Is Billionaire Julian Robertson Struggling With Large-Cap Stocks?

Facebook Inc (NASDAQ:FB) is another long-term investment of Tiger Management, having been included in its 13F portfolio since the fourth quarter of 2013. At the end of September, Robertson held 197,500 shares of the social networking giant worth $25.33 million. It’s worth mentioning that Facebook ranked as the most popular stock among the billionaires in our database at the end of September, with 23 funds managed or founded by billionaires holding shares of the company, up by three over the quarter. Overall, it was the third-most popular stock, with 149 funds tracked by us having amassed $16.28 billion worth of its stock as of the end of the third quarter, trailing only Amazon and Alphabet. Facebook Inc (NASDAQ:FB)’s shares have done pretty well so far this year, advancing by over 17%. In the last couple of months, the company has made several disclosures involving errors in its traffic metrics. As Facebook’s platform has become the largest driver of traffic to news sites and there’s been a lot of noise around fake news stories, Facebook Inc (NASDAQ:FB) will have to take some steps to address these issues.

Last but not least, Priceline Group Inc (NASDAQ:PCLN) was represented in Tiger Management’s equity portfolio in the form of a $24.28 million stake that was initiated during the third quarter and contains 16,500 shares as of the end of September. Since the beginning of the fourth quarter, the stock has inched up by 2% and is up by over 20% year-to-date. Earlier this week, Priceline Group Inc (NASDAQ:PCLN) announced the appointment of a new CEO effective January 1. Glenn Fogel, the current Head of Strategy and Executive Vice President of Corporate Development, will replace interim CEO Jeff Boyd. Earlier this month CLSA analyst James Lee initiated coverage on Priceline’s stock with a ‘Buy’ rating and $1,900 price target, saying that the company is likely to increase its market share due to its advantages over competitors. Overall, it looks like smart money is also bullish on the company, with the number of funds in our database long Priceline Group Inc (NASDAQ:PCLN) having jumped by 13 to 98 during the third quarter, while the total value of their positions went up to $8.19 billion from $7.25 billion and represented 11.70% of the company’s outstanding stock at the end of September.

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