Thursday, May 21, 2009

Soros Selling PBR and POT and Buying ETR, PXP and SLB

  • Soros Fund Management LLC, billionaire investor George Soros’s hedge-fund company, cut stakes in Petroleo Brasileiro SA and Potash Corp. of Saskatchewan, its biggest holdings in the first quarter, according to a filing.
  • The New York-based fund sold 5 million U.S. shares of Petrobras, (PBR) as the company is known, during the quarter, according to a filing today with the U.S. Securities and Exchange Commission. Soros’s remaining 32 million shares of the Brazilian state-controlled oil company were valued at $963 million at the end of the quarter.
  • The fund also held 5.6 million shares of Saskatoon, Saskatchewan-based Potash (POT) at the end of the first quarter, compared with 5.9 million shares as of Dec. 31.

Other moves

  • Soros bought 968,000 shares of Entergy Corp (ETR)., the second- largest U.S. operator of nuclear power plants, and 3.59 million shares of Houston-based Plains Exploration & Production Co.(PXP) in the first quarter. Soros sold off its stake in Schlumberger Ltd.,(SLB) the world’s largest oilfield-services provider, and U.S. coal producer Consol Energy Inc.
  • Soros’s company oversees about $21 billion. Its Quantum Endowment Fund returned 7.2 percent in the first quarter.

(from SeekingAlpha, May 21, 2009)

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