In the fast-moving hedge fund world, information is often only useful while it is new and timely. For this reason, quarterly reports that funds file with the SEC in compliance with 13-F regulations are not as timely and, therefore, not as directly applicable as other types of information. However, 13Fs are valuable to outside investors because they offer a special look inside a portion of a hedge fund's investments. In the case of Julian Robertson, the billionaire head of Tiger Management, the 13-F can show areas in which Tiger supported growing trends among leading investors. The details of Tiger's 13-F for Q1 of 2017 are below.

Elimination of Apple Stake

One of the most significant changes that Tiger made to its portfolio in the first three months of the year was to sell off Apple (AAPL) stock. In this way, Julian Robertson joins a growing list of big-name investors to either trim AAPL considerably or exit positions entirely. Appaloosa Management, Third Point, and others have all done the same. Robertson sold out of AAPL stock completely in the first quarter.

That was not the only stock that Tiger eliminated from its portfolio in the first quarter. Robertson also exited positions in Citigroup (C), Holly Frontier (HZNP), and L Brands (LB). At the same time, he cut his positions in both Google (GOOG) and Facebook (FB).

Addition of Adobe, JPMorgan

With the sale of certain stocks often comes the purchase of new names in other areas. In the first quarter, Tiger bought up 220,000 shares of Adobe Systems (ADBE). This launches the software developer into the top five positions in Robertson's portfolio, where it now occupies the fifth largest allocation. At the same time, Robertson also took up a new position in JPMorgan. Tiger did not seem to be shifting toward financials in the first quarter, however, as it also sold off some of its positions in Bank of America (BAC) and Blackstone (BX).

It is important to keep in mind that 13-F reports do not necessarily reflect all of the different buys and sells taking place for a fund in a particular quarter. While Robertson ended the first quarter in these positions, the filing does not reveal whether he bought and sold all at once or if these are net changes that were amassed via a number of smaller transactions. Similarly, because 13-Fs are backdated to the prior quarter, it is likely that Robertson's current portfolio looks different from what his 13-F revealed. Nonetheless, when larger trends emerge among prominent investors, including the widespread sell-off of Apple stock that occurred early in the year, the effects on the broader investment world can often be long-lasting.

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