Soros Fund Adds to Shutterfly (SFLY) & Digital River (DRIV) Convertibles ~ market folly

Thursday, June 14, 2012

Soros Fund Adds to Shutterfly (SFLY) & Digital River (DRIV) Convertibles

George Soros' family office Soros Fund Management recently filed a 13G on shares of Shutterfly (SFLY) and a Form 4 on Digital River (DRIV) with the SEC.


Per the 13G filing, Soros Fund has revealed a 6.78% ownership stake in Shutterfly (SFLY) with 2,426,272 shares.

This is a massive increase in their position as they only owned 150,000 shares at the end of March.  In total, they've boosted their holdings in SFLY by 1,517%.  The filing was made due to portfolio activity on May 30th.

Per Google Finance, Shutterfly is "an Internet-based social expression and personal publishing service that enables consumers to share, print and preserve their memories its technology, manufacturing, Web-design and merchandising capabilities. The Company provides a range of personalized photo-based products and services that allow consumers to upload, edit, enhance, organize, find, share, create, print, and preserve their memories. It generate revenues by producing and selling professionally bound photo books, greeting cards and stationery, personalized calendars, other photo-based merchandise and prints ranging in size from wallet-sized to jumbo-sized 20x30 enlargements."

Digital River

Soros Fund also filed a separate Form 4 with the SEC regarding their position in Digital River.   Soros has acquired $18.5 million worth of 2.00% convertible bonds due November 1st, 2030 that are convertible at any time.  These were acquired on June 7th and 8th with a conversion/exercise price of $49.131.

After all was said and done, the Form 4 says that Soros owns $232 million worth of these derivative securities.  Just a few weeks ago we highlighted how Soros was acquiring Digital River bonds and that trend has continued.  The family office originally purchased a stake back in March of this year.

Per Google Finance, Digital River is "engaged in providing end-to-end global e-commerce and marketing solutions to a range of companies in software, consumer electronics, computer games, video games, and other markets. 

To see the rest of Soros Fund's latest equity portfolio, head to our Hedge Fund Wisdom newsletter.

blog comments powered by Disqus