Posted on 11/16/2009 3:49:32 PM PST by TennesseeGirl
BILLIONAIRE investor George Soros' hedge fund increased the value of its holdings by $US2 billion ($2.14bn) over the past three months, boosting his stake in the telecommunications and financial sectors.
Soros Fund Management reported holdings of $US6.2bn as of September 30, up from $US4.2bn as of June 30, according to a filing today with the US Securities and Exchange Commission.
Mr Soros significantly increased his positions in AT&T and Verizon Communications by 3.4 million shares and roughly 4m shares, respectively.
Mr Soros now holds 4.2m shares of AT&T, valued at $US113 million as of September 30. The fund owns more than 4.5m shares of Verizon, valued at roughly $US138m as of September 30.
Additionally, the fund boosted its financial sector holdings, betting on two of the largest commercial banking giants -- Bank of America and JPMorgan Chase.
Mr Soros purchased 224,100 shares of Bank of America and 67,800 shares of JPMorgan. The fund now owns 271,900 shares of Bank of America, valued at $US4.60m, and 73,700 shares of JPMorgan, valued at $US3.2m as of September 30.
New holdings in the portfolio include Ford Motor, in which Mr Soros added a 7.3m stake, which was valued at $US53m.
Mr Soros increased his stake in Wal-Mart Stores by about 1m shares, to 1.1m, valued at $US54m. The fund had cut back on its position in the retail giant in the previous, quarter to 89,710 shares.
Mr Soros also reduced its stake in Petroleo Brasileiro, or Petrobras, for the second straight quarter.(excerpt)
(Excerpt) Read more at theaustralian.com.au ...
This SOB should be behind bars. I don’t give a rip what his positions are today, what were they 14 months ago?
ping
Lets try to take this guy down...Obama Reid and Pelosi are all his sock puppets!!!!!
Picking the pockets of illegals. Do any of you know what the Wal-mart charges to send money to Mexico
Those are not exactly rocket scientist bets, in my book.
Mr Soros significantly increased his positions in AT&T and Verizon Communications by 3.4 million shares and roughly 4m shares, respectively.
T is exactly the same price it was 3-4 months ago, but it *does* pay a 6.2% dividend.
VZ is actually lower than it was 3-4 months ago, and it pays 6.3%. Good dividend plays, glunky companies.
BAC is exactly the same price it was 3 months ago and pays a whopping .3% dividend.
JPM is very slightly above where it was 3 months ago and pays .5%
He could be lowering his average cost on these financials. I myself don’t see where the big increases in these banks’ earnings are supposed to come from. Perhaps this is a bet on ever increasing government control. Why that is attractive to a greedy capitalist, I don’t understand.
>>I would bet far more readily that George Soros has placed bets 50 or 100 larger on a declining dollar.<< If so, he’s cleaning up on that one, like every other hedge fund on earth.
PBR is up 20% over its 3-4 months ago price so maybe he is taking those gains. IMO PBR is a great play on rising oil prices.
Ford? Buying it at $8 is OK, I guess, where was he when it was $1?
My thoughts as well. I wonder if he benefited from the trillions in bank bailouts.
“This SOB should be behind bars.”
That bastard is still taking in OUR oxygen and it pisses me off!!
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