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Berkowitz, Soros, Paulson - Company Changes Impact Selling in Second Quarter
Posted by: Sally Jones (IP Logged)
Date: August 15, 2013 07:29PM
Two recent acquisitions and a legal settlement made a huge impact on these holdings for three top Guru investors reducing or selling out in the second quarter of 2013. The semiconductor company Exar Corporation (EXAR), held by George Soros, acquired Cadeka Microcircuits as of July 5, 2013, for $29 million. As of May 1, 2013, T-Mobile US Inc. (TMUS) acquired MetroPCS Communications for $1.5 billion, with John Paulson being a major stakeholder. MBIA Inc. (MBI), previously held by Bruce Berkowitz, also reached a legal settlement for $110 million from Flagstar Bancorp Inc. in May 2013.
Most of this selling action takes place in the second quarter of 2013, with some spillover into the third quarter, complicated by recent company changes.
George Soros: Reduce
Exar Corporation (EXAR)
Guru Action: In the second quarter of 2013, George Soros reduced his EXAR position. His fourth reduction for the quarter was on June 18, 2013, for 0.57%. Since that time, Soros has continued making more small reductions, with his latest on July 30, 2013, when he reduced his EXAR position by 0.02%. Soros averaged a gain of 23.2% on 109,087 shares sold at an average price of $10.96. His current shares stand at 5,950,136, with 12.88% of shares outstanding.
Soros has averaged a gain of 103% on 6,666,666 shares sold at an average price of $6.64 per share.
Check out all of the trades made by George Soros in second quarter of 2013.
John Paulson: Reduce
MetroPCS Communications (PCS)
Guru Action: In the second quarter of 2013, John Paulson reduced his PCS position by 54.15% as of May 1, 2013, with current shares listed at 16,645,150. As of May 1, 2013, T-Mobile US Inc. started trading on NYSE under the ticker TMUS.
As of June 30, 2013, Paulson has a new holding of 16,674,449 TMUS shares bought at an average price of $21.39 for a gain of 12.3%.
Here are all of the trades made by John Paulson in the second quarter of 2013.
TMUS Historical pricing:
Bruce Berkowitz: Sold Out
MBIA Inc. (MBI)
Guru Action: In the second quarter of 2013, Bruce Berkowitz had reduced his MBI position by 92.84% as of May 31, 2013. He sold out as of June 30, 2013 for a loss of 1.7% on 31,425,820 shares sold at an average price of $12.56.
Berkowitz’s Fairholme Fund also reduced its position by 89.02% in the same quarter. The Fairholme Fund sold 18,251,000 shares at an average price of $12.56 for a loss of 1.7%. The Fairholme Fund has averaged a gain of 29% on 20,501,000 shares bought at an average price of $9.56 per share. The Fund has averaged a loss of 2% on 18,251,000 shares sold at an average price of $12.56 per share.
Here are all of the trades made by Bruce Berkowitz in the second quarter of 2013.
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Guru Discussed: Bruce Berkowitz: Current Portfolio, Stock Picks
George Soros: Current Portfolio, Stock Picks
Stocks Discussed: TMUS, PCS, EXAR, MBI,