In this article, we will look at the 2 latest stock picks of Julian Robertson’s Tiger Management. You can read about Julian Robertson’s investment career, his investment strategies, and his hedge fund’s performance and go to Julian Robertson’s Hedge Fund Portfolio in 2022: 7 Latest Stock Picks.
2. Qurate Retail, Inc. (NASDAQ:QRTEA)
Tiger Management’s Stake Value: $5,926,000
Percentage of Tiger Management’s 13F Portfolio: 0.97%
Number of Hedge Fund Holders: 29
Qurate Retail, Inc. (NASDAQ:QRTEA) is a major player in the video and online commerce markets in North America, Europe, and Asia. It is one of the newest additions to Tiger Management’s investment portfolio. In the first quarter of 2022, Tiger Management purchased over 1.24 million shares of Qurate Retail, Inc. (NASDAQ:QRTEA) which amount to a stake of $5.92 million. The investment covers 0.97% of Tiger Management’s 13F portfolio and the stock is ranked fourteenth among the fund’s top 13F holdings.
This May, Qurate Retail, Inc. (NASDAQ:QRTEA) released earnings for the fiscal first quarter of 2022. The company generated revenues of $2.88 billion, missing expectations by $116.89 million. Qurate Retail, Inc. (NASDAQ:QRTEA) reported earnings per share of $0.15 but missed EPS estimates by $0.10.
As of February 28, BofA analyst Jason Haas has a Neutral rating on Qurate Retail, Inc. (NASDAQ:QRTEA) with a price target of $6.30.
By the end of the first quarter of 2022, 29 hedge funds held stakes in Qurate Retail, Inc. (NASDAQ:QRTEA). The total value of these stakes came in at 278.86 million. This is compared to 32 positions in the previous quarter with stakes worth $395.41 million.
Here is what Silver Ring Value Partners had to say about Qurate Retail, Inc. (NASDAQ:QRTEA) in its first-quarter 2022 investor letter:
“Qurate pre-announced and then reported a weak Q4 2021 result that was below mine and the management’s expectations. Specifically, organic sales declined 8% y/y overall, declined 7% y/y at the U.S. QxH business (main source of profits) and declined 5% y/y at the international QxH business. For perspective, my prior Base Case sales growth estimate was 0% over the long-term.
Whenever a company reports a weak result, the key question is always how that should inform our assumptions about the future. To do that, we need to understand the cause(s) of the results and then form an opinion about how these causes will shape future results for the company. In this case, I can think of five possible sources driving weaker than expected sales performance:
1. Secular decline/market share loss
2. Cyclical issues due tough comparisons vs. COVID-boosted prior year results…” (Click here to see the full text)
1. Apollo Global Management, Inc. (NYSE:APO)
Tiger Management’s Stake Value: $15,817,000
Percentage of Tiger Management’s 13F Portfolio: 2.6%
Number of Hedge Fund Holders: 64
Apollo Global Management, Inc. (NYSE:APO) operates as a private equity firm with specialized investments in credit, private equity, and real estate markets. Tiger Management added Apollo Global Management, Inc. (NYSE:APO) to its 13F portfolio in the first quarter of 2022. As of March 31, the fund’s stakes in the company are valued at $15.81 million, which covers 2.6% of its investment portfolio. Apollo Global Management, Inc. (NYSE:APO) is ranked ninth among the top 13F holdings of Tiger Management.
This May, Apollo Global Management, Inc. (NYSE:APO) posted a strong quarter when it announced earnings for the fiscal first quarter of 2022. The company generated revenues of $583.70 million, up 13.80% year over year, and outperformed Wall Street consensus by $6.93 million. Moreover, Apollo Global Management, Inc. (NYSE:APO) reported earnings per share of $1.52 and beat expectations by $0.48.
On May 19, Deutsche Bank analyst Brian Bedell trimmed his price target on Apollo Global Management, Inc. (NYSE:APO) to $90 from $98 but maintained a Buy rating on the shares.
At the end of the first quarter of 2022, 64 hedge funds were long Apollo Global Management, Inc. (NYSE:APO) with stakes of $2.08 billion. This is compared to 50 hedge funds in the fourth quarter of 2021 with stakes worth $2.13 billion.
You can also take a look at Barry Rosenstein and Jana Partners’ Top Stock Picks and 9 Latest Stock Picks of Chinese Billionaire Chen Tianqiao’s Shanda Asset Management.
