideas
The Wall Street Tiger is back! More than ten years after closing Tiger Management LLC, Julian Robertson has opened the Tiger Accelerator Fund to seed the enterprises of young hedge fund talent. One such talent is his own heir apparent: the young Alexander Robertson. Read more...
Julian Robertson Keeps Buying CRME, Selling AAPL
Julian Robertson, legendary investor and inventor of the hedge fund, is acquiring one stock and selling one stock with regularity. Robertson owns Tiger Management, which he closed to outside investors in 1999 and instead used primarily to invest his own wealth. He recently opened to new investors again. Prior to the closure, he delivered a compound rate of return of 32% to investors, according to reports. The stock he continues to buy today is Cardiome Pharma Corp. (CRME). He continues to sell Apple Inc. (AAPL). Read more...
» More Julian Robertson Articles

Julian H. Robertson Jr. is an American former hedge fund manager.  He was born in Salisbury, North Carolina in 1932.  Robertson graduated from the University of North Carolina with a degree in business administration in 1955.  After a stint in the Navy, he joined Kidder, Peabody & Co. in New York in 1957 and, over a twenty year career, became one of the firm's top producing stockbrokers.  Robertson founded the investment firm Tiger Management Corp., one of the earliest hedge funds in 1980 with $8 million start-up capital that became over $22 billion in the late 1990s.  Quick success was also followed by a fast downward spiral of investor withdrawals that ended with the fund closing in 2000.  Now retired, Robertson invests directly in other hedge funds, most run by former employees of Robertson's defunct hedge fund company. He is active in philanthropy and supporting the resolution of environmental issues.

Subsequently, he became head of Kidder Peabody's money management subsidiary, Webster Management Corporation. In 1993, his compensation and share of Tiger's gain exceeded $300 million.  His 2003 estimated net worth was over $400 million, and in March 2011 it was estimated by Forbes at $2.3 billion, a slight increase from the $2.2 billion estimated the previous year. Robertson said in 2008 that he shorted subprime securities and made money through credit default swaps. The following year, according to Forbes, Robertson's return on his $200-million personal trading account was 150 percent.

Year after year of brilliant returns turned a reported $8 million investment in 1980 into $7.2 billion in 1996. During the later part of this period, Robertson was the reigning titan of the world's hedge funds. At his peak, no one could best him for sheer stock-picking acumen. Investors, at a required minimum initial investment of $5 million, flocked into his six hedge funds.  In the late 1990s, Robertson agonized over the tech-stock craze and, while avoiding what he considered to be "irrational" investing, the TMG funds missed out on any participation on the big gains of the sector. The gradual demise of Tiger from 1998 to 2000, when all its funds were closed, was reflected in the plunge in assets under management from a peak of $22 billion in assets in 1998 to a closing value of $6 billion.  Poor stock picking and large, misplaced bets on risky market trades are usually cited as the cause of Robertson's downfall. However, it is felt by many objective observers that high-level executive defections from TMG's management, as well as Robertson's autocratic managerial style and notorious temper, eventually took their toll on the firm's performance.  Tiger's largest equity holding at that time was U.S. Airways, whose troubles dragged down the value of his holdings.  After closing his fund in 2000, Robertson kept his hand in the hedge fund business by supporting and financing upcoming hedge fund managers, in return for a stake in their fund management companies. Apart from those, many of the analysts and managers Robertson employed and mentored at Tiger Management went out on their own and are now running some of the best-known hedge fund firms, called "Tiger Cubs".

Robertson has been quoted as saying "our mandate is to find the 200 best companies in the world and invest in them, and find the 200 worst companies in the world and go short on them. If the 200 best don't do better than the 200 worst, you should probably be in another business.  He is very private on his investments.  In TMG, Robertson would get input from his analysts and make all the investment decisions. It is said though that Robertson was a macro trader, and often rode worldwide trends.  His investment style, about which there is very little written, consisted of a "smart idea, grounded on exhaustive research, followed by a big bet." Not exactly a practical framework that would work for the general investing public.

Commentaries and Stories

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Julian Robertson Interview: Loves Google Julian Robertson - Julian Robertson Interview: Loves Google
Legendary investor Julian Robertson (Trades, Portfolio) had a interview on CNBC. He discussed why he likes Google (GOOG) (GOOGL) and Gilead Sciences (GILD). He uses Uber often. More...

  • Currently 0.00/5

Rating: 0.0/5 (0 votes)

Julian Robertson on What Is Moving Up Stocks
  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Julian Robertson Likes Uber, Google, Gilead, Stan Druckenmiller
  • Currently 3.83/5

Rating: 3.8/5 (6 votes)

Growth Channels Over the Next Years –Becoming a Worldwide Commerce Leader
Two websites are at the top of the purchases made on the Internet. eBay Inc. (EBAY) and Amazon.com Inc. (AMZN) are two websites where you can buy and sell the products you want. The difference between them is that Amazon is more specialized in books, CDs and DVDs, while eBay specializes in digital technology. More...

EBAY, AMZN, LONG, INTERNET, COMMERCE, RETAIL, MARKET


  • Currently 4.83/5

Rating: 4.8/5 (6 votes)

Better than Expected Bottom-Line Results - A New Leader in Family Entertainment?
In a previous article we analyzed a media giant in the $1 trillion global media industry, which includes advertising, cable, film, newspapers, radio and television. Now, let´s take a look at a rival and see the reasons why hedge fund managers considered it a good investment. More...

