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Top Tech Picks of Tiger Cub Ian Murray

Lanexa Global Management, headed by ‘Tiger Cub’ Ian P. Murray, recently submitted its 13F for the reporting period of June 30, 2015, revealing that it has a public equity portfolio valued at $52.99 million in the process, up from $52.89 million at the end of the first quarter. The fund mainly invests in technology stocks, which represented 82% of its portfolio at the end of the second quarter. The fund was founded by Murray, a former protege of Julian Robertson of Tiger Management, one of the many such proteges who has moved on from that firm to found their own firms, often with seed money from Robertson himself. Murray’s firm was registered on May 5, 2006. In this article, we focus on the top three tech picks of the fund going into the third quarter, namely, Inovalon Holdings Inc (NASDAQ:INOV), Google Inc (NASDAQ:GOOGL), and Qlik Technologies Inc (NASDAQ:QLIK).

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Let’s first take a step back and analyze how tracking hedge funds can help an everyday investor. Through our research we discovered that a portfolio of the 15 most popular small-cap picks of hedge funds beat the S&P 500 Total Return Index by nearly a percentage point per month on average between 1999 and 2012. On the other hand the most popular large-cap picks of hedge funds underperformed the same index by seven basis points per month during the same period. This is likely a surprise to many investors, who think of small-caps as risky, unpredictable stocks and put more faith (and money) in large-cap stocks. In forward tests since August 2012 these top small-cap stocks beat the market by an impressive 66.5 percentage points, returning over 123% (read the details here). Follow the smart money into only their best investment ideas all while avoiding their high fees.

With that in mind, let’s have a look at Inovalon Holdings Inc (NASDAQ:INOV), which emerged as the top of Lanexa Global Management’s tech picks going into the third quarter. According to the fund’s 13F, it held a total of 150,004 shares of this company, which have a market value of $4.19 million. This is after the fund raised its stake in the stock by 322% during the second quarter. The company just announced a partnership with technology company Hewlett-Packard Company (NYSE:HPQ) for the provision of analytics to the healthcare industry, to improve the healthcare quality in the State of Georgia Department of Community Health’s (DCH) Medicaid and PeachCare for Kids (R) programs. In terms of the stock’s performance, it has lost 10.52% year-to-date. Looking into our database, we see that a total of 11 hedge funds out of the more than 700 that we track were invested in Inovalon Holdings Inc (NASDAQ:INOV) going into the second quarter, with an aggregate investment of $61.65 million. A few of the funds that held stakes in the stock going into the quarter were Citadel Investment Group, headed by Ken Griffin, with 139,615 shares valued at $4.22 million, and Clearbridge Investments, which held 5,600 shares valued at $169,000.

Lanexa Global Management’s second-biggest pick was Google Inc (NASDAQ:GOOGL), in which it held a total of 6,500 Class A shares valued at $3.51 million. The technology giant has performed well this year, posting a 23.9% gain year-to-date. The company has started rolling out Google Glass to the business world, a wearable technology that allows users to communicate with the internet by use of voice commands, delivered using natural language. While this project had flopped the first time it was introduced, the Mountain View, California-based company has this time made improvements and released it exclusively for businesses. Google Inc (NASDAQ:GOOGL) has been facing challenges within the European Union over several antitrust cases. The company had previously been instructed to implement the EU’s “right to be forgotten” policy, which allows users to decide whether search results relating to their names can be viewed by users. Going into the second quarter, Viking Global, headed by Andreas Halvorsen, was the top shareholder out of the hedge funds tracked by Insider Monkey. The fund held a total of 1.64 million Class A shares of the company, with a market value of $908.85 million after raising its stake in the stock by 121% during the first quarter. Eagle Capital Management, managed by Boykin Curry, came in second with 1.14 million Class C shares, with a market value of $626.38 million, representing 2.32% of its 13F portfolio. Other notable shareholders include Mason Hawkins’ Southeastern Asset Management, and Ken Fisher’s Fisher Asset Management.

Last but not least, let’s have a look at Qlik Technologies Inc (NASDAQ:QLIK), in which Lanexa Global Management held a total of 100,000 shares with a market value of $3.50 million at the end of the second quarter, having reduced its position by 21% in the second trimester. The company recently announced a partnership with AFA Software. The deal says that the ERP software provider will use Qlik Technologies Inc’s Qlik Sense in the provision of its online solutions in order to provide more advanced analytics to its clientele. This will allow over 560,000 users of AFA Software’s ERP to enjoy Qlik’s business intelligence feature. Qlik Technologies Inc (NASDAQ:QLIK) has performed impressively this year, posting a 30.98% forward leap year-to-date. Going into the second quarter, a total of 35 hedge funds out of the ones tracked by Insider Monkey were invested in the stock, with aggregate holdings valued at $910.73 million. Out of these funds, Cadian Capital, managed by Eric Bannasch, led the pack with 8.27 million shares valued at $257.52 million. Platinum Asset Management, headed by billionaire Kerr Neilson came in second with 5.22 million shares with a market value of $162.44 million, after raising its stake by 25,991% during the first quarter.

Disclosure: None

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