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Soros Fund, AQR, Millennium bought NYCB shares in Q4

February 14, 2024 at 07:25 pm EST

NEW YORK (Reuters) - A number of well-known fund managers bought shares of New York Community Bancorp in the fourth quarter of 2023, securities filings showed, before the troubled lender's stock plummeted following an unexpected quarterly loss reported last month.

Among the buyers were Soros Fund Management, the asset manager for billionaire George Soros' Open Society Foundations, which increased its position to 1,476,180 shares, worth $15 million at the end of the fourth quarter, its filing showed. The fund had owned 440,000 shares at the end of the third quarter.

Cliff Asness' AQR Capital Management bought 4.1 million shares in the bank, adding to its third-quarter position of roughly 2 million shares.

Multi-strategy hedge fund Millennium Management added almost 3 million shares in NYCB in the last quarter of 2023, to finish the year with 3.5 million shares.

Paul Tudor's Tudor Investment Corporation bought a new position in the bank of 252,028 shares.

David Einhorn's Greenlight Capital increased its shares by roughly 100,000, ending December with 1.8 million shares of the bank.

Shares of NYCB are down 54.6% so far this year. The bank on Jan. 31 reported a quarterly loss due to huge provisions for loans tied to the commercial real estate industry and slashed its dividend.

The funds' positions were revealed in securities filings known as 13Fs that hedge funds and other institutional investors file at the end of each quarter. Because the filings are backward looking, it was not possible to know if the funds still held their positions when NYCB's shares plunged.

(Reporting by Carolina Mandl, in New York; Editing by Ira Iosebashvili and Leslie Adler)

By Carolina Mandl

Stocks mentioned in the article

	Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
	GREENLIGHT CAPITAL RE, LTD.	12.05 USD	-0.82%	-3.45%	427M
	NEW YORK COMMUNITY BANCORP, INC.	2.97 USD	-3.26%	+0.68%	2.3B

George Soros

George Soros lived the Hungary’s Nazi occupation. With Jewish origin, he was forced to change his name in 1936 (György Schwartz). He escapes from communist regime in 1947, and he arrives in Great Britain. In London he follows the philosopher anti communist Karl Kopper’s courses at London School of Economics. In 1956 he emigrated to United States with one objective in mind: to win half million dollars. Mission completed, in 2011 his fortune amounted to $14,5 billion and he was the 46th richest man in the world, according to Forbes.

When he had arrived in New York he founded his first investment fund The Soros Fund, which will be the first stone of Soros’ financial empire. In 1973 he founded Quantum Fund with Jim Rogers. For ten years this fund will break all records in terms of gains.

The most of people know him during the great depression of 1992. He speculated on sterling’s fall, and he caused important fluctuations such as the British currency was forced out of the monetary system. This bet allowed him to earn a billion in one night and he was called as “the man who broken the Bank of England”.

He is also a philanthropist. With Open Society Institute which group together twenty foundations with a goal to defend human rights and promote democratic governance. George Soros describes himself as a “stateless head of state”. Since 1984, thanks to his foundations he distributed more than $ 8 billion to various humanitarian causes in 70 countries around the world.

The man, who wanted to be a philosopher, thanks to his foundation he participates in the transformation of society. The speculator has become the destroyer of excessive liberalism.

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Soros Fund Management LLC Soros Fund Management LLC Investment ManagersFinance Soros Fund Management LLC (SFM) is a privately-held investment management firm now structured as a family office, but which was once a hedge fund manager. The firm was founded in 1969 and is headquartered in New York City. SFM serves as principal investment adviser to a group of funds managed for the benefit of Soros family cl fsients.	Founder
Open Society Foundations Open Society Foundations Investment Trusts/Mutual FundsMiscellaneous The Open Society Institute works to build vibrant and tolerant democracies whose governments are accountable to their citizens. To achieve its mission, OSI seeks to shape public policies that assure greater fairness in political, legal, and economic systems and safeguard fundamental rights. On a local level, OSI implements a range of initiatives to advance justice, education, public health, and independent media. At the same time, OSI builds alliances across borders and continents on issues such as corruption and freedom of information. OSI places a high priority on protecting and improving the lives of people in marginalized communities. Investor and philanthropist George Soros in 1993 created OSI as a private operating and grantmaking foundation to support his foundations in Central and Eastern Europe and the former Soviet Union. Those foundations were established, starting in 1984, to help countries make the transition from communism. OSI has expanded the activities of the Soros foundations network to encompass the United States and more than 60 countries in Europe, Asia, Africa, and Latin America. Each Soros foundation relies on the expertise of boards composed of eminent citizens who determine individual agendas based on local priorities.	Founder

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