Tags: soros | buying | retailers

Soros Buying Retailers, Selling Financials

By    |   Friday, 22 May 2009 12:49 PM

George Soros apparently believes in economic recovery — for the retail sector at least.

His Soros Fund Management increased its holdings of retailers in the first quarter. But he’s not so bullish on financials, whose shares he dumped.

The fund’s value dipped 2 percent in the first quarter, to $4.51 billion in total. While losses are generally nothing to brag about, Soros essentially matched the S&P, which fell 1.7 percent in the first three months.

The retailers in which Soros increased his stake include Home Depot, Lowe's, Macy's, Wal-Mart and Walgreen Co., according to a filing with the Securities and Exchange Commission.

The financials in which Soros cut his take include Goldman Sachs and Bank of America. Soros formerly held shares in Merrill Lynch, which Bank of America bought Jan. 1. He then sold the BAC shares.

Soros’s holding of Home Depot soared by more than three times to 3.9 million shares as of March 31. And he went even further with Lowe's, more than quadrupling his stake to 5.4 million shares. Each position rose to a little under $100 million.

Soros sunk plenty into Macy’s, too, ending the quarter with 9.8 million shares worth about $87.6 million, compared to 571,000 shares worth $5.9 million three months earlier.

Goldman Sachs analyst Adrianne Shapira agrees with Soros on Macy’s.

As luxury shoppers pare back, "the pace of sales recovery" will be faster at a "more moderately branded and priced Macy's," she says.

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George Soros apparently believes in economic recovery — for the retail sector at least.His Soros Fund Management increased its holdings of retailers in the first quarter. But he’s not so bullish on financials, whose shares he dumped.The fund’s value dipped 2 percent in the...
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Friday, 22 May 2009 12:49 PM
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