Soros Fund Management LLC disposed of stakes in banking giants J.P. Morgan Chase & Co. (JPM) and Morgan Stanley (MS) in the first quarter, while lowering its position in Citigroup Inc. (C) and the SPDR Gold Trust (GLD), a gold-backed exchange-traded fund, according to a regulatory filing late Wednesday.

The firm, founded by billionaire investor George Soros, had previously owned 2.6 million shares of J.P. Morgan, the nation's largest bank, at Dec. 31.

For Morgan Stanley, the fund eliminated a 4.1 million-share position, joining Third Point LLC's Daniel Loeb in shedding the securities firm from its portfolio.

Mr. Soros's apparent retreat from bank stocks also included reducing the firm's position in Citi by 7.6 million shares and dumping its 1.3 million-share call option on the lender. The stake, which is now 544,500 shares, was valued at $24 million.

Overall in the first quarter, the value of Mr. Soros's holdings rose 2.4% to $8.6 billion from $8.4 billion in the fourth quarter, according to the filing with the Securities and Exchange Commission. The size of his portfolio increased by 15% to 209 positions.

Mr. Soros, who once dubbed gold "the ultimate asset bubble," lowered his stake in the SPDR Gold Trust by 69,100 shares to 530,900 at March 31. The stake was valued at $82 million.

However, Mr. Soros increased his bets on gold miners during the period. For example, his firm bought 1.1 million shares of the Market Vectors Gold Miners ETF (GDX). The holding, which is now 2.7 million shares, was worth about $101 million.

One position which wasn't disclosed in the filing was Mr. Soros' stake in J.C. Penney Co. (JCP). The document only lists holdings as of March 31, but in late April, Soros Fund Management disclosed that it bought 17.4 million shares of the struggling retailer. With that purchase, Mr. Soros joined Pershing Square Capital Management founder William Ackman in betting on a turnaround at the beleaguered company.

Soros's fund, which returned cash to outside investors last year, invests money for Mr. Soros and his family.

Investors who manage more than $100 million are required to disclose most securities holdings within a month and a half of the end of a quarter. The filings give the public a relatively fresh look at the portfolios of well-known investors. The first-quarter deadline was Wednesday.

Write to Brett Philbin at brett.philbin@dowjones.com

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