Previously:How’s billionaire George Soros’ hedge fund doing on its big Citigroup bet?
The firm added some 94.7 million shares of Citigroup — worth $313.4 million as of Dec. 31 — to its portfolio during the fourth quarter. Citigroup is up roughly 24% since the end of 2009. But of course, it ain’t that simple. It all depends on exactly when the fund bought the shares.
During the fourth quarter the shares hit a closing high of $4.90 on Oct. 14 before tumbling to as low as $3.13 on Dec. 17. Averaged out, the shares traded at about $4.10 during the quarter. So if Soros’ average cost for the shares was around there, he’d be just barely above water. (Citi is at $4.12 at last glance.)
But given Soros’ track record as a savvy investor we tend to think he probably got in at the lower end of the fourth-quarter’s trading range....MORE
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