The Novus Tiger Cub Index

Novus

Stan Altshuller, Adam Benenson

Research

10 Pages

Novus examines the collective stock picking record of Julian Robertson’s Tiger Cubs by building an index from their highest conviction holdings. The findings are striking: the index outperformed the S&P 500 by 250 percentage points since 2005. It also explores which stocks drove returns, where losses came from, and what the group was betting on in 2015.

Key Takeaways

Massive Outperformance Gap: The Tiger Cub Index outperformed the S&P 500 by 250 percentage points from March 2005 through October 2015, generating a cumulative return of 422.55%.
Winner Skew Advantage: Of 770 conviction positions, 62% were winners, contributing 103 bps on average, while 38% were losers that detracted only 43 bps on average.
Crowding Hurt Returns: Stocks with over 20% hedge fund ownership fell 12.3% during Q3, versus a 4.1% decline for stocks with lower hedge fund ownership.
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