In the previous quarter, George Soros trimmed down his investments in U.S stock. He cut off a third of his investment. Soros is betting against the equities even as he is banking on gold. The value of his firm’s publicly disclosed holdings went down by 37 percent. By the end of March, Soros Fund Management’s holdings value was $3.5 billion, according to government filings. The company noted that it owned put option contracts in SPDR 500 ETF Trust that tracks the Standard & Poor’s 500 Index worth $2.1 million.
George Soros also purchased bullish contracts in the SPDR Gold Trust that trails the price of the bullion on 1.05 million shares. Additionally, Soros’ fund acquired a stake worth $264 million in Barrick Gold Corp. The firm is the largest gold producer globally. According to the filings, Soros Fund Management took up the stake at the end of March. The acquisition translates to 1.7 percent, which makes it Soros Fund Management’s largest U.S. Holding. His fund sold a stake worth $173 million in Level 3 Communication Inc. It also sold a holding in Dow Chemical Co. worth $161 million as of December 31. This information was first published on Bloomberg.
About George Soros
Recently, George Soros warned that the debt-fueled growth in China resembled the circumstances that led to the financial crisis in 2008. The demand for precious metals especially gold is tied to the health of the Asian economies that are a large market for bullion. The investment moves made by Soros came as a result of mixed signals regarding the health of the U.S. economy.
Additionally, there has been concern about the state of the global economy. When annualized, the U.S. economy slowed to 0.5 percent in the first quarter. That reflects a 0.9 drop from the fourth quarter. In Addition, economic data from China continue to disappoint. Even with official stimulus, data from the key sectors of the economy indicate a poor performance. This information was originally posted on cnbc.com as elaborated by this link http://www.cnbc.com/2016/05/17/soros-fund-management-outlines-new-allocations.html
Soros is a well-renowned author. He has written over fourteen books. The books provide insights into his methods and approaches in investing as well as business. George Soros also shares his views on various aspects that include economics, politics, philanthropy, open societies, and globalization. Among the books he has written include The Tragedy of the European Union, published in 2012. Soros discusses the European Union’s future and the current issues affecting it. The other books comprise of the Financial Turmoil in Europe and the United Syates, The Age of Fallibility, Open Society, and George Soros on Globalization. This information was initially published on https://www.project-syndicate.org/columnist/george-soros