Soros Still Bullish on Gold
NEW YORK (
) -- Billionaire investor George Soros remained bullish on gold during the second quarter and added to positions in the materials and tech sectors, according to his latest disclosure with the Securities and Exchange Commission.
The 80-year old legend's top investment continues to be
SPDR Gold Trust
(GLD) - Get SPDR Gold Shares Report
, although he offloaded a marginal stake in the fund during the quarter. Still, the ETF that tracks gold prices accounted for 18.5% of his portfolio and he continued to add to his holdings in gold mining stocks such as
Kinross Gold
(KGC) - Get Kinross Gold Corporation Report
and
Barrick Gold
(ABX)
. He also took a fresh exposure to
Newmont Mining
(NEM) - Get Newmont Corporation Report
during the quarter.
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New stocks in the portfolio included tech stocks such as
Akamai Technologies
(AKAM) - Get Akamai Technologies Inc. Report
and
Salesforce.com
(CRM) - Get Salesforce Inc. Report
, online movie retailer
Netflix
(NFLX) - Get Netflix Inc. Report
and
Chipotle Mexican Grill
(CMG) - Get Chipotle Mexican Grill Inc. Report
.
Prominent among his sold positions was
Citigroup
(C) - Get Citigroup Inc. Report
. Soros also cut his exposure to
Best Buy
(BBY) - Get Best Buy Co. Inc. Report
,
Kohl's
(KSS) - Get Kohl's Corporation Report
and
AT&T
.
Investors managing over $100 million assets are required to report their holdings every quarter within 45 days from the end of the quarter in a 13F filing with the SEC. The managers do not need to disclose short positions or investments in non-U.S. listed securities, so the disclosure is only a partial view of holdings.
Markets follow the moves and portfolio disclosures of big investors to get cues on sectors and stocks worth looking at. However, information in these portfolios are often dated and the portfolio manager may have changed tack since the end of the last quarter.
-- Reported by Shanthi Venkataraman in New York.
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