Julian Robertson Top Three Largest New Positions

Hedge fund legend Julian Robertson has stopped his activity in the hedge fund world, however, his fund Tiger Management still manages Robertson’s funds and his picks are widely followed. In the latest round of 13F filings, Tiger Management revealed its equity portfolio, with a value of $304.46 million, down from $326.16 million in the previous quarter. The largest holding is represented by Delta Air Lines, Inc. (NYSE:DAL), of which Mr. Robertson owns 745,500 shares, down by 10% on the quarter, worth $25.83 million. On the second place is a $24.47 million stake in Gilead Sciences, Inc. (NASDAQ:GILD), which amasses 345,300 shares, the position being edged up by some 25,300 shares.

TIGER MANAGEMENT

In this piece we will take a look at the main new picks of Mr. Robertson. The largest is represented by ADTRAN, Inc. (NASDAQ:ADTN), in which Tiger revealed a $9.25 million stake, which amasses  379,000 shares. The stock of the communications networks solutions and services provider has declined by over 20% since the beginning of the year and trails a P/E of around 26.00, which is significantly below the communication equipment industry average of 64.00. ADTRAN, Inc. (NASDAQ:ADTN) is expected to deliver EPS worth approximately $0.14 for the second quarter, and $0.49 for the full year, on revenues of $195 million and $848 million respectively.

Joel Greenblatt’s Gotham Asset Management also started a stake in ADTRAN, Inc. (NASDAQ:ADTN) during the first quarter, currently holding 175,000 shares, valued at $4.27 million. Israel Englander’s Millennium Management reported a smaller new stake, which contains around 66,300 shares, with a total value of $1.62 million.

On the second place comes E TRADE Financial Corporation (NASDAQ:ETFC), in which Mr. Robertson owns 239,600 shares, worth $5.52 million. Blue Ridge Capital, managed by John Griffin, a former employee of Robertson’s fund, also a shareholder of the company, holding some 9.34 million shares. Currently, the stock of E TRADE Financial Corporation (NASDAQ:ETFC) is trading around 1% up year-to-date.

Mr. Robertson also reported holding 284,000 shares of the real estate investment trust Northstar Realty Finance Corp. (NYSE:NRF), with an aggregate value of $4.58 million. Recently, Northstar Realty Finance Corp. (NYSE:NRF) issued around $225 million worth of its new Series E preferred stock. The company is also conducting a public offering during which it plans to sell 30 million shares of common stock, for $15.43 per share. Over-allotment options include 4.5 million shares offered to sale to underwriters, according to a statement. Robert Pitts‘ Steadfast Capital Management also initiated a stake in Northstar Realty Finance Corp. (NYSE:NRF), reporting ownership of 10.94 million shares, worth $176.6 million in its latest 13F.

Disclosure: none

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