Soros Family Office Buys U.S. Homebuilders, Energy Shares

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Soros Fund Management added stakes in U.S. homebuilders and energy companies in the first quarter and liquidated a position in Teva Pharmaceutical Industries Ltd.

The family office of billionaire George Soros took a $118 million stake in Noble Energy Inc., an $81.6 million holding in Lennar Corp. and an $81.2 million holding in California Resources Corp., according to a quarterly filing with the Securities and Exchange Commission.

Soros, which manages about $30 billion, increased positions in consumer discretionary and energy companies, while cutting healthcare. Soros’s disclosed equity holdings rose in value by 5 percent to $8.76 billion during the quarter, a period when the Standard & Poor’s 500 Index of U.S. equities rose 0.4 percent.

The family office also bought new stakes in D.R. Horton Inc., PulteGroup Inc. and Toll Brothers Inc.

Support for the housing market in the form of job growth and low mortgage rates is being countered by a limited supply of available homes and tight lending standards. In March, purchases of new U.S. homes slumped 11.4 percent, more than forecast, from a seven-year high, according to the Commerce Department. A Bloomberg index of 13 U.S. homebuilders has gained 1.5 percent this year, compared with a 3.1 percent increase for the Standard & Poor’s 500 Index.

Exiting Teva

Soros exited its $279.5 million investment in Teva, selling 4.9 million shares. Soros cut its investment in American Airlines Group Inc. by 1.7 million shares, leaving 1.6 million valued at $82.5 million, a decline of 53 percent.

Soros added 10.4 million shares of Cypress Semiconductor Corp. with the value of its stake increasing by $145.6 million to $186.5 million as of March 31, the biggest gain among previously disclosed holdings.

The firm owned shares in 200 companies at the end of the quarter and 80 of them were newly reported.

Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.

(Updates with additional homebuilders in fourth paragraph.)
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