Tiger Management (Trades, Portfolio), the firm founded by the late Julian Robertson, disclosed in a regulatory filing that its top trades during the fourth quarter of 2022 included new positions in Madison Square Garden Sports Corp. (MSGS, Financial), UnitedHealth Group Inc. (UNH, Financial) and Yext Inc. (YEXT, Financial). The firm also exited its positions in Alphabet Inc. (GOOG, Financial), Blackstone Inc. (BX, Financial) and Qualcomm Inc. (QCOM, Financial).
The New York-based firm invests using long and short investing strategies. The firm seeks to invest in the top 200 companies and go short the bottom 200 companies. The late guru was known to “bet the farm” when he believed he had the right ideas.
As of December 2022, the firm’s $264 million 13F equity portfolio contains 33 stocks, with 13 new positions and a quarterly turnover ratio of 27%. The top four sectors in terms of weight are technology, financial services, communication services and consumer cyclical, representing 20.86%, 10.34%, 7.93% and 6.26% of the equity portfolio.
Investors should be aware 13F filings do not give a complete picture of a firm’s holdings as the reports only include its positions in U.S. stocks and American depository receipts, but they can still provide valuable information. Further, the reports only reflect trades and holdings as of the most-recent portfolio filing date, which may or may not be held by the reporting firm today or even when this article was published.
Madison Square Garden Sports
Tiger Management (Trades, Portfolio) purchased 62,000 shares of Madison Square Garden Sports (MSGS, Financial), giving the position 4.30% equity portfolio weight. The position represents the firm’s fourth-largest holding as of the fourth quarter.
Shares of Madison Square Garden Sports averaged $156.87 during the fourth quarter; the stock is modestly undervalued based on its price-to-GF Value ratio of 0.79 as of Wednesday.
The New York-based sports and entertainment company has a GF Score of 66 out of 100 based on a rank of 9 out of 10 for momentum and GF Value, a growth rank of 1 out of 10 and a rank of 4 out of 10 for profitability and financial strength.
The company’s financial strength ranks 4 out of 10 on several warning signs, which include a modest Altman Z-score of 2.07 and a cash-to-debt ratio that underperforms over 90% of global competitors.
UnitedHealth Group
The firm invested in 18,800 shares of UnitedHealth Group (UNH, Financial), giving the position 3.77% equity portfolio weight.
Shares of UnitedHealth Group averaged $529.71 during the fourth quarter; the stock is fairly valued based on its price-to-GF Value ratio of 0.95 as of Wednesday.
The Minnetonka, Minnesota-based health insurance company has a GF Score of 94 out of 100 based on a growth rank of 10 out of 10, a profitability rank of 9 out of 10, a momentum rank of 7 out of 10 and a rank of 6 out of 10 for GF Value and financial strength.
UnitedHealth’s profitability ranks 9 out of 10 on several positive investing signs, which include a five-star business predictability rank, a high Piotroski F-score of 7 out of 9 and an operating margin that has increased by approximately 3% per year on average over the past five years.
Yext
Tiger Management (Trades, Portfolio) invested in 1,320,000 shares of Yext (YEXT, Financial), giving the position 3.26% equity portfolio weight. Shares averaged $5.45 during the fourth quarter.
GuruFocus’ GF Value Line labels the New York-based knowledge engine company a possible value trap based on its low price-to-GF Value ratio of 0.41 as of Wednesday and poor ranks for profitability and financial strength.
Yext’s financial strength ranks 4 out of 10 on several warning signs, which include a low Altman Z-score of 0.01 and a debt-to-equity ratio that underperforms approximately 85% of global competitors.
Yext has a GF Score of 72 out of 100, driven by a momentum rank of 9 out of 10 and a growth rank of 7 out of 10 despite profitability ranking just 3 out of 10 and GF Value ranking 4 out of 10.
Alphabet
The firm sold all 314,200 Class C shares of Alphabet (GOOG, Financial), chopping 13.18% of its equity portfolio.
Shares of Alphabet averaged $95.44 during the fourth quarter; the stock is significantly undervalued based on its price-to-GF Value ratio of 0.63 as of Wednesday.
The Mountain View, California-based online search giant has a GF Score of 95 out of 100 based on a rank of 10 out of 10 for profitability and growth, a financial strength rank of 9 out of 10, a GF Value rank of 8 out of 10 and a momentum rank of 4 out of 10.
Alphabet’s profitability ranks 10 out of 10 on several positive investing signs, which include a 4.5-star business predictability rank and an operating margin that has increased by approximately 2.4% per year on average over the past five years and outperforms approximately 88% of global competitors.
Blackstone
The firm sold all 286,500 shares of Blackstone (BX, Financial), slicing 10.46% of its equity portfolio.
Shares of Blackstone averaged $86.36 during the fourth quarter; the stock is fairly valued based on its price-to-GF Value ratio of 0.91 as of Wednesday.
The New York-based alternative asset management company has a GF Score of 74 out of 100 based on a momentum rank of 5 out of 10, a financial strength rank of 3 out of 10 and a rank of 6 out of 10 for profitability, growth and GF Value.
Qualcomm
The firm sold all 92,500 shares of Qualcomm (QCOM, Financial), trimming 4.56% of its equity portfolio.
Shares of Qualcomm averaged $117 during the fourth quarter; the stock is significantly undervalued based on its price-to-GF Value ratio of 0.68 as of Wednesday.
The San Diego-based smartphone chipmaker has a GF Score of 94 out of 100 based on a rank of 10 out of 10 for GF Value and growth, a profitability rank of 9 out of 10, a financial strength rank of 7 out of 10 and a momentum rank of 5 out of 10.
