In this article, we shall be going over the Top 5 Stock Picks of Jesse Ro’s Tiger Legatus Capital. To read our detailed analysis of Jesse Ro’s history, his investment strategy and hedge fund performance, go directly and see Top 10 Stock Picks of Jesse Ro’s Tiger Legatus Capital.
5. Uber Technologies Inc. (NYSE:UBER)
Tiger Legatus Capital’s Stake Value: $5.07M
Percentage of Tiger Legatus Capital’s 13F Portfolio: 8.12%
Number of Hedge Fund Holdings: 144
With almost 23.8 million shares, Ken Fisher’s Fisher Asset Management is the leading shareholder in the stock, with a stake value of $849.07 million in Uber Technologies Inc. (NYSE:UBER), as of the end of the first quarter.
Jesse Ro’s investment in Uber Technologies Inc. (NYSE:UBER) is much more conservative, and with him decreasing his hold over the stock by 16% in Q1 2022, the hedge fund manager now owns 142,000 shares valued at $5.07 million. Consequently, Uber Technologies Inc. (NYSE:UBER) now constitutes 8.12% of Tiger Legatus Capital’s investment portfolio for Q1 2022. Investor interest around the stock has taken a nosedive in Q1 2022, with 144 hedge funds long the stock, compared to 153 in the previous quarter.
ClearBridge Investments mentioned Uber Technologies Inc. (NYSE:UBER) in their Q3 2021 investor letter. This is what they said:
“We have also been looking for multiyear secular trends outside of the IT and Internet sectors to help us maintain a portfolio that can perform well in markets with varied sector or factor leadership. In particular, electrification of the global economy and the transition to electric vehicles (EVs) are areas where we continue to add exposure. We are investing in the brains behind EVs through NXP in the control center and Aptiv for safety features. Global rideshare leader Uber Technologies, Inc. (NYSE:UBER) will also be a key player in the transition from internal combustion engines to EVs.”
4. Expedia Group Inc. (NASDAQ:EXPE)
Tiger Legatus Capital’s Stake Value: $5.1M
Percentage of Tiger Legatus Capital’s 13F Portfolio: 8.21%
Number of Hedge Fund Holdings: 88
Headquartered in Seattle, Washington, Expedia Group Inc. (NASDAQ:EXPE) is an American online travel shopping company for consumer and small business travel. Their websites primarily constitute travel fare aggregators and travel metasearch engines, and as of the first quarter of 2022, Ro’s Tiger Legatus Capital owns 26,200 shares which are valued at $5.1 million.
Hedge fund sentiment around Expedia Group Inc. (NASDAQ:EXPE) seems to have picked up since Q4 2021, where only 82 hedge funds were long the stock, as compared to 88 in Q1 2022. On June 28, Piper Sandler analyst Thomas Champion bestowed an ‘Overweight’ rating on Expedia Group Inc. (NASDAQ:EXPE), maintaining the target price of $155.
Here is what Aristotle Capital Management had to say about Expedia Group Inc. (NASDAQ:EXPE) in their Q1 2022 investor letter:
“Expedia (NASDAQ:EXPE) outperformed in the first quarter following a better-than-expected earnings report for the company’s fourth quarter of 2021. During the pandemic, the company reduced expenses which has improved operating leverage as revenue recovers. Expectations for travel in 2022 have improved as COVID cases have declined.”
3. Apollo Global Management Inc. (NYSE:APO)
Tiger Legatus Capital’s Stake Value: $5.89M
Percentage of Tiger Legatus Capital’s 13F Portfolio: 9.43%
Number of Hedge Fund Holdings: 64
Apollo Global Management Inc. (NYSE:APO) is an American global alternative investment management firm, which is based in New York City, New York, and specializes in credit investment, private equity, and real assets. As of the first quarter of 2022, Apollo Global Management Inc. (NYSE:APO) had over $512 billion worth of assets under management, with Mark Racheksy’s MHR Fund Management emerging as the leading shareholder with stakes worth almost $36 million. Ro’s Tiger Legatus Capital bought 95,000 shares, which are worth more than $5.89 million. This has led to Apollo Global Management Inc. (NYSE:APO) contributing 9.43% to Jesse Ro’s 13F investment portfolio for the first quarter of 2022.
