George Soros slashes exposure to US equities

the Telegraph,
The legendary investor's Soros Fund Management – which has approximately $25bn (£16bn) under management – reduced its equity investments by 42pc to $5.1bn by the end of June, down from $8.8bn at the end of March. The asset allocation decisions were made during a period in which the Standard & Poor's 500 index – the broadest US equity index – fell 12pc

The fact that Mr Soros – best known as the man reputed to have made $1bn by "breaking the Bank of England" during the 1992 fiscal crisis – has decided to make such a concerted shift out of equities will send a clear message to other investors.

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. (more)