George Soros slashes exposure to US equities
George Soros has slashed the amount of money he is willing to gamble on the fortunes of the US stock market in the second quarter as market volatility increased.
By James Quinn
Published: 7:08PM BST 17 Aug 2010
The asset allocation decisions were made during a period in which the Standard & Poor's 500 index – the broadest US equity index – fell 12pc.
Gone are Soros's investments in Petrobras, Brazil's oil giant, with investments in bellwether stocks such as Wal-Mart, JP Morgan Chase and Pfizer drastically reduced, cut by 99pc, 97pc and 95pc respectively.
Of those equities that do remain, the fund's holding in a gold exchange traded fund constitutes his largest investment, some 13pc of the equity portfolio, worth $638m.
Although neither Mr Soros or his fund typically do not explain their quarterly investment decisions, it is likely some of the money has been shifted into government bonds, as well as investing in commodities and other safe havens.
The quarterly report – filed with the US Securities and Exchange Commission – details investments only in US-traded shares and related derivatives, and the fund does not have to detail overseas shares or cash or commodities held.
A spokesman for Mr Soros did not comment.