This content is from: Portfolio

The Morning Brief: Julian Robertson Jr. Jumps on Trump Bandwagon

Julian Robertson, Jr. is the latest billionaire to support Donald Trump’s bid to become president. The octogenarian founder of Tiger Management reportedly plans to attend a fundraiser hosted by Great America PAC, a Super PAC that supports the New York real estate billionaire. The event will be hosted by New York real estate mogul Peter Kalikow. As we earlier reported, Robertson initially supported Jeb Bush, donating more than $1 million to a Super PAC backing the former Florida governor. When Bush quit the race, Robertson reportedly gave $25,000 to New Day Independent Media Committee, which is supporting Ohio governor John Kasich. Back in 2012 he gave more than $2 million to a Super Pac supporting Mitt Romney. We reported back in the fall that he was visited to his New York office by Carly Fiorina but made it clear to his visitors he was a Jeb Bush supporter. Still, Robertson does have a better track record picking stocks than presidential candidates.

___

Larry Robbins continues to chip away at his early-year losses. His Glenview Capital Partners fund, managed by New York-based Glenview Capital Management, gained 3 percent in May, trimming its loss for the full year to a little more than 7 percent.

___

Shares of hedge fund favorite Broadcom surged about 5 percent on Friday after the chip maker beat consensus earnings forecasts and raised its dividend. At the end of the first quarter, at least 84 hedge funds owned a position in the stock, according to Goldman Sachs. They included Viking Global Investors, the sixth largest shareholder, which lists the stock as its fifth-largest holding. It was also Viking’s best performer in the first quarter. It is also the largest single U.S. long stock holding of New York-based BlueMountain Capital Management, the fifth largest single U.S. long position of New York-based Tourbillon Capital Partners and the fourth largest single U.S. long stock position of South Norwalk, Connecticut-based Discovery Capital Management.

Related Content