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Billionaire Julian Robertson’s Major Moves Ahead of Q2

Tiger Takes a Cruise

Tiger Management established a new position in Royal Caribbean Cruises Ltd (NYSE:RCL) in the first quarter, buying 294,300 shares worth slightly over $24 million and accounting for 6.06% of the fund’s equity portfolio at the end of March. Analysts are pretty bullish on the stock. 16 have ‘Buy’ ratings, 2 have ‘Hold’ ratings, and 1 has a ‘Sell’ rating. Overall, the analysts have a $99.13 price target, giving shares of the luxury cruise liner almost 30% upside. Given that luxury cruises is highly discretionary, Royal Caribbean Cruises Ltd should continue to do well as long as the economy remains healthy. Cliff Asness’ AQR Capital Management is another shareholder of Royal Caribbean Cruises Ltd (NYSE:RCL), disclosing 705,902 shares in its latest 13F filing.

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Fast Growth Not Enough at GrubHub

Providing online menus/ordering/delivery is a fast growing market. For its first quarter, GrubHub Inc (NYSE:GRUB) revenues surged 27.1% year-over-year to $112.2 million, beating estimates by almost $1 million. EPS was in-line at $0.20 per share. Although growth in the market is healthy, many investors worry about coming competition from highly capitalized companies such as Uber that might take market share and lower margins. Perhaps because of that reason, Tiger Management sold out of its GrubHub Inc (NYSE:GRUB) position during the first quarter, previously having reported ownership of 1.54 million shares. Shares of GrubHub are up by 4% year-to-date.  Robert Pitts’ Steadfast Capital Management reported a new stake in GrubHub, containing 2.11 million shares at the end of March.

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Elite Funds Going Opposite Ways in Apple

According to SEC filings, Tiger Management joined the likes of Carl Icahn in selling completely out of Apple Inc. (NASDAQ:AAPL) in the first quarter, after having reported 409,310 shares in its 13F for the end of 2015. Apple’s iPhone sales fell year-over-year for the first time ever and investors worry that China’s government could make things difficult for the company at some point. China’s government previously blocked several of Apple’s services in China, in what could be a prelude for further actions. China’s actions are worrisome for Apple shareholders because China accounts for a big chunk of Apple’s revenue. Nevertheless, the worries could be overblown given that Apple recently agreed to invest $1 billion in leading ride sharing app, Didi Chuxing. The investment might buy Apple some goodwill from the government. Warren Buffett’s Berkshire Hathaway reported a new $1.0 billion stake in Apple in its 13F filing for the end of the March quarter.

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