Billionaire George Soros prepared last quarter for gloomy times, dialing back his U.S. stock investments by more than a third, betting against the equities while banking on gold.
The value of Soros Fund Management’s publicly disclosed holdings dropped by 37% to $3.5 billion as of the end of March, according to a government filing Monday. The firm disclosed owning bearish options contracts on 2.1 million shares of the SPDR 500 ETF Trust, an exchange-traded fund that tracks the Standard & Poor’s 500 Index, with a face value of $431 million as of March 31.
Soros also bought bullish options contracts on 1.05 million shares in the SPDR Gold Trust, which tracks the price of bullion. What’s more, the fund took a stake in the world’s biggest producer of the metal, Barrick Gold Corp., worth $264 million at the end of March, the filing showed. Soros acquired 1.7 percent…