Miller Value Partners, an investment management firm, mentioned Apollo Global Management Inc. (NYSE:APO) in their Q4 2021 investor letter. This is what they said:
“Apollo Global Management (NYSE:APO) rose 18.4% during the quarter. The company reported Q3 distributable earnings (DE) of $1.71, well ahead of consensus of $1.10 and the quarterly dividend of $0.50/share (2.8% annualized yield). Fee-related earnings of $300M beat by 7% while realized net performance fees of $312M topped estimates by 23%. Total assets under management (AUM) of $481.1Bn and fee-earning AUM of $361.3Bn both rose +2% sequentially on the back of robust capital raising with $18.1Bn of inflows over the period. Additionally, Apollo (NYSE:APO) hosted their 2021 Investor Day, outlining long-term financial targets including over $9/share in distributable earnings by 2026 (14% Compound Annual Growth Rate (CAGR) from $5.50 pro-forma 2022E) and fee-related earnings of $4.50-$4.75 (18% CAGR). Management expects to roughly double AUM by 2026 to $1trn from $481Bn currently with a 2.25x increase in fee-related revenues to $4.6Bn.”
2. Tenet Healthcare Corp. (NYSE:THC)
Tiger Legatus Capital’s Stake Value: $13.9M
Percentage of Tiger Legatus Capital’s 13F Portfolio: 22.31%
Number of Hedge Fund Holdings: 55
Based in Dallas, Texas, Tenet Healthcare Corp. (NYSE:THC) is a multinational healthcare services company which operates in over 65 hospitals and 450 healthcare facilities in countries around the world. Since its founding in 1969, Tenet Healthcare Corp. (NYSE:THC) has expanded, cultivating multiple brands, subsidiaries, joint ventures and partnerships, most notably the USPI and Conifer Health Solutions. Jesse Ro’s Tiger Legatus Capital has a stake value of more than $13.9 million through its purchase of 162,000 shares in Q1 2022, which means Tenet (NYSE:THC) constitutes 22.31% of Ro’s 13F investment portfolio.
On June 16, Loop Capital analyst Joseph France conferred a ‘Buy’ rating on the stock, maintaining the price target at $80.
Oakmark Funds mentioned Tenet Healthcare Corp. (NYSE:THC) in their Q3 2021 investor letter. This is what they said:
“Tenet (NYSE:THC) may be best known as the second-largest public hospital chain in the U.S., but its largest business is outpatient acute care centers. In early 2020, investors fled the health care industry because of the great uncertainty that the pandemic presented. The early days of the pandemic were very hard on the hospital industry especially, but as the Covid-19 surge peaked and diminished, hospitals were able to schedule elective procedures and engage in profitable activities.”
1. Patria Investments Ltd. (NASDAQ:PAX)
Tiger Legatus Capital’s Stake Value: $18.5M
Percentage of Tiger Legatus Capital’s 13F Portfolio: 29.68%
Number of Hedge Fund Holdings: 11
Founded in 1994 and based in the Cayman Islands, Patria Investments Ltd. (NASDAQ:PAX) is an alternative investment management firm with a combined AUM of $27.6 billion. Primarily focused on Latin America and a global presence with offices in 9 cities over 4 continents, Patria Investments Ltd. (NASDAQ:PAX) deals in private equity, infrastructure and credit investment, and real assets. As of the first quarter of 2022, Adage Capital Management is the leading shareholder in the company, with over 2.65 million shares worth more than $47.2 million. Jesse Ro’s Tiger Legatus Capital is the fourth-largest shareholder in Patria Investments Ltd. (NASDAQ:PAX), owning more than 1.04 million shares which have been valued at $18.52 million. Ro has significantly strengthened his hold over the stock by 11456% in the first quarter of 2022.
