Citigroup (NYSE: C) bulls were happy to note that George Soros (George Soros news) was making a massive bet on the bank last year. But as is often the case with hedge funds, the bet has proven to be short lived. On Dec. 31, Soros' firm owned 94.7 million shares worth $313 million, the fifth-largest stake reported by Soros. By March, that stake was down to just 10,500 shares.

So at some point, the hedge fund veteran got out of the stock, most likely at a huge profit. Notes Reuters: "Soros could have quickly doubled his money if he bought the shares near the end of the fourth quarter for around $2 and sold in March when they recovered to more than $4."

Soros maintains a large investment in JPMorgan (NYSE: JPM), however. Soros owned 2.6 million shares of JPMorgan worth $114.9 million on March 31, up from 111,900 shares worth $4.7 million three months earlier. There's no telling when he'll exit. He's still considered the smart money by many. This might be cause for concern, but the bank's story remains fundamentally the same. There are plenty of analysts and money managers still bullish on Citigroup for the long-term. But it may be that gains will increase at a decreasing rate for the rest of the year. The opportunity costs have to be factored in. 

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