Elec Data Sys, Cendant, Aetna Were Soros' Biggest 2Q Buys
August 19, 1999
Dow Jones Newswires
WASHINGTON -- Soros Fund Management LLC (X.SRS) increased its activity level in the second
quarter, boosting the total number of stocks it owned to 195 at June 30 from 152 at March 31. The
value of Soros' portfolio climbed 90% to $5.53 billion at the end of the quarter.
Soros' top new picks by market value consisted of some select names from the health-care,
technology and restaurant sectors.
SIGNIFICANT NEW POSITIONS BY MARKET VALUE
MKT VALUE SHARES OWNED
($ MMs)
Electronic Data Systems Corp. $275.4 4,863,500
Cendant Corp. (CD) 158.4 7,725,000
Aetna Inc. (AET) 151.6 1,700,000
Tricon Global Restaurants Inc. 143.3 2,647,400
(YUM)
Priceline.com Inc. (PCLN) 132.3 1,145,250
Biogen Inc. (BGEN) 119.0 1,850,000
Cigna Corp. (CI) 89.0 1,000,000
Reynolds Metals Co. (RLM) 88.3 1,496,100
Georgia-Pacific Corp. (GP) 77.3 1,632,700
Allied Signal Corp. (ALD) 74.3 1,180,000
Motorola Inc. (MOT) 72.0 760,000
Though not making the top 10 list, a number of new additions to the portfolio are worth mentioning:
Vodafone Airtouch PLC (VOD), 355,550 shares; McKesson HBOC Inc. (MKC), 2,173,200;
International Business Machines Corp. (IBM), 500,000; McDonald's Corp. (MCD), 1,350,000;
Columbia/HCA Healthcare Corp. (COL), 1,953,900; and United HealthCare Corp. (UNH),
400,000.
On the sell side, Soros dumped some notable names in the second quarter. The following is a list of the
top ten significant eliminated positions by market value.
SIGNIFICANT ELIMINATED POSITIONS BY MARKET VALUE
MKT VALUE SHARES OWNED
($ MMs)
Perkin Elmer Corp. -a $158.5 1,633,253
Enron Oil & Gas Co. (EOG) 92.6 5,569,300
Metronet Communications Corp. 61.3 1,114,100
Class B -b
Schlumberger Ltd. (SLB) 57.9 962,027
Autozone Inc. (AZO) 45.6 1,500,000
Walt Disney Co. (DIS) 42.0 1,350,000
Staples Inc. (SPLS) 41.4 1,260,000
Cabletron Systems Inc. (CS) 39.3 4,800,000
Continental Airlines Inc. (CAL) 36.0 947,800
Comverse Technology Inc. (CMVT) 17.0 200,000
a. Perkin Elmer was acquired by EG&G Inc. (EGG) in June.
b. Metronet Communications and AT&T Canada Corp. completed their merger in
June.
Note: Market values and share ownership for eliminated positions were as of March 31, 1999.
Soros' top 10 holdings by market value in the second quarter were similar to those in the first quarter,
with four exceptions.
Dropping off the list were Perkin Elmer, EMC Corp. (EMC), AT&T Corp. (T) and Enron Oil & Gas
Co. (EOG). They were replaced by Cendant Corp. (CD), Aetna Inc. (AET), Electronic Data Systems
Corp. (EDS) and Tricon Global Restaurants Inc. (YUM).
TOP TEN HOLDINGS BY MARKET VALUE
HOLDING SHARES CHANGE
VALUE OWNED SHARES
($ 000s)
Waste Management Inc. (WMI) $772,073 14,364,145 0
Electronic Data Systems Corp. 275,396 4,863,500 0
MCI Worldcom Inc. (WCOM) 219,343 2,548,650 80,264
Globalstar Telecom (GSTRF) 194,775 8,400,000 0
Union Carbide Corp. (UK) 185,508 3,805.300 30,000
Enron Corp. (ENE) 165,123 1,725,000 (845,000)
Cendant Corp. (CD) 158,363 7,725,000 0
McDermott International Inc. 157,780 5,488,000 0
(MDR)
Aetna Inc. 151,573 1,700,000 0
Tricon Global Restaurants Inc. 143,291 2,647,400 0
- Vera Zajac Van Ert; 202-628-9781
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