George Soros Increases Bet Against S&P, Buys New Stocks

GuruFocus.com

George Soros (Trades, Portfolio), famous for accurately predicting the directions of markets, has made an attention-grabbing move - increasing his short position in the S&P 500 in the second quarter.


Soros began the position in the first quarter of 2014 at his investment firm, Soros Fund Management. In the second quarter, he lifted the position to 11,290,500 put options on the S&P 500 ETF (SPY), which at16.7% of his long portfolio is his largest holding.

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In addition to the notable market short, Soros' fund bought 182 new stocks in the second quarter, according to his 13F filing released on Thursday.

Largest New Buys

Consol Energy Inc. (CNX)

Soros' largest new buy was Consol Energy Inc. (CNX), of which he bought 5,088,283 shares, for a 1.8% portfolio weight. The stock's average second quarter price was $44.

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Consol Energy Inc. was incorporated in Delaware. The Company is a multi-fuel energy producer and energy services provider that mainly serves the electric power generation industry in the United States. Consol Energy Inc. has a market cap of $9.12 billion; its shares were traded at around $39.61 with a P/E ratio of 12.30 and P/S ratio of 2.60. The dividend yield of Consol Energy Inc. stocks is 0.80%. Consol Energy Inc. had an annual average earnings growth of 4.60% over the past 10 years.

Level 3 Communications Inc. (LVLT)

Soros bought 1,787,306 Level 3 Communications shares, for 0.59% of the portfolio. The stock's price averaged $42 for the quarter.

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Level 3 Communications Inc. is a Delaware corporation, incorporated in 1941 as Peter Kiewit Sons' Inc. Level 3 Communications Inc. has a market cap of $10.02 billion; its shares were traded at around $42.06 with a P/E ratio of 64.20 and P/S ratio of 1.50.

Time Warner Cable Inc. (TWC)

Soros purchased 442,393 shares of Time Warner Cable Inc., for 0.49% of the portfolio. The stock's second quarter price averaged $140.

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Time Warner Cable Inc. was incorporated as a Delaware corporation on March 21, 2003. Time Warner Cable Inc. has a market cap of $41.42 billion; its shares were traded at around $148.19 with a P/E ratio of 20.40 and P/S ratio of 1.90. The dividend yield of Time Warner Cable Inc. stocks is 1.90%. Time Warner Cable Inc. had an annual average earnings growth of 12.20% over the past five years.

New Oriental Education and Technology Group Inc. (EDU)

Soros purchased 2,409,000 shares of New Oriental Education and Technology Group Inc., for 0.48% of the portfolio. The stock's share price averaged $26 for the second quarter.

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New Oriental Education & Technology Group Inc. commenced operations in China in 1993. New Oriental Education & Technology Group Inc. has a market cap of $3.34 billion; its shares were traded at around $21.33 with a P/E ratio of 16.30 and P/S ratio of 3.10. New Oriental Education & Technology Group Inc. had an annual average earnings growth of 33.10% over the past 10 years. GuruFocus rated New Oriental Education & Technology Group Inc. the business predictability rank of 4-star.

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This article first appeared on GuruFocus.
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