Soros Fund Management adds popular tech names, BlackRock in Q2


NEW YORK (Reuters) – Soros Fund Management LLC added Facebook Inc, Apple Inc and Twitter Inc, but cut its stakes in Alphabet Inc and Amazon.com Inc in the quarter to June, according to a regulatory filing on Tuesday.

Billionaire hedge fund manager George Soros speaks during a discussion at the annual meeting of the Clinton Global Initiative in New York, September 27, 2015. REUTERS/Brendan McDermid/File Photo

Billionaire George Soros’ family office also bought stakes in AT&T Inc, Chevron Corp and T-Mobile US Inc and sold stakes in eBay Inc, Nvidia Corp, Snap Inc and Paypal Holdings Inc.

Soros Fund Management also significantly increased its shares in BlackRock Inc – the world’s largest asset management company, overseeing $6 trillion – by nearly 60% to 12,983 total shares in the second quarter.

Other notable adjustments include reducing stakes in Netflix Inc, Citigroup Inc and Wells Fargo & Co, but increasing its shares in Pandora Media Inc and Salesforce.com Inc.

Soros Fund Management took stakes in Facebook of 159,200 Class A shares during the second quarter and 54,500 shares in Apple.

A number of top fund managers cut their stakes in Apple sharply just weeks before it became the first publicly traded US company to be worth more than $1 trillion.

Einhorn’s Greenlight Capital reduced its stake by 77%, while Coatue Management by Philippe Laffont offloaded 95%. Consulting firm Diamond Hill Capital Management reduced its stake by 27%.

Other big holders, including Sanders Capital and Adage Capital Partners, cut only small amounts in the second quarter.

Soros also reorganized his energy holdings, increasing his stakes in Devon Energy Corp and Kinder Morgan Inc, while dissolving his stake in the VanEck Vectors Oil Services ETF and reducing exposure to Canadian Natural Resources Ltd and Williams Companies Inc.

Quarterly disclosures of hedge fund managers’ stock holdings, in what are known as 13F filings with the U.S. Securities and Exchange Commission, are one of the few public ways to learn what managers sell and buy.

But relying on filings to develop an investment strategy carries some risk because disclosures come 45 days after the end of each quarter and may not reflect current positions. Still, the filings offer insight into what hedge fund managers saw as opportunities to make money over the long term.

The filings do not disclose short positions or bets on a stock’s falling price. As a result, public records do not always present a complete picture of a management company‘s stock holdings.

Reporting by Jennifer Ablan; additional reporting by Trevor Hunnicutt, editing by G Crosse

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