Soros dumps US Airways, Tiger Consumer likes Facebook

Wed Aug 14, 2013 9:48pm EDT
 
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By Katya Wachtel and Sam Forgione

NEW YORK (Reuters) - Billionaire investor George Soros dumped 7.85 million shares of US Airways Group Inc in the second quarter, a regulatory filing on Wednesday showed.

It was a timely move by the investor's Soros Fund Management. On Tuesday, the U.S. Justice Department filed a lawsuit to block the proposed merger of US Airways and AMR Corp, the parent company of American Airlines.

Other regulatory filings from hedge funds and investment firms showed Leon Cooperman's Omega Advisors soured on Facebook Inc in the second quarter, but Patrick McCormack's Tiger Consumer Management took a shine to the social networking company.

So-called 13F filings with the U.S. Securities and Exchange Commission offer a window into the strategies of money managers when it comes to buying and selling U.S. stocks.

Omega, for instance, in the quarter sold 3.67 million shares of Facebook, according to the firm's regulatory filing. The hedge fund also took a new stake of 5.72 million shares in New Residential Investment Corp, a mortgage real estate investment trust.

Tiger Consumer added 1.2 million shares of Facebook, bringing its total holding to 4.8 million shares. The hedge fund also raised its position in struggling retailer J.C. Penney Co to 5.4 million shares, from 3.37 million at the end of the first quarter.

U.S. securities regulators require managers to include their U.S. stock holdings on a 13F filing four times a year.

Small investors seeking to mimic the actions of big money managers should be wary because the filings are merely a snapshot of how a top hedge fund's stock holdings looked 45 days earlier. These filings do not reflect more recent buying or selling activity by a fund.   Continued...

 
Men are silhouetted against a video screen with an Facebook logo as he poses with an Nokia Lumia 820 and Samsung Galaxy S4 in this photo illustration taken in the central Bosnian town of Zenica, August 14, 2013. REUTERS/Dado Ruvic