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Julian Robertson founded the Tiger Management Hedge Fund in 1980. Mr. Robertson was able to grow the hedge fund from $8 million in 1980 to $22 billion by 1998. The hedge fund suffered large losses during the 1990s dot.com craze and was closed in March of 2000. Mr. Robertson, who in 2009 was listed on Forbes magazine’s billionaire list, now invests in the hedge funds of former employees, whom he calls Tiger Cubs. Here are his six newest additions to his equity portfolio. Investors can take a cue from these latest picks to see where Robertson is allocating capital. Here is my analysis of his latest additions:

Teva Pharmaceuticals Industries (NYSE:TEVA) TEVA has a market cap of $36.5 billion with a price-to-earnings ratio of 11.7. The stock has traded in a 52-week range between $35.00 and $57.08. The stock is currently trading around $41. The company reported second quarter revenue of $4.21 billion compared with revenue of $3.8 billion in the second quarter of 2010. Second quarter net income was $576 million compared to net income of $787 million in the second quarter of 2010.

Tiger Management owns 364,400 shares of TEVA. Tiger Management purchased all 364,400 shares of TEVA in the second quarter of 2011. TEVA is the world’s largest manufacturer of generic drugs. The company’s history of growing earnings has been excellent, and in 2010, the company increased its net income by 65%. In 2011, TEVA purchased Taiyo Pharmaceutical and Cephalon Inc. (NASDAQ:CEPH), in an effort to continue growing earnings. The company announced that it would purchase Cephalon for $6.8 billion in May of 2011, and since then the stock price has dropped by about 14%. However, the stock has been recovering and is up by about 10% over the last month. If TEVA can successfully integrate its two new purchases, it should realize a marked increase in its earnings. I would like to see third quarter earnings before recommending this stock. I rate TEVA a hold.

Concho Resources Inc. (NYSE:CXO) CXO has a market cap of $9.83 billion with a price-to-earnings ratio of 33.37. The stock has been trading in a 52-week range between $63.20 and $110.89. The stock is currently trading around $96. The company reported second quarter revenue of $446 million compared with revenue of $216 million in the second quarter of 2010. Second quarter net income was $232 million compared with net income of $124 million in the second quarter of 2010.

Tiger Management owns 175,400 shares of CXO. Tiger management purchased all 175,400 shares of CXO in the second quarter of 2011. CXO is an oil and gas exploration company that has done an excellent job of increasing earnings. In 2010, the company increased net income by $192.8 million. The company’s second quarter year-over-year revenue increased 106% while its net income increased by 87%. Investors seem to like CXO’s earnings growth, and have pushed up the stock price by 42.7% over the last 52 weeks, and 345% over the last three years. The stock of CXO has realized a tremendous price run-up and with a price-to-earnings ratio of 33 the stock is no longer a bargain. I would consider buying this stock if the price dips. However at its current price, I rate CXO a hold.

Apple Inc. (NASDAQ:AAPL) AAPL has a market cap of $376.15 billion with a price-to-earnings ratio of 14.62. The stock has traded in a 52-week range between $297.76 and $426.70. The stock is currently trading around $404.78. The company reported fourth quarter revenue for the period ending on September 30, in the amount of $28.3 billion compared with revenue of $20.3 billion in the fourth quarter of 2010. Fourth quarter net income was $6.62 billion compared with net income of $4.31 billion in the fourth quarter of 2010.

Tiger Management owns 106,330 shares of AAPL. Tiger Management's last AAPL transaction was a purchase of 25,200 shares in the second quarter of 2011. AAPL is on a roll and has increased it net income in each of the last six quarters. The company’s year-over-year fourth quarter revenue was up by 39% while its net income was up by 53%. CNBC stock analyst Jim Cramer said, “Apple is doing everything right, and while the last quarter wasn't stupendous, the stock still trades at a multiple of 10.4, which is cheap for the industry.” Investors like AAPL’s consistent earnings growth, and have pushed up the stock price by 33% over the last 52 weeks, and 276% over the last three years. On October 4, the company rolled out its new iPhone 4s, which should further help to drive sales. AAPL’s iPhone and iPad hold dominant positions in the smartphone and high end notebook market despite stiff competition from Google (NASDAQ:GOOG) and Intel (NASDAQ:INTC). However, I believe that AAPL will continue to beat the competition and increase earnings, and I rate the stock a buy.

