NEW YORK: Billionaire George Soros (pic) bought a US$264mil stake in the world's biggest bullion producer Barrick Gold Corp and cut his firm's investments in US stocks by more than a third in the first quarter.
Soros acquired 1.7% of Barrick, making it the firm's biggest US-listed holding. Soros also disclosed owning call options on 1.05 million shares in the SPDR Gold Trust, an exchange-traded fund that tracks the price of gold.
The value of Soros Fund Management's publicly disclosed holdings dropped by 37% to US$3.5bil as of the end of the last quarter, according to a government filing on Monday.
Soros, who built a US$24bil fortune through savvy wagers on markets, has warned of risks stemming from China's economy, arguing its debt-fueled economy resembles the US in 2007-08, before credit markets seized up and spurred a global recession.
In January, the former hedge fund manager turned philanthropist said a hard landing in China was “practically unavoidable,” adding that such a slump would worsen global deflationary pressures, drag down stocks and boost US government bonds.
Soros sold a stake in Level 3 Communications Inc which was worth US$173mil as of Dec 31 and a holding in Dow Chemical Co that was worth US$161mil. The family office also divested its stakes in Endo International Plc and Delta Air Lines Inc.
Soros's former chief strategist, billionaire investor Stan Druckenmiller, is also bullish on gold. Earlier this month he called gold his largest currency allocation as central bankers experiment with the “absurd notion of negative interest rates.”
Gold for immediate delivery jumped 16% in the first three months of the year, the biggest quarterly surge since 1986, according to Bloomberg generic pricing. Shares of Toronto-based Barrick have more than doubled this year as the miner accelerates cost-cutting efforts and reduces debt. Barrick is up 39% since March 31.
Soros returned money to outside investors five years ago and his New York-based firm now manages his own wealth. Michael Vachon, a spokesman for Soros, declined to comment on the firm's holdings.
Money managers who oversee more than US$100mil in equities in the US must file a Form 13F within 45 days of each quarter's end to list those stocks as well as options and convertible bonds. The filings don’t show non-US securities, holdings that aren’t publicly traded or cash. – Bloomberg
The value of Soros Fund Management's publicly disclosed holdings dropped by 37% to US$3.5bil as of the end of the last quarter, according to a government filing on Monday.
（华盛顿17日）著名投资者索罗斯首季增持金矿公司，减持美国股票37%。
根据美国证券公开的资料显示，索罗斯家族控制的基金管理公司今年3月底止，增持全球最大金矿公司巴力克（Barrick）股权，涉及金额为2.64亿美元（约10.6亿令吉）；另持有涉及105万股SPDR黄金信托的认购期权。
减持美国股票组合37%，至35亿美元（约140.6亿令吉）。
同时，该公司减持美国股票组合37%，至35亿美元（约140.6亿令吉）。
身家估计有240亿美元（约964亿令吉）的索罗斯曾经警告，中国经济有危机，并且以此作为投资组合策略之一。
与去年12月底止持股资料相比，索罗斯上季出售价值1.73亿美元（约6.95亿令吉）的Level 3电讯，以及价值1.61亿美元（约6.47亿令吉）的陶氏化学股份。他也出售了Endo与达美航空股份。
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