Soros Adds Google, Asset Managers Follow Suit

Purchases of more shares of Google Inc. (NASDAQ:GOOG) and Comverse Technology Inc. (NASDAQ:CMVT) by billionaire George Soros’ company in the fourth quarter led money managers to buy technology stocks in that quarter, Bloomberg reports.

Soros Fund Management LLC bought 258,774 shares of Google in the fourth quarter, for a total of 259,900 shares worth $167.9 million as of Dec. 31, according to a Wednesday filing with the U.S. Securities and Exchange Commission. Soros’ information technology stock holdings grew by 12 percent in the quarter, said the report.

Hedge funds Lone Pine Capital LLC, Lansdowne Partners LP and Maverick Capital Ltd. also added shares of Mountain View, California-based Google in the fourth quarter, in hopes of profiting from a jump in technology stocks. Information technology stocks had 19 percent returns over the past six months – the best returns out of 10 industry groups in the Standard & Poor’s 500 Index.

Steve Mandel’s Lone Pine added 4.9 percent more technology holdings during the quarter with purchases of Google and data-storage software company Teradata Corp. (NYSE:TDC) stock. At the end of the quarter, Mandel’s Google stake was valued at $870 million and his holdings of Teradata were worth $336 million, according to a regulatory filing.

Soros also added 14.7 million shares of New York-based Comverse Technology, worth $101 million at the end of the quarter. The firm’s U.S. stock holdings were valued at $4.18 billion at the end of December, the filing said.

To contact the reporter on this story: Gina Smith at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com