Soros Reports Higher Stakes in Citigroup, J.P. Morgan; Cuts Facebook, LinkedIn

By Brett Philbin

Soros Fund Management LLC reported increasing stakes in commercial banking giants Citigroup Inc. and J.P. Morgan Chase & Co., while adding a new position in Morgan Stanley and disposing of social media websites Facebook Inc. and LinkedIn Corp.

The firm, run by billionaire investor George Soros, who once dubbed gold ?the ultimate asset bubble,? also decreased its holding in the precious metal. The firm lowered its stake in the SPDR Gold Trust, a gold-backed exchange-traded fund, to 600,000 shares from 1.3 million shares, according to a filing with the Securities and Exchange Commission. The stake was valued at?$97.2 million at Dec. 31.

Mr. Soros, who waded back into bank stocks in the third quarter with the addition of Citi and J.P. Morgan, boosted the two holdings by 6.6 million shares and 1.6 million shares in the fourth quarter, respectively. The firm also has a 1.3 million call option on Citi, according to the filing.

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