Market environment after the US election
In the previous part, we discussed how George Soros lost nearly $1 billion in the week after US elections. His bearish sentiment towards Trump’s proposed policy change was the main reason behind his loss.
George Soros’s largest holdings
In this part, we’ll analyze Gorge Soros’s largest holdings. Soros Fund Management’s portfolio was heavily tilted toward gold and gold miners in 1Q16. Barrick Gold was Soros Fund Management’s top holding in 1Q16, constituting 13.1% of the company’s portfolio. Barrick Gold is the biggest gold producer in the world. According to an institutional ownership report, Soros Fund Management was the eighth-largest investor in Barrick Gold (ABX), holding about 19.4 million shares worth $264 million as of March 31, 2016. The largest investor in ABX is VanEck Associates with 59.7 million shares as of June 30.
In 2Q16, Soros was holding 1.1 million shares in ABX. ABX constituted 0.8% of the firm’s portfolio. The decreased position in the gold (GLD) (RING) miner made investors wonder whether George Soros thought gold had hit its peak.
According to the latest filing as of 3Q16, Soros’s portfolio is heavily tilted towards the consumer cyclical industry. 33.8% of his portfolio is in the consumer cyclical industry. He also has a considerable position in the financial sector, which might have provided a positive return.
In the next part of this series, we’ll analyze Stanley Druckenmiller’s latest views.