Over the course of the year, all major stock indices in the U.S. fell sharply: the S&P 500 fell by 15% and the NASDAQ by 24%, and in such an environment, the best investor strategy would be to simply follow the winner. The latter can easily include billionaire investor George Soros, who achieved the greatest growth in hedge fund history, averaging 30% annualized returns over 30 years. Today, Soros remains chairman of Soros Fund Management, and his fortune exceeds $8 billion, Yahoo writes.

When Soros opens new positions for his portfolio, investors can’t help but take notice. With that in mind, here’s a look at 3 stocks his fund has recently acquired, especially since Wall Street analysts rate all 3 stocks as recommended buys and see plenty of growth opportunities on the horizon.

1. Stem, – This tech company specializes in using artificial intelligence (AI) to create smart clean energy storage systems. Energy storage is a major challenge when it comes to renewable energy; you can’t charge the grid with wind or solar if the wind dies down or night falls. In this case, smart batteries will improve efficiency by optimizing generation times.

The company’s main product is the Athena software platform, which uses a combination of artificial intelligence and machine learning to optimize switching between grid power, on-site generated power, and battery power. The company’s customers include utilities, large corporations, and various project developers and installers.

By 2050, the company’s total market is expected to increase 25-fold to $1.2 trillion.

The company’s revenue grew 166% year-over-year, from $15.4 million to $41.1 million, and its quarterly reserves nearly tripled, from $51 million a year ago to $151 million in the first quarter of 2022. And despite the quarterly net loss, Stem ended the first quarter of this year with a healthy balance of $352 million in cash and liquid assets.

All of this caught the attention of George Soros, who bought up 300,000 shares of Stem in the first quarter. They are now worth $2.25 million. The stock sells for $7.49, and its average target price of $16.40 suggests it has upside potential of about 120%.

2- Webster Financial is the holding, parent company of Webster Bank. It has about $65 billion in assets. It offers a range of services including consumer and commercial banking, personal and business loans, and asset management. In February this year, it completed its merger with Sterling Bancorp. Upon completion of that transaction, Webster gained $44 billion in loans, $53 billion in deposits, and a network of 202 branches in the northeastern United States.

Webster reported net interest income of $394 million in the first quarter of 2022, a 76% increase over last year. The company’s interest-earning assets also showed significant growth over the past year, increasing from $19.2 billion to $50.3 billion.

That earnings growth helped fuel Webster’s continued dividend, which was declared in April at 40 cents per common share. At an annualized rate of $1.60 per share, the dividend currently yields 3.45%.

As for Soros, the billionaire bought 42,100 shares of WBS stock in the first quarter, which now has a total value of $2.02 million.

The stock has an average target price of $70.25, which represents a 47% upside from the current share price of $47.81.

3. Synovus is a Georgia-based financial services company with approximately $56 billion in assets and 272 branches in the southeastern United States, which is considered a fast-growing region known as one of the country’s economic engines. Synovus reported lower earnings in the first quarter of 2022 compared to last year. Diluted earnings per share fell from $1.19 to $1.11 year-over-year. But total loans rose from $38.8 billion a year ago to $40.1 billion as of March 31 this year. Total deposits rose a modest 3%, from $47.3 billion to $48.6 billion.

The company raised its dividend payout for the first time since the beginning of 2020, raising it from 33 cents to 34 cents on its common stock. At an annualized payout of $1.36, that yields 3.5%.

Soros bought 40,800 shares. At current prices, they are now worth $1.65 million.

The stock is selling at $40.6, and the average price target of $58.71 implies a 45% upside.