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13F Advance: Soros' Third Quarter Portfolio Moves
12/09/97
Select Federal Filings Newswires
(Copyright (c) 1997, Dow Jones & Company, Inc.)
FORM TYPE: 13F
QUARTER ENDED: 09/30/97
FILER: SOROS FUND MANAGEMENT
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Soros' Third Quarter Portfolio Moves
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A Report from the Federal Filings Investment Research Group
December 9, 1997
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MANAGER CONTACT: Sean C. Warren, General Counsel
New York, NY
(212) 262-6300
INVESTMENT STYLE: HEDGE
EQUITY PORTFOLIO SIZE: $11.194 billion NUMBER OF STOCKS: 446 (approx)
George Soros attempts to uncover situations in which current market
prices are out of line with value. Based on his macro-economic
assessment, Soros will target industries, entire segments and even
countries for potential investment. After determining the most
potentially profitable areas in which to invest, Soros then uses micro
criteria to identify the most promising individual companies.
THIRD QUARTER PORTFOLIO MOVES
Commentary on Soros Fund Management's third quarter portfolio
moves was provided in a separate story transmitted on November 18.
SIGNIFICANT THIRD QUARTER CHANGES
MARKET PRICE
NEW POSITIONS: VALUE SHARES RECENT RANGE 52
($ MMs) OWNED PRICE QTR WEEK
OUTBOARD MARINE CORP. $367.1 20,396,864 Acq. by Greenway Prtnrs
MICRON TECHNOLOGY INC. 133.9 3,859,600 25 60-34 60-22
AMGEN INC. 86.3 1,800,000 52 62-46 69-45
HEWLETT-PACKARD CO. 86.3 1,240,100 66 73-54 73-48
FEDERATED DEPARTMENT STORES 58.2 1,350,000 48 45-35 48-30
LAM RESEARCH CORP. 55.8 1,200,000 30 67-37 67-23
UNION CAMP CORP. 55.5 900,000 58 63-50 65-45
GENZYME CORP. 47.6 1,600,000 27 33-25 33-21
CENTOCOR INC. 47.6 1,000,000 42 51-30 54-23
INTERNATIONAL PAPER CO. 44.1 800,000 46 61-48 61-39
CUC INTERNATIONAL INC. 42.2 1,360,000 32 32-23 32-19
GATEWAY 2000 INC. 41.9 1,332,500 29 46-31 46-24
CHIRON CORP. 40.7 1,800,000 18 25-19 25-17
CONTINENTAL AIRLINES INC. 40.6 1,030,000 48 41-34 48-25
EQUITABLE COMPANIES INC. 37.0 900,000 49 44-33 49-23
DURA PHARMACEUTICALS INC. 34.9 800,000 46 46-32 53-23
COMPUTER ASSOCIATES INT'L 31.6 440,000 56 50-36 55-25
IDEC PHARMACEUTICALS CORP. 30.5 728,000 36 42-23 46-16
GILEAD SCIENCES INC. 28.4 640,000 35 48-24 47-21
GALILEO INTERNATIONAL INC. 27.9 1,000,000 26 28-24 29-22
GRUPO TELEVISA S.A. GDR 27.1 756,800 40 39-26 41-22
MEDIMMUNE INC. 26.7 727,500 40 37-17 43-11
DANA CORP. 24.7 500,000 47 50-37 54-30
LIMITED INC. 24.4 1,000,000 25 26-20 26-17
SEPRACOR INC. 24.3 740,000 39 37-19 40-15
ENRON OIL & GAS CO. 22.3 1,000,000 19 25-18 27-18
COMPUSA INC. 19.0 543,700 36 36-21 38-13
MERCURY GENERAL CORP. 18.5 211,100 53 46-36 54-26
GUCCI GROUP N.V. 18.3 390,010 39 67-43 78-29
CRESCENT REAL ESTATE EQUITIES 16.1 40,000 39 40-30 41-22
NEOPATH INC. 15.6 799,000 16 20-15 23-12
MCLEODUSA INC. CL A 14.2 360,000 38 40-29 42-16
INCYTE PHARMACEUTICALS 14.1 168,000 37 42-30 45-20
AT&T CORP. 13.5 303,840 58 46-34 59-31
SOLUTIA INC. 11.7 583,440 24 22-19 26-19
BANCO WIESE LIMITADO ADR 10.2 1,487,000 5 8-6 8-5
MANOR CARE INC. 10.0 300,000 36 35-30 37-22
EQUITABLE OF IOWA COS. 8.4 125,000 Acq. by ING Groep NV
SPRINT CORP. 8.2 164,600 58 53-44 61-38
WABASH NATIONAL CORP. 7.8 270,000 27 30-24 36-16
BALLY TOTAL FITNESS HOLDINGS 7.8 450,000 20 18-9 20-6
MERRILL LYNCH & CO. 7.8 104,600 76 75-60 78-38
HEFTEL BROADCASTING CORP. 5.1 67,000 45 40-26 45-15
ORTEC INTERNATIONAL INC. 5.0 362,900 15 14-8 15-6
ICN PHARMACEUTICALS INC. 4.9 100,000 52 53-27 56-19
ECI TELECOM LTD. 4.9 150,000 26 35-28 35-17
COHERENT INC. 4.2 75,000 38 56-44 59-35
LOUISIANA LAND & EXPLORAT 3.9 50,000 Acq. by Burlington Res.
