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Soros Nearly Doubles down Bearish Bet Against S&P 500

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Billionaire investor George Soros, who rose to fame and fortune by betting against sterling in 1992, on Monday showed his latest hand: nearly doubling down on his bearish bet against the market.

The 86-year-old’s fund, Soros Fund Management LLC, disclosed in a regulatory filing it had increased its bet against the S&P 500, the main index used to measure big-stock performance in the U.S., and holds put options on roughly four million shares in an exchange-traded fund that tracks the index. That is up from “puts” on 2.1 million shares as of March 31.

Meanwhile, Soros’s fund also cut sharply its position in gold, selling off the bulk of the shares it had bought last quarter in Barrick Gold Corp., the world’s largest gold producer, and cutting sharply its position in a gold-backed ETF set up by the World Gold Council. Soros’s fund had opened the position in the first quarter, disclosing call options in about one million shares. Soros also sold off the stake it opened last quarter in miner Silver Wheaton.

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam

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