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Soros Management also plowed additional money into Intel, America Online and other technology companies during the fourth quarter, according to a filing with the Securities and Exchange Commission. The group loaded up on Intel, raising its holdings to 3.7 million shares from 34,900,
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nypostonline.com
SOROS MAKES $2.9B BET ON TECH STOCKS
By KIMBERLY SEALS McDONALD
Soros Fund Management, the $16 billion group of hedge funds run by the billionaire financier, loaded up on technology stocks, nearly doubling its allocation in a major show of faith for the volatile sector.
According to a regulatory filing, the fund group invested in telecommunications, computer and online stocks, including Intel and Microsoft, boosting its technology position to 44 percent in the fourth quarter of 1998, up from 22 percent in the previous quarter.
In addition to increasing existing positions, the firm, which manages the Quantum funds, acquired stakes in several companies that weren't listed in its third quarter holdings. These include 1.5 million shares in Apple Computer, 1 million shares in IBM, 3.2 million shares in Oracle, and 3.8 million shares in Seagate Technology. Apple rose 13/16 to 373/16, IBM fell 25/8 to 1715/8, Oracle gained 33/8 to 543/16 and Seagate slid 3/16 to 32.
Soros Management also plowed additional money into Intel, America Online and other technology companies during the fourth quarter, according to a filing with the Securities and Exchange Commission. The group loaded up on Intel, raising its holdings to 3.7 million shares from 34,900, and increased its Microsoft position to 2.2 million shares, from 3,900 as of Sept. 30. AOL's position was raised to 1.1 million shares from 563,500.
Other significant increases include Advanced Micro Devices, where Soros Management almost doubled its stake to 3.5 million shares on Dec. 31 from 1.8 million shares as of Sept. 30, and MCI Worldcom which increased to 7.8 million from 4 million.
Soros' moves are closely watched by investors around the world, and several of the stocks revealed as Soros holdings were up yesterday on the disclosure. AOL rose 45/8 to 1603/8, Microsoft gained 2 to 1473/4 and MCI Worldcom added 113/16 to 843/16 and Advanced Micro rose to 175/8.
The value of the stock portfolio totaled $7.3 billion at Dec. 31, with roughly $2.9 billion of that invested in technology shares. That marks a sharp increase for the portfolio that was worth $3.9 billion at Sept. 30 and included technology stocks valued at $872 million.
Soros Management's bets on the tech patch come at a volatile time for the sector. Recent zig zags in the market have been mostly due to swings in the tech stocks, which have been the legs of the market.
According to recent data, the S&P Index is up about 26 percent since January 1998, but when tech stocks are excluded, the index is actually down by 2 percent. Though Wall Street pundits caution that tech valuations may be running ahead of themselves, the eye-popping returns have been too good for most investors, including Soros, to pass up.
The group also added positions outside the technology area, buying 5 million shares in PepsiCo, 2.6 million shares in Philip Morris and 152,000 shares in Wal-Mart. Shares of PepsiCo rose 1 5/8 to 393/16, Wal-Mart dipped 5/8 to 843/4, while Big Mo rose 13/16 to 3915/16.
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