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Julian Robertson
Julian Hart Robertson Jr. KNZM (June 25, 1932 – August 23, 2022) was an American hedge fund manager, and philanthropist.
Robertson founded Tiger Management, one of the first hedge funds, in 1980. From its inception in 1980 to its 1998 asset peak, his fund returned 31.7% per year after fees, compared to a 12.7% annual return from the S&P 500 over the same period. However, a sharp decline thereafter led to the fund closing in March 2000. Tiger showed losses in only four of its 21 years. Robertson later mentored and provided seed funding to many notable hedge fund managers, known as the Tiger cubs, including Ole Andreas Halvorsen, Stephen Mandel of Lone Pine Capital, Lee Ainslie of Maverick Capital, Bill Hwang, and Chase Coleman III.
In 2020, Forbes deputy wealth editor Jennifer Wang awarded Robertson a perfect philanthropy score of 5, the highest possible rating; placing him among an exclusive group of just ten Forbes 400 members, alongside Warren Buffett, George Soros, Eli Broad, and others who have each given away at least 20% of their fortune.
During his lifetime, Robertson contributed more than US$2 billion to charity. He was also a signatory to The Giving Pledge. At the time of his death, his net worth was estimated at $4.8 billion.
Robertson was born on June 25, 1932, in Salisbury, North Carolina, as the son of Julian Hart Robertson Sr., a textile company executive, and Blanche Spencer, a local activist. He claimed that his father was a descendant of Pocahontas. Robertson first became interested in stocks at age 6.
He graduated from Episcopal High School in 1951 and the University of North Carolina at Chapel Hill in 1955. While at Chapel Hill, he was admitted to Zeta Psi fraternity and was a member of the Reserve Officers' Training Corps. He then served as an officer in the U.S. Navy, traveling the world aboard a munitions ship until 1957.
After leaving the navy, Robertson moved to New York City and worked for a time as a stockbroker for Kidder, Peabody & Company. At Kidder, he eventually headed the firm's asset management division, Webster Securities. In 1978, he took a sabbatical and moved with his family to New Zealand for a year to write a novel.
On his return to the United States, in 1980, with $8 million of funding from family, friends, and his own wealth, he founded Tiger Management. The Tiger funds reached a peak of $22 billion in assets in 1998. Robertson's Tiger Fund accurately predicted the dot-com bubble, purposely underweighting the technology sector. Tiger's largest holding was US Airways; it controlled 25% of the company. Its troubles led to significant losses for the fund. Tiger also realized significant losses in the Japanese Yen. Such missteps ultimately led him to close his investment company in late March 2000, at the peak of the dot-com bubble, and return all outside capital to investors. Revolting employees wanting to invest in the dot-com bubble are also cited as the reason behind closing.
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Julian Robertson
Julian Hart Robertson Jr. KNZM (June 25, 1932 – August 23, 2022) was an American hedge fund manager, and philanthropist.
Robertson founded Tiger Management, one of the first hedge funds, in 1980. From its inception in 1980 to its 1998 asset peak, his fund returned 31.7% per year after fees, compared to a 12.7% annual return from the S&P 500 over the same period. However, a sharp decline thereafter led to the fund closing in March 2000. Tiger showed losses in only four of its 21 years. Robertson later mentored and provided seed funding to many notable hedge fund managers, known as the Tiger cubs, including Ole Andreas Halvorsen, Stephen Mandel of Lone Pine Capital, Lee Ainslie of Maverick Capital, Bill Hwang, and Chase Coleman III.
In 2020, Forbes deputy wealth editor Jennifer Wang awarded Robertson a perfect philanthropy score of 5, the highest possible rating; placing him among an exclusive group of just ten Forbes 400 members, alongside Warren Buffett, George Soros, Eli Broad, and others who have each given away at least 20% of their fortune.
During his lifetime, Robertson contributed more than US$2 billion to charity. He was also a signatory to The Giving Pledge. At the time of his death, his net worth was estimated at $4.8 billion.
Robertson was born on June 25, 1932, in Salisbury, North Carolina, as the son of Julian Hart Robertson Sr., a textile company executive, and Blanche Spencer, a local activist. He claimed that his father was a descendant of Pocahontas. Robertson first became interested in stocks at age 6.
He graduated from Episcopal High School in 1951 and the University of North Carolina at Chapel Hill in 1955. While at Chapel Hill, he was admitted to Zeta Psi fraternity and was a member of the Reserve Officers' Training Corps. He then served as an officer in the U.S. Navy, traveling the world aboard a munitions ship until 1957.
After leaving the navy, Robertson moved to New York City and worked for a time as a stockbroker for Kidder, Peabody & Company. At Kidder, he eventually headed the firm's asset management division, Webster Securities. In 1978, he took a sabbatical and moved with his family to New Zealand for a year to write a novel.
On his return to the United States, in 1980, with $8 million of funding from family, friends, and his own wealth, he founded Tiger Management. The Tiger funds reached a peak of $22 billion in assets in 1998. Robertson's Tiger Fund accurately predicted the dot-com bubble, purposely underweighting the technology sector. Tiger's largest holding was US Airways; it controlled 25% of the company. Its troubles led to significant losses for the fund. Tiger also realized significant losses in the Japanese Yen. Such missteps ultimately led him to close his investment company in late March 2000, at the peak of the dot-com bubble, and return all outside capital to investors. Revolting employees wanting to invest in the dot-com bubble are also cited as the reason behind closing.