Soros Fund Management increased its holdings of large tech stocks ahead of its sharp rally in recent weeks, while American Campus Communities Inc added more than $200 million in shares.
George Soros Investment firm Amazon.com Inc., Salesforce Inc. and Alphabet Inc. Including has increased its stake in other big technology companies. All three rank among its top 10 holdings as of the end of June, according to a regulatory filing on Friday.
The New York-based firm also added a new $20 million position in Elon Musk’s Tesla Inc., though it represented only 0.4% of Soros’ $4.6 billion US equity portfolio, which fell $664 million in the second quarter. Other new additions included $168 million in Allegheny Corp. and $201.5 million in American Campus shares, which Blackstone Inc. agreed to buy in April.
Tech stocks have rallied since entering a bear market earlier this year, with the Nasdaq 100 up more than 20% from its lows set in mid-June. US stocks rose for the fourth week in a row, marking the longest streak of weekly gains since November.
The investment firm of the billionaire philanthropist managed more than $28 billion as of early 2022, including public and private equity. Soros, 92, has used his fortune to fund groups promoting justice, democracy, human rights and progressive politics through his Open Society Foundation.
He has invested billions in his philanthropic endeavors, and most of his firm’s assets are now owned by foundations rather than the Soros family. According to the Bloomberg Billionaires Index, his personal wealth is estimated at $8.5 billion.
Money managers overseeing more than $100 million in US equities are required to file Form 13F within 45 days of the end of each quarter to list their holdings in shares that trade on US exchanges. It’s also one of the few places to get an insight into how hedge funds and some large family offices invest.
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