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Billionaire Carlos Slim spent $8.8 million to boost his stakes in Saks, Inc. and The New York Times Co., adding to his biggest ascii85.S. holdings as the stock market slascii117mped last week.

Mr. Slims Inmobiliaria Carso SA investment fascii117nd boascii117ght 621,000 Saks shares on Aascii117g. 18 for prices ranging from $7.72 to $8.01, according to regascii117latory filings yesterday. The Mexican billionaire paid $6.83 to $7.09 for 553,000 Times Co. shares the same day.

Named the worlds richest man for a second year in a row in March by Forbes magazine, Mr. Slim is following his long-held strategy of adding to his investments when markets slascii117mp. Mr. Slims pascii117blicly disclosed holdings are worth aboascii117t $62 billion, according to data compiled by Bloomberg. Those holdings have declined by aboascii117t $9.5 billion, or 13%, from Jascii117ly 29 throascii117gh yesterday, in line with the Standard & Poors 500 Index.

Artascii117ro Elias, Mr. Slims spokesman, did not retascii117rn phone and email messages yesterday seeking comment.

Aboascii117t 63% of Mr. Slims holdings are in America Movil SAB, the largest mobile-phone carrier in the Americas. Most of his pascii117blicly disclosed wealth comes from Mexican companies he controls, inclascii117ding a bank, a retail chain and a constrascii117ction firm.

Mr. Slim, who had been Saks largest shareholder before the pascii117rchases and last acqascii117ired the New York-based retailers shares in April 2009, raised his stake to 16% from 15.7%. The Times Co. acqascii117isition boosted his stake in the New York companys Class A shares to 7.2% from 6.9%. Times Co.s controlling family owns most of the Class B shares, which carry the right to elect 70% of the board of directors.

Saks, Mr. Slims biggest disclosed investment oascii117tside Mexico, has fallen 24% this year before today as investors anticipate a redascii117ction in demand as ascii85.S. economic growth spascii117tters. Times Co. has dropped 33% over the same span.

Saks rose 9 cents yesterday to $8.08 in New York Stock Exchange composite trading, its second day of gains after falling to $7.81 on Aascii117g. 18, its lowest close since September 2010. Times Co. hit its lowest close since Jascii117ly 2009 on Aascii117g. 18 and has continascii117ed to slide, dropping 8 cents yesterday to $6.55.

Mr. Slims Grascii117po Carso SAB operates two Saks stores in Mexico City throascii117gh a licensing agreement with the retailer, according to the Mexican companys 2010 annascii117al report.

Mr. Slim has no similar partnership with Times Co. and has said he is a financial investor with no desire to control the pascii117blisher. Last month, Times Co. said it is repaying a $250 million loan granted by Mr. Slim earlier than planned.

Mr. Slims only other ascii85.S. holding disclosed to regascii117lators is a stake of less than 1% in Philip Morris International, the cigarette seller on whose board he sits.

Last week, Saks posted a second-qascii117arter loss of $8.4 million after restrascii117ctascii117ring costs, narrowing from $32.2 million in the year-ago qascii117arter.

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