The fund sold its gold positions at SPDR Gold Shares, which at June 30 amounted to 30.4 million USD, according to the submitted to the US Commission on Stock Exchanges (SEC) documents. Meanwhile, it increased its exposure to exchange-traded funds from Japan, China and developing countries are. Soros Fund Management improved its positions on WisdomTree Japan Hedged Equity Fund and iShares China Large-Cap ETF respectively to 34.1 million USD and 24.1 million USD. The company also expanded its stake in MSCI Emerging Markets ETF with 91.9 million USD.
Soros started selling gold after the price of the precious metal climbed by 25% in the first half of the year. His pessimistic outlook on possible global economic events made at the beginning of the year, signaling that investors may seek other safe havens. In June, the billionaire said that Brexit hasten the advent of a new financial crisis. In April, he compared China’s indebted economy with that of the US in the period 2007-2008.
In the third quarter the price of gold fell by 0.3%, while the values of the ETFs in emerging markets rose 9%. Soros also make new bets in 8 companies in energy sector, increasing his exposure to this sector from several million USD to 132 million USD within the first 3 quarters of the year.
Soros bought shares worth 3.17 million USD from the company Williams Cos. Also he did smaller investments in California Resources Corp, Petroleo Brasilerio SA, and Rice Energy Inc.
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