News - Investment
Categories: Investment
Topics: Hedge funds | George soros | Technology
Hedge fund star George Soros has been expanding positions in a number of his technology favourities, increasing his overall exposure to the sector by 15%.
The billionaire investor significantly increased his stake in Google and initiated a large position in Comverse Technology, taking his technology weighting up to 23% across Soros Fund Management.
Soros boosted his stake in Google by 258,774 shares to 259,900, which takes the total value of his position to $168m. It is now the fifth largest holding at 7.3%.
Soros, who achieved world wide fame when he bet against sterling remaining within the Exchange Rate Mechanism in the 1990s, first bought into Google in 2007 but completely sold out in the second quarter of 2011.
He then bought 1,126 shares in Q3 and in Q4 significantly boosted exposure further, as the tech giant's shares declined from $600 in the second quarter to trade around the $500 mark at the end of September.
Soros purchased the shares at $550 and has since clawed back losses, with the shares now trading at $604, an 8.9% gain.
Soros did not report a stake in Amazon, a company his Quantum fund had owned in the previous quarter.
The hedge fund investor also added a position in mobile internet provider Comverse Technology, buying 14.7 million shares at a value of $101m.
He also boosted exposure to Delta Air Lines and Wells Fargo in the fourth quarter.
In the fourth quarter Soros significantly revamped his portfolio, dropping 145 holdings, down from the 473 positions he held at the end of the third quarter.
Overall, the value of Soros' holdings fell to $4.6bn in Q4, down from $5.8bn at the end of the third quarter.
Categories: Investment
Topics: Hedge funds | George soros | Technology
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NUTS TO YOU!
Posted by: guest
21 Feb 2012 | 10:37
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