market folly

George Soros' investment firm, Soros Fund Management, just filed a 13G with the SEC regarding shares of Harvest Natural Resources (HNR). Per portfolio activity on January 24th, 2011, Soros has disclosed a 5.94% ownership stake in HNR with 2,008,417 shares.

This marks a 241% increase in their position size as the hedge fund owned 588,100 shares at the end of September last year. In addition to Soros, one of the largest institutional holders of HNR shares is value investor Mohnish Pabrai.

Soros often takes stakes in energy and natural resource plays as we detailed their new stake in San Leon Energy and an increase in their position in Aurelian Oil & Gas as well.

Per Google Finance, Harvest Natural Resources is "an international petroleum exploration and production company. The Company focuses on acquiring exploration, development and producing properties in geological basins with proven active hydrocarbon systems. The Company holds interests in Venezuela, the Gulf Coast Region of the United States through an area of mutual intent (AMI) agreement with two private third parties, the Antelope prospect in the Western United States through a joint exploration and development agreement (JEDA), and exploration acreage mainly onshore West Sulawesi in the Republic of Indonesia (Indonesia), offshore of the Republic of Gabon (Gabon), onshore in Oman and offshore of the People’s Republic of China."

We'll be updating George Soros' latest portfolio in our new issue of Hedge Fund Wisdom due out in a couple of weeks.