FILE PHOTO: Enterprise magnate George Soros arrives to talk on the Open Russia Membership in London, Britain June 20, 2016. REUTERS/Luke MacGregor/File Picture
(Reuters) – Billionaire George Soros’ funding agency, Soros Fund Administration Llc, raised its stake in Tesla Inc’s (TSLA.O) convertible bonds due in 2021 by 17.5 million convertible bonds to 37.5 million convertible bonds as of the tip of the primary quarter, in accordance with a submitting with the U.S. Securities and Alternate Fee late Wednesday.
Soros’ improve within the 1.250% convertible bonds follows the agency’s buy final 12 months of one other Tesla convertible bond that got here due in March. Soros additionally beforehand held some Tesla inventory, however he offered off his stake in 2017.
A spokesman for Soros didn’t reply to a request for remark.
Convertibles are hybrid securities, both bonds or most well-liked inventory, that may be exchanged for a predetermined variety of frequent shares. That successfully lets an investor take part in stock-price adjustments however with the yield and better safety of a fixed-income instrument.
Soros Fund Administration additionally opened a brand new stake of 200,000 shares in ride-sharing big Lyft Inc (LYFT.O), which went public in late March.
Quarterly disclosures of hedge fund managers’ inventory holdings in 13F filings are one of many few public methods of monitoring what managers are promoting and shopping for. The disclosures come 45 days after the tip of every quarter and will not replicate present positions.
Reporting By Jennifer Ablan