Soros Shifts to Europe, Asia as Investors Cut U.S. Equities
HellenicShippingNews.com
18/02/2015
Soros Fund Management, the family office of billionaire hedge fund manager George Soros, cut its holdings in U.S. stocks in the fourth quarter and shifted assets globally.
Soros, which manages almost $30 billion, moved about $2 billion into companies in Asia and Europe, according to a person familiar with the strategy. The New York-based firm returned about 8 percent in 2014 and is up 1.5 percent this year, said the person, who asked not to be identified because the firm is private.
Other big hedge fund managers made a similar call on U.S. equities as a slide in oil prices hammered energy holdings. David Tepper’s Appaloosa Management had $2.74 billion less in U.S. stocks in the fourth quarter, a 40 percent drop from the previous quarter. Louis Bacon’s $14.8 billion Moore Capital Management had $2.3 billion in U.S. equities at the end of the year, about 25 percent less than the end of September, according to regulatory filings.
Some managers, such as Leon Cooperman, 71, remain bullish on the U.S., while predicting bigger gains elsewhere.
“We expect the European and Japanese equity markets to outperform the U.S. in the coming year,” Cooperman, who runs Omega Advisors, wrote in an investor letter last month.
Anticipation of more stimulus from the European Central Bank, along with a weaker euro and expectations of solid earnings, has had an affect on sending money overseas.
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