New York -- As turmoil continues to surround J.C. Penney, one investor is upping his support of the embattled retailer even as two other large investors leave. Regulatory filings on Wednesday revealed that billionaire investor George Soros has added two million shares to his current 19.98 million in Penney holdings.
The latest investment makes Soros Fund Management Penney’s second-largest investor, behind disgruntled hedge fund manager Bill Ackman.
Ackman, who earlier resigned from the retailer’s board after an unsuccessful rally to oust interim CEO Mike Ullman and speed up the search for a new CEO, owns 39 million shares through his Pershing Square Capital Management.
Other investors aren’t expressing the same Soros confidence.
Hotchkis & Wiley, with 10.1 million Penney shares at the end of the second quarter, and Tiger Global Management, with 5.3 million shares, have liquidated their positions. Glenview Capital reduced its holdings from 9.5 million to 8.4 million shares. And Fidelity Management & Research has reduced its position by half – to 4.6 million shares.