The value of billionaire investor George Soros's hedge fund dropped by 42% to $5.1 billion at the end of the second quarter, as he cut back on positions in several blue-chip names during the period, according to a regulatory filing late Monday.

Soros Fund Management also reported no stake in one of its recent largest holdings--Petroleo Brasileiro SA (PBR, PETR4.BR), according to a filing with the U.S. Securities and Exchange Commission. Soros had disclosed owning 9.1 million share of the energy company in the first quarter.

The fund also reduced its positions in AT&T Inc. (T) and J.P. Morgan Chase & Co. (JPM), selling 4.1 million shares and 2.5 million shares of the companies, respectively. Soros's stake in AT&T is now valued at $12.2 million, while J.P. Morgan is valued at $3.9 million.

The fund reported a lower stake in pharmaceutical giant Pfizer Inc. (PFE), selling about 5 million shares of the company. His position is now valued at $4.7 million.

For the second straight quarter, the fund purchased convertible notes of ADC Telecommunications Inc. (ADCT), adding 51.2 million as of June 30. The ADC convertible note position is now valued at $62.7 million.

Soros's fund also reduced its Best Buy Co. (BBY) stake, selling 2.4 million shares of the company. Its position is now valued at $31.7 million.

In one notable addition, Soros purchased 29.1 million convertible notes of Sirius XM Radio Inc. (SIRI) valued at $28.1 million.

Many investors that manage more than $100 million are required to file 13-Fs with their stock holdings within 45 days of the end of a given quarter, giving the public its freshest possible glimpse into the portfolios of well-known money managers. Most hedge-fund managers and others wait until the last possible moment to make these filings. The second quarter's deadline is Monday.

-By Brett Philbin, Dow Jones Newswires; 212-416-2173; brett.philbin@dowjones.com
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