Soros Added to Google Last Quarter, Cut Apple and AIGKatherine Burton
George Soros’s Soros Fund Management LLC added to its stake in Google Inc. in the first quarter while cutting its holding of Apple Inc.
The fund added 148,531 shares of Google in the quarter, bringing its total to 337,271 shares, according to a filing today with the U.S. Securities and Exchange Commission. The firm’s stake in the Mountain View, California-based company was valued at $267.9 million at the end of March.
The firm, a family office for the billionaire, sold its position in JPMorgan Chase & Co., valued at $113 million at the end of last year, according to the filing with the SEC.
Soros Fund Management reduced its stake in Apple by 157,176 shares to 26,800 shares valued at $11.9 million, according to the filing. Apple declined 17 percent in the first three months of the year, even as U.S. stocks added 10 percent, on signs that sales growth for the iPhone is slowing.
Soros also cut its holding in American International Group Inc. by two-thirds in the quarter amid a share rally. The firm still owns 2.89 million shares of the company, worth $112 million at the end of March.