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George Soros buys Apple and sells out of gold
by Danielle Levy on Aug 15, 2013 at 13:50
Billionaire investor George Soros has built a position in technology stock Apple, standing alongside fellow backer Carl Icahn.
Soros Fund Management acquired just under 67,000 shares in the behemoth tech stock during the second quarter, according to SEC filings, CNBC reported.The news follows activist investor Icahn's decision to publicly disclose his stake and efforts to push the company to buy back more shares on Twitter on Wednesday.
Filings also revealed that Soros sold out of gold completely through his holdings in SPDR Gold Trust, which were valued at $82 million (£52.7 million) at the end of March, and Market Vectors Gold Miners ETF, worth $100.9 million.
The renowned investor also upped the Soros family office's stake in US retailer JC Penney, taking its total position up to 19.9 million shares - with a call option on 500,000 further shares. JC Penney hit the headlines over the past week after being rocked by a boardroom bust-up led by hedge fund manager Bill Ackman of Pershing Square Capital Management.
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