Soros Fund Management, the hedge fund run by billionaire investor George Soros, increased its holdings in U.S. stocks to $6.2 billion from $4.2 billion and bought a stake in Ford Motor.
The Soros fund, based in New York, bought 7.3 million shares of Ford Motor that were worth about $53 million, according to a regulatory filing made with the Securities and Exchange Commission on Tuesday.
The news sent Ford shares surging to $9 on Tuesday, the stock's highest point since October 2007.
The fund also increased its stake in AT&T to 4.2 million shares worth $113.7 million from 791,000 shares worth about $19.6 million.
It raised its investment in the Home Depot to 942,000 shares worth $25.1 million from 190,500 shares worth $4.5 million, and it increased its stake in Lowes to 1.8 million shares worth $37.7 million from 579,900 shares worth $11.3 million.
The Soros fund also boosted its holdings in Wal-Mart Stores to 1.1 million shares worth $54.8 million from 89,710 shares worth $4.3 million.