Soros shuns US equities

Marion Dakers
LEGENDARY investor George Soros has slashed his investments in US stocks including AOL, Pfizer and Google, according to a regulatory filing yesterday.

Soros moved swathes of his fortune into gold companies over the last three months, as the man who bet against the Bank of England sold off more than 95 per cent of his stocks in bellwether firms JP Morgan, Wal-Mart and Verizon.

Soros Fund Management’s largest holding is now in a gold exchange traded fund, making up around 13 per cent of its equity portfolio, worth some $638m.

Soros is also likely to have moved money from equities into government bonds, but the US Securities and Exchange Commission only asks for disclosure of activity in equities.

The shift took place in a quarter when the Standard & Poor’s equities index fell 12 per cent.