Soros has a large position in IOC. Owns more the 5% of the stock.
Will Soros' Hedge Fund Match His Gloomy Outlook?
indieresearch
On Monday August 9, 2010, 2:28 pm
Billionaire financier and political activist George Soros is never shy about his opinions on the markets. In June, Soros explained, "The collapse of the financially system as we know it is real, and the crisis is far from over," at the Institute of International Finance in Vienna. He later said, "I think a [European] recession next year is almost inevitable given the current policies," according to Reuters. As for the U.S., Soros thinks regulators are mismanaging stimulus efforts, which he believes should continue until demand for 10-year treasury bonds returns. Given Soros' gloomy outlook for the global economy, it will be interesting to see where his hedge fund, which is now actively managed by his two sons, was adjusting its stakes in Q2.
Energy names Petroleo Brasileiro (NYSE: PBR - News), InterOil Corporation (NYSE: IOC - News), Hess (NYSE: HES - News), and Weatherford International (NYSE: WFT - News) were all among Soros Fund Management's top-15 U.S.-listed equity holdings entering the second quarter. As a whole, the energy sector got beat up following the BP (NYSE: BP - News) disaster in the gulf of Mexico, but some of the hedge fund's oil and natural gas plays are among the top performers from its end-of-Q1 portfolio over the last month.
Elsewhere, Monsanto Company (NYSE: MON - News) rebounded sharply in July following a dramatic second-quarter slide. Soros entered Q2 with 3.2 million shares of the beleaguered fertilizer giant, so it will be interesting to see whether the fund was buying on the dip or selling to cut its losses in the three months ended June 30.
During the first quarter, Soros' fund was selling AT&T (NYSE: T - News) and buying Verizon Communications (NYSE: VZ - News) while paring its stake in the massive SPDR Gold Trust (NYSE: GLD - News), and buying more of bank J.P. Morgan Chase & Co. (NYSE: JPM - News).
Investors won't be sure where Soros stands now until later this month, when the deadline for end-of-Q2 filings hits. At tickerspy.com, members can track Soros' latest holdings, see a graph of their combined performance, and be notified when his new holdings are made public. |
