Soros Fund Management, the hedge fund firm managed by famed George Soros, recently disclosed its long equity stakes and moves for the second quarter of the year. After 100 new stock purchases, 52 position increases, another 52 exposure reductions and the closing of 62 stakes, the fund’s equity portfolio value surged from $10.16 billion to $10.74 billion over the quarter.
The holdings are very diversified. However, Soros has a slight penchant for financial stocks, which account for 29 percent of the total equity portfolio, and information technology stocks – 24 percent.
The Bulls' Reign
Soros has more than $2.4 billion invested in options of the SPDR S&P 500 ETF Trust SPY. Leaving that stake aside, the fund’s largest bet is placed on Argentine energy company YPF SA (ADR) YPF.Over the second quarter of the year, the fund trimmed its exposure to the company by 5 percent. As of the end of the period, the fund acknowledged holding 10,998,308 shares of the company, worth more than $300 million.
The only institutional investor with a larger wage on YPF is Lazard Asset Management, which last disclosed ownership of 15,443,085 shares, or almost 4 percent of the company. Among hedge funds, Rob Citrone’s Discovery Capital Management was particularly bullish. Following a 32 percent boost in its exposure, the fund owns 4,520,232 shares of the E&P and downstream company.
In the fourth spot on Soros’ list is a stock purchased in the second quarter. Over the period, the fund started a new position, comprising 1,454,651 shares, in Time Warner Cable Inc TWC.
Another investment firm that initiated a stake in the company is TCI Fund Management, which acquired 16,599,787 shares, worth almost $3 billion, over the quarter. On the other hand, the largest institutional investor in the company, Dodge & Cox, disposed of 123,146 shares over the quarter, taking its holdings to 19,360,833 shares.
Bears' Outlook
On the bearish side, there’s Alibaba Group Holding Ltd BABA. In the first quarter, the tech giant was the fund’s largest long equity stake. However, after a 98 percent reduction in its exposure, Soros owns barely 59,320 shares of the company.Similar was the case of Chase Coleman’s Tiger Global Management, which also sold 98 percent of its stake in Alibaba over the second quarter and now owns 93,494 shares.
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