George Soros: What’s His Fund Been Buying?

Date: Wednesday, November 17, 2010
Author: Brett Philbin, The Wall Street Journal

The value of billionaire investor George Soros’ hedge fund increased by 31.6% to $6.7 billion at the end of the third quarter compared with the previous quarter, as he boosted his stake in blue-chip stocks AT&T Inc. and Monsanto, according to a regulatory filing late Monday.

The fund had reported a value of $5.1 billion at the end of the second quarter. Soros Fund Management bought 1.3 million shares of AT&T, raising the value of the position to $51.4 million as of Sept. 30, according to a filing with the U.S. Securities and Exchange Commission.

Soros also purchased 897,813 shares of Monsanto–his second-largest holding on a dollar basis–during the quarter. The position is now valued at $312.6 million.

The fund also reported a new position in drug maker Dendreon Corp., disclosing that it purchased 1.8 million shares valued at $74.8 million at the end of the third quarter.

In a reversal from its second-quarter disclosure, the fund bought 2.1 million shares of pharmaceutical giant Pfizer Inc. Soros had previously sold 5 million shares of Pfizer in the second quarter. His position is now valued at $41.4 million.

Additionally, Soros reported no stake in Best Buy Co. The fund sold 936,895 shares during the third quarter. Other new holdings include Mentor Graphics Corp. Soros disclosed the purchase of 76.5 million convertible notes of the company, valued at $79.5 million.

Many investors that manage more than $100 million are required to file 13-Fs with their stock holdings within 45 days of the end of a given quarter, giving the public its freshest possible glimpse into the portfolios of well-known money managers. Most hedge-fund managers and others wait until the last possible moment to make these filings. The third quarter deadline was Monday.