market folly

George Soros' family office Soros Fund Management has filed a 13D with the SEC regarding shares of Penn Virginia (PVA).  Per the filing, Soros has disclosed a 9.18% ownership stake in PVA with just over 6 million shares.

This means they've upped their position by 173,664 shares since the end of 2013.  The filing was required due to activity on March 12th.

The activist 13D filing indicates that they've met with management from time to time regarding "the business, assets, prospects and strategic alternatives and direction."  Soros Fund says the company has been very well managed and think the company should enhance management's financial incentives.  At the same time, the family office believes Penn Virginia should explore strategic alternatives.

You can view additional recent Soros Fund portfolio activity here.

Per Google Finance, Penn Virginia is "an independent oil and gas company engaged primarily in the exploration, development and production of oil, natural gas liquids (NGL) and natural gas in various domestic onshore regions of the United States, including Texas, the Mid-Continent and Mississippi."