SUPERVALU INC. 3.7 94,600 40 42-31 42-28
ENHANCE FINANCIAL SERVICE 3.7 67,600 57 56-44 59-34
AUTHENTIC SPECIALTY FOODS 3.5 360,000 10 12-9 12-8
PREMARK INTERNATIONAL INC 3.2 101,410 26 33-27 33-20
SHOPKO STORES INC. 3.2 121,710 23 30-25 30-14
GREAT LAKES CHEMICAL CORP. 2.7 54,800 45 55-45 55-42
WARNER-LAMBERT CO. 2.4 17,500 118 147-124 153-70
PERUSAHAAN PERSEROAN 2.2 100,000 16 35-19 37-14
C-CUBE MICROSYSTEMS INC. 2.0 58,000 19 35-18 45-17
HADCO CORP. 1.5 27,720 55 76-51 78-33
Soros established an additional 68 positions valued at less than $1.5
million each.
MARKET PRICE
ELIMINATED POSITIONS: VALUE SHARES RECENT RANGE 52
($ MMs) SOLD PRICE QTR WEEK
MCI COMMUNICATIONS CORP. $468.7 13,273,100 45 43-27 45-27
ITT CORP. 250.6 3,919,600 79 69-61 81-41
GREAT WESTERN FINANCIAL 125.1 2,327,500 57 57-56 57-28
TEXACO INC. 116.1 1,000,000 55 62-54 63-48
ATLANTIC RICHFIELD CO. 84.8 1,138,800 79 87-67 87-62
STUDENT LOAN MARKETING ASSOC. 75.0 500,000 138 161-127 165-89
AHMANSON (H.F.) & CO. 69.1 1,300,000 63 58-44 64-31
GENERAL MOTORS CORP. CL H 65.6 1,085,400 66 68-56 69-49
PHILIPS ELECTRONICS NV 45.1 627,000 67 85-70 89-38
RHONE-POULENC RORER INC. 36.4 385,000 98 97-91 98-68
LSI LOGIC CORP. 34.8 1,104,400 22 37-28 47-19
UNOCAL CORP. 28.0 700,000 40 44-36 46-36
VALUE HEALTH INC. 24.6 1,231,400 Acq. by Columbia HCA
VIACOM INC. CL B 18.5 600,000 34 35-28 38-25
CONSECO INC. 15.3 374,100 45 50-35 50-29
ACUSON CORP. 10.7 406,800 20 28-19 30-17
GIDDINGS & LEWIS INC. 10.6 505,000 Acquired by Thyssen
WENDY'S INTERNATIONAL 10.4 425,000 23 28-21 28-18
COMPANIA ANONIMA NACIONAL 9.8 228,000 42 49-38 49-26
ROOSEVELT FINANCIAL GROUP 9.8 443,600 Acq. by Mercantile
U.S. BANCORP 8.3 125,000 Merged w/First Bank Sys.
TANDEM COMPUTERS INC. 7.3 250,000 Acquired by Compaq
CIRCUIT CITY STORES INC. 7.3 200,000 32 46-33 46-29
FMC CORP. 6.3 73,900 73 91-78 91-59
RALCORP HOLDINGS INC. 5.7 315,000 17 21-15 21-9
SFX BROADCASTING INC. 5.3 90,000 78 75-40 78-25
COMPANHIA BRASILEIRA 5.1 225,000 15 25-19 25-12
R.O.C. TAIWAN FUND SBI 4.5 359,300 10 14-12 14-8
TENNECO INC. 4.4 95,000 44 51-44 52-38
DART GROUP CORP. CL A 4.0 39,740 118 118-99 120-84
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