Julian Robertson Buys 2 Stocks as He Slashes Portfolio

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- By Holly LaFon

Julian Robertson (Trades, Portfolio), legendary investor and mentor to industry kingpins, disclosed purchases of two stocks and a large increase to an existing holding as he cut back drastically on portfolio assets in the fourth quarter.


Robertson is the chairman and CEO of Tiger Management, a hedge fund he founded in 1980 but closed to outside investors in 2000. Since then, he has managed his own money and made investments in firms of up-and-coming proteges. His support helped launch the careers of noted hedge funds such as Chase Coleman (Trades, Portfolio)'s Tiger Global and Andreas Halvorsen (Trades, Portfolio)'s Viking Global. This side of his career has slowed down in recent years, with Reuters reporting in 2017 that he closed his Tiger Accelerator Fund, which invested in emerging hedge funds, due to poor performance and client exits.

In the fourth quarter, Robertson shrank his long portfolio at Tiger Management by 31 stocks, cutting positions such as PayPal Holdings (PYPL) and Walt Disney Co. (DIS). The total value of the portfolio dropped to $395 million from around $1 billion in the third quarter and $640 million a year earlier.

Robertson has also bet heavily on the technology sector, the largest represented in his portfolio of 29 stocks, at 51.9%. Much of the weighting results from his sizable investment in JPMorgan Chase & Co. (JPM), the cornerstone of his strategy. Robertson held 149,100 shares of the company composing 28.68% of the portfolio at fourth quarter-end.

Robertson's latest stock additions were Tableau Software Inc. (DATA) and Homology Medicines Inc. (FIXX). He also increased a position in Despegar.com Corp. (DESP) by 232.49%.

Tableau Software Inc. (DATA)

Robertson purchased 143,200 shares of the company, giving it 4.35% portfolio weight. The stock's fourth-quarter share price averaged $112.

Tableau Software Inc. has a market cap of $11.4 billion; its shares were traded around $132.47 Friday with a price-sales ratio of 10.15.

Homology Medicines Inc. (FIXX)

Robertson purchased 23,740 shares of the company, giving it 0.13% portfolio weight. The stock's fourth-quarter share price averaged $21.

Homology Medicines Inc. has a market cap of $1.09 billion; its shares were traded around $29.00 Friday with a price-sales ratio of 254.38.

Despegar.com Corp. (DESP)

Robertson increased his position in the company by 232.49%, buying 174,366 shares for a total of 249,366, with a 0.78% portfolio weight. The stock's fourth-quarter share price averaged $15.

Despegar.com Corp. has a market cap of $1.23 billion; its shares were traded around $17.80 with a price-earnings ratio of 42.39 and price-sales ratio of 2.25.

See Julian Robertson (Trades, Portfolio)'s portfolio here.

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This article first appeared on GuruFocus.


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