Soros Fund Management starts new positions in MSFT, FDX, TEVA, HAL, Sells DAL, UAL – 13F Flash (B)


Nov. 18 2013, Updated 2:23 p.m. ET

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Soros Fund Management is a large private fund run by the legendary team of famed investor George Soros. In Q3 2013, it started new positions in Microsoft Corp. (MSFT), Fedex Corp. (FDX), Teva Pharmaceuticals (TEVA), and Halliburton (HAL), and sold Delta Airlines (DAL) and United Continental Holdings (UAL).

Abbreviated financial summaries and metrics for these securities are included below. Detailed analysis and recommendations require a subscription (more information at the bottom of the article).

Why purchase Fedex Corp. (FDX)?

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FedEx’s stock has rallied due to positive earnings growth and plans to buy back 32 million shares, indicating that the management is confident about its strategy and wants to deliver value to shareholders. The company has a robust financial position with a low debt-to-equity ratio. In its latest earnings announcement the company reaffirmed forecast for fiscal 2014 earnings per share (EPS) growth of 7% to 13% over Fiscal 2013 adjusted result. The company’s stock price also saw a spike recently when a number of hedge funds disclosed positions in the transportation company.

FedEx provides transportation, e-commerce and business services to customers and businesses worldwide. It offers integrated business applications through operating companies under the FedEx brand. It operates in four segments: FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services.

FedEx Express offers time-certain delivery to more than 220 countries and territories. The segment also includes FedEx Trade Networks, Inc., which provides international trade services, specializing in customs brokerage and global ocean and air freight forwarding, and FedEx SupplyChain Systems, Inc., which offers a range of supply chain solutions.

FedEx Ground provides low-cost, day-certain service to every business address in the United States and Canada, as well as residential delivery to nearly 100% of U.S. residences through its FedEx Home Delivery service. It also includes FedEx SmartPost, Inc., which specializes in the consolidation and delivery of high volumes of low-weight, less time-sensitive business-to-consumer packages using the U.S. Postal Service (“USPS”) for final delivery to any residential address or PO Box in the United States.

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FedEx Freight is a leading North American provider of less-than-truckload (“LTL”) freight services across all lengths of haul, offering: FedEx Freight Priority, when speed is critical to meet supply chain needs; and FedEx Freight Economy, when time can be traded for cost savings. The FedEx Freight segment also offers freight delivery service to most points in Canada, Mexico, Puerto Rico and the U.S. Virgin Islands and includes FedEx Custom Critical, Inc., a leading North American provider of time-specific, critical shipment services.

FedEx Services provides its other companies with sales, marketing, information technology, communications and back-office support. The FedEx Services segment also includes FedEx TechConnect, Inc., which is responsible for customer service, billings and collections for its U.S. customers and offers technical support services, and FedEx Office and Print Services, Inc. (“FedEx Office”), which provides document and business services and retail access to its package transportation businesses. In 2012, FedEx Corp. acquired Polish courier Opek Sp.z o.o. (Opek), French express company TATEX and Brazilian transportation and logistics provider Rapidão Cometa. Its closest competitors include United Parcel Service, Inc. (UPS) and DHL Worldwide Network, a part of Germany’s Deutsche Post.

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Soros Fund Management was formerly a famed global macro hedge fund run by George Soros, a multi-billionaire investor, who is famous for betting against the British pound earlier in his career. The fund was started in 1969 and in 2010 was reported to be one of the most profitable hedge funds in history, earning over 20% annual returns over 40+ years. The firm formerly was the adviser to the famous Quantum group of funds, but now is private.


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