George Soros is buying tech stocks – and gold

George Soros may have been preoccupied lately with promoting his solution to the eurozone debt crisis at Davos and his new book, but he has also been busy on the investment front. The 81-year old stock market guru, who famously bet against sterling during the Black Wednesday crisis in the 1990s, pocketing a $1bn profit, has been building up stakes in a handful of technology stocks.

According to the Wall Street Journal’s blog, Deal Journal, Securities and Exchange Commission filings show that Soros Fund Management boosted its position in search engine giant Google during the fourth quarter but sold off its stake in Amazon. 

Soros’ shareholding in Google has increased from 258,774 shares to 259,900. Worth $168m, this makes it the fifth biggest stake in his fund, accounting for 7.3%, notes Forbes Online. Overall, Soros has increased his holdings in technology stocks by nearly 17% and they now represent almost 24% of his portfolio.

The billionaire also snapped up a $101m stake in Comverse Technology. Both purchases may be an attempt to cash in on the growth of mobile phone sales, reckons Forbes Online. Israel-based Comverse provides mobile internet services while Google has become the largest producer of smartphone software.

Although its Android software lost market share in the fourth quarter, Forbes points out that analysts at Gartner expect iPhone sales to fall in the next quarter and “smaller competitors, whose devices can run on Android [to] become more aggressive”.

Soros has also increased his shareholdings in US financial services provider Wells Fargo and Delta Air Lines. What’s more, like MoneyWeek, Soros remains a fan of gold. According to the Wall Street Journal’s blog, he has raised his holding in the SPDR Gold Trust, an exchange-traded fund, to 85,450 shares from 48,350 shares in the third quarter.

Soros also seems to be focusing his efforts on fewer investments. He has slashed the number of holdings by around two-thirds, from 473 in the third quarter to just 145. The value of the fund’s holdings fell from $5.8bn at the end of September to $4.6bn.

4 Responses

  1. 23/02/2012, Dr Bob wrote

    OK let’s get this straight.

    According to your article, George Soros now owns 85,450 shares in GLD:US which has a NAV on the date of this article of around 170USD, valuing his holding at 85,450 x 170 ie approx $14.5m.

    Meanwhile Forbes in 2011 estimated Mr Soros’s wealth at $22bn.

    In other words, according to your article, Mr Soros currently has approximately o.07% of his wealth allocated in Gold.

    Was it even worth mentioning, let alone stringing it into the headline?

    The amount involved represents probably little more than a small momentum trade to take advantage of the stupidity of the imbeciles participating in the mania.

    Don’t forget he sold around 5m of shares in the trust last year. Surely that’s says more about his views on Gold than the headline?!

  2. 27/02/2012, HL wrote

    Over the last eight years, I have almost tripled my investment account by buying gold. According to the above comment from “Dr” Bob, this makes me an imbecile.

    The question that arises here is: why is the good Dr so irritated by imbeciles ? Why doesn’t he just dismiss us for being insects (gold bugs) and leave us to our penniless fate ?

  3. 28/02/2012, Ade wrote

    When people like Soros and Buffet start talking up gold I’ll start worrying that the price will soon fall. But as long as they keep dissing it I’m happy to stay long on gold and silver. Physical metal you can touch. No counter party.

  4. 28/02/2012, HL wrote

    Good comment, Ade.

Commenting on this article closed

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