George Soros's Largest Stock Holdings and Second Quarter Performances

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 |  Includes: AAPL, AGRO, C, CMCSA, CVS, DHR, DNDN, EM, ESRX, GILD, GOOG, IOC, LWSN, MON, MSI, RL, TEVA, VC, VZ, WFC, WFT, WPRT
by: Insider Monkey

George Soros is a Hungarian-American hedge fund manager who became known as "the Man Who Broke the Bank of England" after he made $1 billion in 1992. According to Forbes, he is ranked 35th on the list of the world’s richest people, with an estimated net worth of $14.2 billion.

Recently Soros is getting more bearish. According to Bloomberg, George Soros said “There’s no arrangement for any countries leaving the euro, which in current circumstances is probably inevitable,” at a panel discussion in Vienna on whether liberal democracy is at risk in Europe. “We are on the verge of an economic collapse which starts, let’s say, in Greece, but it could easily spread. The financial system remains extremely vulnerable.” He also thinks China is in a “bit of bubble” and “running out of steam”.

So, we are interested in Soros’ largest stock positions and their performance. According to 13F filings, Soros Fund Management had 744 securities worth $8.4 billion in its 13F portfolio as of March 31, 2011. In the second quarter Soros' largest stock holdings lost 2.2%, vs. a 1.5% gain for the SPY. George Soros sold his gold ETF holdings during the first quarter of 2011 but he is still holding large positions in gold mining companies. Oil and Gas companies including Interoil (NYSE:IOC) and Weatherford (NYSE:WFT) were the biggest lag in his portfolio during second quarter of 2011.

Here is how Soros’ top picks performed since the end of March 2011 (Our list does not include bonds and put options):

Stock

Value

Return

(Millions)

Since Mar 31,2011

ADECOAGRO S A (NYSE:AGRO)

366

-14.39%

INTEROIL CORP (IOC)

302

-20.95%

MOTOROLA SOLUTIONS (NYSE:MSI)

200

4.05%

MONSANTO CO NEW (NYSE:MON)

192

0.92%

DENDREON CORP (NASDAQ:DNDN)

175

10.61%

VISTEON CORP (NYSE:VC)

133

10.67%

CITIGROUP INC (NYSE:C)

130

-2.96%

WESTPORT INNOVATI (NASDAQ:WPRT)

122

14.01%

EMDEON INC (NYSE:EM)

115

-17.82%

WELLS FARGO & CO (NYSE:WFC)

111

-9.21%

TEVA PHARMA (NASDAQ:TEVA)

107

-1.88%

CVS CAREMARK (NYSE:CVS)

100

11.02%

DANAHER CORP DEL (NYSE:DHR)

97

5.09%

APPLE INC (NASDAQ:AAPL)

80

-1.51%

WEATHERFORD INTL (WFT)

79

-16.77%

COMCAST CORP NEW (NASDAQ:CMCSA)

79

5.02%

LAWSON SOFTWARE (NASDAQ:LWSN)

76

-7.11%

EXPRESS SCRIPTS INC (NASDAQ:ESRX)

73

-2.97%

GOOGLE INC (NASDAQ:GOOG)

68

-11.20%

VERIZON (NYSE:VZ)

65

-0.66%

POLO RALPH LAUREN (NYSE:RL)

61

8.78%

GILEAD SCIENCES INC (NASDAQ:GILD)

58

-1.22%

AMAZON COM INC (NASDAQ:AMZN)

53

16.30%

ACACIA RESH CORP (NASDAQ:ACTG)

51

11.73%

NII HLDGS INC (NASDAQ:NIHD)

51

3.55%

URS CORP NEW (NYSE:URS)

50

-2.02%

AT&T INC (NYSE:T)

49

4.97%

COACH INC (NYSE:COH)

46

27.27%

MICROSTRATEGY INC (NASDAQ:MSTR)

46

23.74%

NOVAGOLD RES INC (NYSEMKT:NG)

45

-30.23%

Value Weighted Performance

3,182

-2.23%

SPY

N/A

1.50%

Click to enlarge

Adecoagro was Soros' biggest investment at the end of March 2011. Adecoagro is one of the leading companies in the production of food and renewable energy in South America. AGRO lost 14.4% during the second quarter, underperforming the S&P 500's (NYSEARCA:SPY) 1.5% return. Soros has $366 million invested in AGRO. AGRO has a market cap of $1.37 billion. Operating income of AGRO was -$55.8 million in 2010. The company has a total debt of $404 million as of March 31, 2011.

IOC was Soros' second biggest investment at the end of March 2011. IOC has lost 21% since then, underperforming the SPY’s 1.5% return. Soros has $302 million invested in IOC. The stock has a market cap of $2.84 billion. Robert Pitts’ Steadfast Capital, Charles Clough’s Clough Capital and Peter Adam Hochfelder’s Brahman Capital are also bullish about IOC. (See Charles Clough’s top holdings here). On June 21, IOC announced that it has received approval from its board of directors to make certain capital expenditures on critical infrastructure ahead of Final Investment Decision on its Gulf LNG Project in order to preserve the proposed 2014 start-up date.

MSI was Soros's biggest new investment at the end of March 2011. MSI has gained 4% since March, outperforming the SPY by 2.5 percentage points. Soros had nearly $200 million invested at the end of March. MSI recently traded at $45.64. The stock has a market cap of $15.5 billion and P/E ratio of 14.7. MSI announced on June 14, 2011, that it will add 400 workers in Chicago during the next 18 months. Carl Icahn had 1.37 billion invested in MSI shares at the end of March. (Check out billionare Carl Icahn’s top stock picks )

Monsanto has gained 0.9% since March, underperforming the SPY by 0.6 percentage points. Soros had nearly $192 million invested at the end of March. MON recently traded at $73.77 and has a 1.5% dividend yield. The stock has a market cap of $39.4 billion and P/E ratio of 25.7. Richard Chilton’s Chilton Investment Company, Amos Meron’s Empyrean Capital and Bill Miller’s Legg Mason had large investments in MON as well.

Citigroup has lost 3% since March, underperforming the SPY by 4.5 percentage points. Soros had nearly $130 million invested at the end of March. C recently traded at $42.88 and has a 0.1% dividend yield. The stock has a market cap of $124.3 billion and P/E ratio of 13.9. Citigroup is one of the favor stocks that hedge funds and analysts love. The hedge fund rating is 96, meaning there were 96 hedge funds with bullish positions on Citigroup’s stock price. These 96 hedge funds collectively had $9.9 Billion in Citigroup. John Paulson's Paulson & Co. had more than $1.8 Billion in C.

Overall Soros' largest stock picks underperformed the market by almost 4 percentage points. Soros is getting bearish but his stock portfolio isn't defensive enough for his current stance.

Disclosure: I am long T, C.