Some Tech Companies Exits Soros’ Hedge FundHoldings in several technology firms were sold by Soros Fund Management LLC, a privately owned hedge fund sponsor, in the second quarter, including Sina Corp., Brocade Communications and Marvell Technology Group Ltd.
The prominent fund also sold its stake in Emulex Corp. and Turquoise Hill Resources Ltd., while lowering its stake in Hologic Inc., Barrick Gold Corp. and RF Microdevices Inc. in the period ended June 30. The fund’s decision to exit several technology firms comes as the sector has broadly performed well this year. For the year to date, the tech-heavy Nasdaq Composite index has added 6.6%, while the Standard & Poor’s 500 is up 5.8%.
Also in the quarter, the hedge fund, founded by billionaire investor George Soros, added a new stake in Consol Energy Inc. and increased its stake in Ciena Corp.
Mr. Soros’s fund slightly lowered its stake in Herbalife Ltd., leaving it with 4.7 million shares as of June 30, down from 4.9 million a quarter ago.
The fund, which disclosed in 2011 it would return cash to outside investors, invests money for Mr. Soros and his family.Source: Wall Street Journal