Stockpickr: Soros Shuffles His Stock Picks

Last week, George Soros' fund made a new filing with the Securities and Exchange that details all of the transactions it made in the last quarter of 2006. Soros has been very busy, with 10 new positions and more than two dozen positions that he either exited or reduced through sales.

The George Soros page on Stockpickr summarizes his new portfolio, noting all of his recent transactions and his top new positions.

Soros' biggest position now is Companhia Vale Do Rio Doce(RIO), which, because he increased it more than 1,400% since the prior quarter's filing, now accounts for 9.6% of his portfolio.

The Brazilian company produces, exports and supplies iron ore and pellets to the steel-making industry. Additionally, it produces and sells many other metals, including nickel, gold, copper and aluminum.

CVRD is the ultimate "BRIC" (Brazil, Russia, India, China) and commodities play. If you believe in a weaker dollar and a weaker U.S. in general, as Soros clearly does, then CVRD is your bet. According to analysts covering the company, CVRD has a forward price-to-earnings, or P/E, ratio of just 9. Analysts expect earnings per share to rise from $2.10 in 2005 to $3 in 2006 and to $4 in 2007.

Another super hedge fund that owns CVRD is Moore Capital, which has more than $10 billion in assets and is run by famed trader Louis Bacon. Its flagship fund has been up 24% per year since its inception in 1990. Bacon takes a global macro approach to investing, having started his career trading for the likes of Paul Tudor Jones and Bruce Kovner of Caxton Associates. For the rest of its top holdings, check out Moore Capital's portfolio on Stockpickr.