interesting - Soros lightened up on commodities.

Quote:

Soros Fund Reports $4.2 Billion Holdings At June 30 Vs $4.5 Billion At March 31


By Roger Cheng, Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- Billionaire investor George Soros' hedge fund reported on Friday holdings valued at $4.2 billion as of June 30 as it reduced its presence in the energy sector.

Soros Fund Management LLC, whose holdings were worth $4.51 billion at the end of March 31, significantly reduced its stake in its top holding, the Brazilian state-run energy company Petrobras (PBR), according to the fund's disclosure with the Securities and Exchange Commission.

The fund reduced its stake in Petrobras to 9.8 million American depository receipts, valued at $402.4 million. It also reported 5.9 million non-voting ADRs in Petrobras valued at $196.3 million. As of the end of the first quarter, the fund owned 31.6 million ADRs of the company valued at $962.9 million.

Soros further cut its exposure to energy by dropping oil company ConocoPhillips (COP). The fund owned 4.1 million shares as of the end of the first quarter.

Among its other large holdings, Soros cut its stake in fertilizer-maker Potash Corp. of Saskatchewan Inc. (POT) to 2 million shares from 5.7 million in the first quarter. The stake is valued at $184 million as of June 30.

The fund also cut its stake in Wal-Mart Stores Inc. (WMT) to 89,710 shares, valued at $4.3 million, from 1.8 million shares.

Soros did buy auto-parts retailer Autozone Inc. (AZ), adding 523,000 shares, as well as 202,000 shares of Burger King Holdings Inc. (BKC).

Commods are due for a pullback imo... $2.9/lb Cu is ridic in this market.

You see that Fortesque metals deal today? Looks like iron ore coming down big time.

So AUD dollars should feel the brunt for awhile right?

SYDNEY, Sep 01, 2009 (Dow Jones Commodities News via Comtex) -- MGOMF | Quote | Chart | News | PowerRating -- Australian copper explorer Marengo Mining Ltd. (MGO.AU) said Tuesday Quantum Partner LDC and Soros Funds Management LLC, two funds belonging to financier George Soros' group of funds, have taken a 19.9% stake in the company.

That makes the funds the company's second largest shareholder after resources-focused investment fund The Sentient Group with 26.7%.

Junior-explorer Marengo has a market capitalization of just over A$28 million on the ASX, and its flagship development project is the wholly-owned Yandera copper project in Papua New Guinea's Madang province.

-By Elisabeth Behrmann, Dow Jones Newswire