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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: kha vu who wrote (25098)2/14/1999 1:10:00 AM
From: kha vu  Read Replies (2) of 120523
 
WSJ: Heard on The Street 02/11.

Roberson Tiger's Hedge Funds are Bloodied by Market's current Momentum
Approach.

The rebound of the YEN against the dollar at the end of 1998 brought down the portfolio of Tiger Funds 3.9%. In january 1999,the momentum
of the market took away $670 millions or 4.8% of the $14 billions while the S&P rose 4.2%. Juliam Roberson blamed this on the investors who do not care about value and price: it is a momentum market where
nobody cares about value. He pointed that the Russell 1000 growth subindex jumped 5.9% compared to 0.8% for the Russell 1000 value
subindex. The peak of Tiger funds was $20 billions and fell to $14
billions due to the falling of value investments. As of Jan 31, 1999,
the TEN largest stock holdings are: Carnival Corp, Costco Cos,
Federal-Mogul Corp, Morgan-Stanley Dean Witter, Royal Bank of Scotland, SBC Communications, Sealed Air Corp, Tricon Global Restaurant Inc, UPM Kymmene Oy( Finland) and US Airways. Tiger held
18.2 millions shares of US Airways as recorded on Sep 30,98. US Airways rising to $64 on Jan 8 but since then falling to $49.75 on
Jan 28. Another laggard for this fund is Bowater. Tiger owned 8.7 millions shares. Roberson still believes that this stock will double
its current price of $37.
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