Soros Makes Wholesale Changes to Fund

BOSTON ( TheStreet) -- Legendary investor George Soros, 81 years old, had a wild second quarter as his $5.6 billion hedge fund added 198 new stocks and sold out of 348 in what turned out to be a wholesale reshuffling of his portfolio.

A few of the largest new acquisitions for Soros Fund Management are: Golar LNG Partners ( GMLP), which operates a fleet of liquid-natural-gas carriers; computer giant International Business Machines ( IBM); Semiconductor HOLDRs ( SMH), an exchange traded fund that invests in semiconductor makers; VMware ( VMW), a provider of virtualization software for cloud-computing systems; and SandRidge Energy ( SD), an oil and natural-gas company.
George Soros

The fund closed out of its positions in Internet search engine Google ( GOOG), at $68 million; luxury-goods maker Coach ( COH), a $46 million position; gold miner Novagold Resources ( NG), which was a $45 million stake; Power-One ( PWER), a maker of power-conversion and power-management products, in what had been a $25 million stake; and a $25 million position in Tenet Healthcare ( THC), an owner and operator of health-care facilities. Those are just a few of the largest sell-offs.

The fund beefed up sector weightings in information technology by 5.5% and consumer discretionary by 4.2% and cut financials by 4.9%, including trimming its stakes in Citigroup ( C) and Wells Fargo ( WFC). Soros also cut back on a long-term favorite, the agricultural giant Monsanto ( MON), as it reduced its stake by 2.6 million shares. That holding is now valued at $5.8 million.

Some of the biggest additions to existing positions in the quarter was a doubling of shares of clothier Polo Ralph Lauren ( RL), an increase to a $132 million stake, making it the fourth-largest holding, and a 16% increase in the shares of Motorola Solutions ( MSI), which sells communications equipment, building its position to $261 million. It's now the fund's second-largest holding.

>>View George Soros' Portfolio

Adecoagro SA ( AGRO) remains the fund's biggest holding with a value of $295 million at June 30, making up 5.4% of the portfolio. Adecoagro is an agricultural company in South America, with operations in Argentina, Brazil and Uruguay. Two weeks ago, it was reported that the funds managed by Soros had underperformed the market this year and last, losing 6% so far this year and rising only 2.5% last year.

In July, Soros, who is considered the originator of the hedge fund, stunned the industry by saying he will no longer manage outside investors' money. The firm will return less than $1 billion to investors and manage the remaining $24.5 billion.

Hedge funds that manage more than $100 million are required to disclose their equity holdings, options and convertible debt on a Form 13F filed to the Securities and Exchange Commission within 45 days of the end of a quarter. Funds aren't required to report short positions betting on declines.

Here are five additions to Soros Fund Management in the second quarter:

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