Veteran investor and hedge fund mogul George Soros of Soros Fund Management LLC has made some key changes to the fund portfolio as per the latest disclosure with sec. The Hungarian-born octogenarian has ramped up his $4.2 billion fund's stake in Comcast Corporation (Nasdaq: CMCSA), TiVo Corporation (Nasdaq: TIVO), and Time Warner Inc. (NYSE: TWX).
The legendary hedge fund manager and self-made billionaire launched Soros Fund Management in 1970. He went on to become one of the most successful investors in the history of the United States and famously made an investment profit of U.S. $1 billion during the 1992 Black Wednesday crisis in U.K. As a result, he earned the name ‘The Man Who Broke the Bank of England'.
Soros survived Nazi occupation in 1944-45 as a teenager in Hungary and later fled to England. There he studied philosophy at the London School of Economics under Karl Popper. He moved to New York City in the 1950s to work for F.M. Mayer. After working as analyst and trader at various firms, he finally founded Soros Fund Management. In more recent years Soros formed the Open Society Foundations (OSF), which manages the network of Soros Foundations that are involved in philanthropic activities all over the world.
Let's now take a closer look at Soros' latest investment decisions.
Comcast Corporation (CMCSA)
Soros boosted the fund's stake in Comcast by a whopping 100% in Q3 up to $41.73 million. However, this holding has since dropped by 6.5% in value from the last filing. Comcast Corporation is currently the largest broadcasting and cable television company in the world by revenue.
The cable giant is currently rumored to be in talks with 21st Century Fox about buying its movie studio. Interestingly, Comcast is trying to purchase the same bundle of assets that Disney had talked to Fox about earlier this year. Comcast already owns the multibillion-dollar broadcast rights to the Olympics through NBCUniversal and has invented a new Xfinity cable interface last year specifically designed for the Rio Games. However, there are also clear headwinds like the increasing onslaught of subscription streaming alternatives leading to a drop in subscribers, and a lot of long-term debt.