TWX, ENTERTAINMENT, WARNER,


  • Currently 5.00/5

Rating: 5.0/5 (4 votes)

Hedge Fund Originator Julian Robertson Buys 11 Stocks Julian Robertson - Hedge Fund Originator Julian Robertson Buys 11 Stocks
One of the earliest to adopt a hedge fund model, Julian Robertson is now retired and manages his own wealth at Tiger Management. His long portfolio is valued at $653 million, and contains 43 holdings. In the third quarter, he bought 11 new stocks, resulting in 33% quarter-over-quarter turnover. More...

  • Currently 4.00/5

Rating: 4.0/5 (1 vote)

Julian Robertson Makes Large Sells; Buys eBay, Time Warner, E*Trade
Legendary hedge fund manager Julian Robertson might be bearish with stocks now. He made a lot more sells than buys during the third quarter. Julian Robertson must have some hard feelings about bull market, as he underperformed badly during the go-go years of late 1990s and shut down his hedge fund right at the peak of the market in 2000. More...

  • Currently 4.00/5

Rating: 4.0/5 (3 votes)

Julian Robertson Discusses the Most Important Things to Look for in a Hedge Fund Manager
Julian Robertson is a pioneer in the hedge fund business. He founded and grew Tiger Management to a whopping $22 billion in assets at its peak before closing during the tech bubble in 2000. Following Tiger's closure, Robertson has helped seed approximately 40 hedge funds including some of the best performers of the past decade. In the video linked below Robertson explains what he looks for in aspiring hedge fund managers. At the top of his list are intelligence and honesty. A close third is competitiveness. See the interview here. More...

  • Currently 3.50/5

Rating: 3.5/5 (2 votes)

Guru Stocks at 52-Week Lows: IBM, T, SO, DE, CCL
According to GuruFocus list of 52-week lows, these Guru stocks have reached their 52-week lows. More...

  • Currently 1.00/5

Rating: 1.0/5 (1 vote)

Julian Robertson - I Sold My Apple Shares Because Steve Jobs Was an Awful Person
The last time Julian Robertson was on CNBC he said that he owned Apple (AAPL) and thought it was one of the greatest companies in the world. Today he has a much different view. He thinks that Steve Jobs was such an awful person that he couldn't possibly create a company that would do well in the long term. According to Robertson, bad guys can't do well, and that is why he has sold his shares in Apple. More...

  • Currently 4.00/5

Rating: 4.0/5 (6 votes)

The Most-Sold Guru Stocks of the Second Quarter
Now that the portfolios of all investing gurus that GuruFocus covers are in, the major trends of their buying and selling in the second quarter begin to surface. Having published the most-bought stocks of the second quarter earlier in the week, the following will list the most-sold stocks. More...

  • Currently 3.50/5

Rating: 3.5/5 (2 votes)

Weekly CEO Buys Highlight: XON, ARCP, FSFR, CNTY, RHP
  • Currently 3.00/5

Rating: 3.0/5 (2 votes)

  • Currently 3.50/5

Rating: 3.5/5 (2 votes)

Interviews With 20 Market Wizards Including Buffett, Cooperman and Julian Robertson
Forbes put together a nice collection of interviews with some of the best investors in the world. More...

  • Currently 3.71/5

Rating: 3.7/5 (7 votes)

Paul Tudor Jones Doesn't Think Women with Children Have the Ability Focus Intensely Enough to Trade
The University of Virginia held symposium in last month that featured Paul Tudor of Tudor Investment Corporation, Julian Robertson of Tiger Management and John Griffin of Blue Ridge Capital. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

Julian Robertson Disciple Phillipe Laffont - Investing Like Buffett in the Tech Sector Is a Recipe for Failure
We all know that Warren Buffett has famously avoided investing in the technology sector. I think it actually would be fair to say that Buffett's investing style doesn't work in the technology sector. More...

  • Currently 5.00/5

Rating: 5.0/5 (1 vote)

  • Currently 2.57/5

Rating: 2.6/5 (7 votes)

Hedge Fund Legend Julian Robertson Makes Bullish Purchases: CHTR, PCLN, TRIP, BX, Sells Goldman Sachs
Julian Robertson is considered the father of hedge funds. He started his hedge fund Tiger Management in 1980 with $8 million, and built the fund all the way to $22 billion in the late 1990s. But his investing philosophy prevented him from participating the tech bubble. He kept losing money in and dissolved his fund. Mr. Robertson also mentored a group of young hedge fund managers, known as the "Tiger Cubs." A number of them became extremely successful hedge fund managers in their own right, including John Griffin of Blue Ridge Capital, Lee Ainslie of Maverick Capital, Andreas Halvorsen of Viking Global, and Steve Mandel of Lone Pine Capital. They are also included in our List of Gurus. More...

  • Currently 3.20/5

Rating: 3.2/5 (10 votes)

Hedge Fund Legend Julian Robertson Talks About the Economy
Robertson actually thinks that the economy is doing pretty well and that many investors are too worried about Europe and other macro issues. He thinks that too many investors have their portfolios positioned for disaster: More...

  • Currently 3.33/5

Rating: 3.3/5 (3 votes)

Add Notes, Comments or Ask Questions

User Comments

Goforit
ReplyGoforit - 4 months ago
How are premium members of GuruFocus supposed to evaluate the list of Gurus when more often than not there is no historical performance records. Most of the time the "profile/performance" tab does not have anything on performance. Why not? Maybe it should just be called the "profile" tab. This is very frustrating.

Also, if you do not have the performance record, then how do you even know that they deserve to be in the Guru list? Maybe they should not be listed?

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK
Email Hide