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August 15, 2000|Bloomberg News

Speaking of hedge funds: George Soros' money management business, while slashing the size of its equity portfolio during the second quarter, greatly increased the percentage of investments held in the form of preferred stocks and convertible bonds.

The value of stocks held by Soros hedge funds fell to $2 billion as of June 30 from $8.3 billion as of March 31, according to documents filed with the Securities and Exchange Commission. That reflects both changes in value of the holdings and the sale of millions of shares in companies such as Genentech Inc., Oracle Corp., and Microsoft Corp.

Soros, who lost his chief investment deputies in spring, had signaled that he was shifting the portfolio to a much more conservative mix.

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