George Soros's hedge fund Soros Fund Management sold all its holdings in Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) during the first quarter of 2015, and bought shares in construction companies, according to its US Securities and Exchange Commission (SEC) filing.
The fund also bought shares in Noble Energy to the tune of $118 million. Noble Energy is a major player in Israel's gas exploration industry.
Soros currently manages some $30 billion. His fund's stock holdings rose by 5% in the first quarter to $8.76 billion. The S&P 500 index rose by just 0.4% in the same period.
Before the sale, the fund's Teva stake amounted to 4.9 million shares, worth some $280 million. The fund also sold 1.7 million shares in American Airlines, and is left with a stake of 1.6 million shares.
At the end of the first quarter, Soros's fund held shares in some 200 companies, 80 of which were added during the quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2015
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