Sirius XM Radio Inc. (NASDAQ:SIRI) SIRI has a market cap of $6.71 billion with a price-to-earnings ratio of 43.66. The stock has traded in a 52-week range between $1.27 and $2.44. The stock is currently trading around $1.80. The company reported second quarter revenue of $744 million compared with revenue of $700 million in the second quarter of 2010. Second quarter net income was $173 million compared with net income of $15.3 million in the second quarter of 2010. That is a net income increase of 1030%.

Tiger Management owns 100,000 shares of SIRI. Tiger Management purchased all 100,000 shares of SIRI in the second quarter of 2011. SIRI has realized a remarkable earnings turnaround and in 2010 reported a profit for the first time. Its 2010 net income was $43.1 million, which was an increase of $386.1 million from 2009. The company is still growing earnings and has reported net income of $251 million in the first two quarters of 2011. The stock's performance has been mediocre and is up by 10.19% over the last 52 weeks. SIRI has used its higher earnings to increase its cash position and pay down debt. SIRI will increase its subscription price in 2012, which is expected to increase the company’s revenue. I like SIRI because of its growth and increased return on equity (70.4), but will wait to see the third quarter earnings report before making a recommendation. I rate SIRI as a hold.

Goldman Sachs Group Inc. (NYSE:GS) GS has a market cap of $52.73 billion with a price-to-earnings ratio of 15.76. The stock has traded in a 52-week range between $84.27 and $175.34. The stock is currently trading around $104. The company reported third quarter revenue of $5.5 billion compared with revenue of $10.7 billion in the third quarter of 2010. Third quarter net income was $-393 million compared with net income of $1.9 billion in the third quarter of 2010.

One of GS’s competitors is J. P. Morgan Chase & Company (NYSE:JPM). JPM is currently trading around $33 with a market cap of $126.2 billion and a price-to-earnings ratio of 6.97. JPM pays a dividend, which yields 1.2% versus GS, whose dividend yields 1.2%.

Tiger Management owns 168,550 shares of GS. Tiger Management's last GS transaction was a purchase of 25,050 shares in the second quarter of 2011. GS has seen its earnings hit hard in recent quarters. GS saw its 2010 earnings decrease by $5 billion. The company’s year-over-year third quarter revenue was down by $5.2 billion, and its net income was down by $2.29 billion. As a result, of these terrible earnings results the company’s stock (like stock like in a number of other large financial institutions) has suffered. The stock price is down by 32.64% over the last 52 weeks. In the third quarter, GS lending and investing units both lost money, and there is no evidence that GS will be able to quickly reverse directions. GS is in a downward trend, and I rate the stock a hold.

Valeant Pharmaceutical International Inc. (NYSE:VRX) VRX has a market cap of $11.45 billion with a negative price-to-earnings ratio. The stock has traded in a 52-week range between $24.06 and $57.24. The stock is currently trading around $38. In 2010, the company reported revenue of 1.1 billion compared with revenue of $820 million in 2009. Year 2010 net income was $208 million compared with net income of $176 million in 2009.

Tiger Management owns 481,600 shares of VRX. Tiger Management’s last VRX transaction was a purchase of 32,600 shares in the second quarter of 2011. VRX is a Canadian based pharmaceutical company. In 2010, VRX increased its net income by 18%. VRX’s stock has performed extremely well and is up by 37.8% over the last 52 weeks. Another well known money manager named George Soros also purchased shares of VRX in the second quarter of 2011. I am not sure what earnings catalyst Mr. Robertson and Mr. Soros have uncovered, but their stock picks deserve attention. I will not recommend the stock at this time, but will pay close attention for any new VRX news.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Billionaire Julian Robertson's 6 New Big Buys