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Investor Julian Robertson is concerned about budget deficits and Fed policies. As a result, he likes commodities that benefit from the declines in the value of U.S. dollar. Interestingly, Robertson is also bullish about U.S. stocks. "I think the most attractive things are the super growth stocks, the Apples (NASDAQ:AAPL), Googles (NASDAQ:GOOG) and Amazons (NASDAQ:AMZN), that are now trading around 25 times earnings," he said a couple of months ago.

We compiled the list of stocks that Robertson had at least $10 million invested at the end of March. Here is how each of these 19 stocks performed since the end of first quarter:

CompanyName

Ticker

Value

Activity

Return

APPLE INC

AAPL

28274

-33.4%

3.2%

AMAZON COM INC

AMZN

27083

New

21.2%

GOLDMAN SACHS GROUP INC

GS

22759

4.5%

-15.2%

VALEANT PHARMACEUTICALS

VRX

22365

-25.2%

7.1%

GOOGLE INC

GOOG

22209

-8.0%

-9.3%

MASTERCARD INC

MA

21995

0.0%

25.4%

LYONDELLBASELL INDUSTRIES

LYB

19933

-29.9%

3.6%

VISA INC

V

19701

-12.8%

22.1%

TIME WARNER CABLE INC

TWC

18691

-10.0%

11.8%

CABLEVISION SYSTEMS CORP

CVC

18170

0.0%

12.9%

SMURFIT STONE CONTAINER

SSCC

17441

New

6.7%

CANADIAN NATURAL RESOURCES

CNQ

17431

-11.1%

-14.8%

QUALCOMM INC

QCOM

17381

9.3%

8.7%

PETROLEUM DEVELOPMENT

PETD

17236

-5.5%

-29.8%

WUXI PHARMATECH CAYMAN

WX

16941

5.7%

9.8%

E M C CORP MA

EMC

16714

-5.5%

4.9%

DIGITALGLOBE INC

DGI

15861

43.2%

-8.9%

L C A VISION INC

LCAV

10900

0.0%

-25.9%

CARDIOME PHARMA CORP

CRME

10838

6.2%

4.0%

Robertson’s top 19 stock picks returned 3% since the end of the first quarter, vs. 1.9% for the SPY. An equal-weighted portfolio of his top 10 stock picks performed even better. Investors who imitate his top 10 stock picks would have returned 8.3%. This is 6.4 percentage points better than the SPY. He was putting his money where his mouth is. Apple, Amazon, and Google are among his top 5 stock picks. Apple is Robertson’s top stock pick. Sixty-three hedge funds had Apple among their top 10 holdings at the end of first quarter. Hedge funds collectively own 3% of the outstanding shares. Hedge fund stars like David Einhorn, John Griffin, Chase Coleman and Dan Loeb all have AAPL in their portfolios.

Amazon is one of the best performing stocks on this list, returning more than 21%. Griffin and Coleman had large positions in Amazon and they probably recommended AMZN to Robertson. Ken Fisher had the largest position in AMZN among the nearly 350 fund managers we track.

Robertson had large positions in MA and Visa V as well. Both of these stocks returned more than 20% since the end of March. MA and Visa V are also among the most popular growth stocks. Mastercard is slightly more popular than Visa with 47 hedge funds vs. Visa’s 42 hedge funds. Stephen Mandel, Coleman, and Jim Simons are among the hedge fund managers who are bullish about Mastercard. Coleman and Simons also have Visa in their portfolios, but in smaller quantities.

We really like Robertson and follow his comments. He got the 2008-09 recession call right, and he had been a terrific fund manager for the most of his investment career. Investors can learn and benefit a lot by following and imitating Robertson.

Source: Julian Robertson's Favorite Stock Picks