A Tale Of Three Tigers: Robertson, Mandel, And Coleman
Written by: ValueWalk
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Billionaire investor Julian Robertson has backed more than 40 up-and-coming hedge fund managers and inspired countless others who learned the trade under his watch at Tiger Management. The list of his "Tiger Cubs" is an extensive one, including Charles Shumway, Lee Ainslie and John Griffin. Also belonging to the club are Steve Mandel, and Feroz Dewan with Chase Coleman. Mandel is the head of Lone Pine Capital, which he launched in 1997 after a stint as a consumer analyst and managing director at Tiger Management. Today, he has about $27 billion in assets under management. Dewan and Coleman started their fund, Tiger Global Management, in 2000 with $25 million from Robertson. It trounced the market in 2011 and 2012 and has a significant venture capital arm as well. Though they're both part of the tiger cub club, Mandel and Tiger Global have divergent styles of investing. The same holds true when compared to Robertson himself. The three demonstrate a marked interest in technology, but their approaches to the sector are quite diverse. Technology is a bit of a sore subject for Robertson, who in the late '90s missed out on major opportunities in the field and, in turn, saw his assets under management plummet. However, the billionaire seems to have warmed up to the sector in recent quarters. Over the past year, Robertson has consistently upped his tech allocations. The sector comprised just 16% of his holdings during the second quarter of 2013. Cut to a year later, it composes more than 35% of his portfolio. Inversely, his positions in more traditional fields like industrials and financials have declined, as well as in consumer discretionary, which has dropped from a 26% allocation in Q2 2013 to 7% in Q2 2014.