George Soros has made a big bet on a financial services company

George sorosAP ImagesGeorge Soros

George Soros’ family-office hedge fund Soros Fund Management initiated a new position in Synchrony Financial during the fourth quarter, the fund’s latest regulatory filing shows.

At the end of the fourth quarter, the fund held 7,127,865 shares, a position valued at more than $216.7 million, the 13F filing shows.

Synchrony, a consumer financial services company, is now Soros’ second largest equity position.

The company, which was once GE’s retail finance arm, spun out of the industrial giant in 2014. It priced its IPO at $23 per share, and hit a high of $36.40 before dropping through the second half of 2015.

The stock closed up $0.77, 3.04%, on Tuesday to end at $26.14 per share.

Soros has retired from the day-to-day operations of his fund, and is now focused on his foundations and philanthropy.

Hedge funds have to disclose only their long-equity holdings every quarter in these filings. What’s more, the filings aren’t published until 45 days after the end of the quarter, so it’s possible funds could have traded in and out of positions.

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