Q2: Soros Favors Gold, Cuts U.S. Equities


"5.24M shares of SPDR Gold Trust comprise biggest dollar-value holding."

Billionaire investor George Soros in the second quarter stuck with his big bet on gold but slashed his holdings in dozens of major U.S. companies

In a quarterly securities filing on Monday, Soros Fund Management reported owning substantially fewer U.S. listed stocks than three months earlier. The fund listed $5.1 billion of equities as of June 30, down 42% from $8.8 billion at the end of March.

After a terrible quarter for the stock market that saw the Standard & Poor's 500 Index plunge 12%, Soros may have been anticipating further turbulence ahead.

Soros does not typically explain his quarter-to-quarter moves. A spokesman for the firm declined to comment.

Gold Moves to Top

The fund firm said it owned 5.24 million shares of the SPDR Gold Trust (GLD.P) worth $638 million as of June 30. Though down slightly from the fund's 5.59 million shares owned at the end of the first quarter, that was the fund's biggest holding by dollar value.

With the sale of so many other holdings, the Gold ETF constituted almost 13% of the firm's total equities, up from 7% at the end of the first quarter.

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