According to Trader Mark of the WallStCheatSheet: “With a market so dominated by headlines – often political ones – this market has been a bit of a bucking bronco the past few months. It appears quite a few hedge funds – after a poor June showing for the group are moving into higher cash levels. George Soros and Keith Anderson are taking it to the extreme with a 75% cash level in the $25B Quantum Fund per Bloomberg:
“Keith Anderson, who runs the $25.5 billion Quantum Endowment Fund for Soros Fund Management LLC, has seen enough of choppy global markets. In mid-June, Anderson told his portfolio managers to pull back on trades as the hedge fund’s losses hit 6 percent for the year, according to two people familiar with the New York-based firm. As a result, the fund is about 75 percent in cash as it waits for better opportunities.
“Soros and Moore Capital Management LLC are among hedge funds that have reduced the amount of money they’re investing in stock, bond and currency markets as they look for clarity on global events ranging from the debt crisis in Europe to China’s efforts to control inflation to the debate over the U.S. debt ceiling. About 18 percent of asset allocators, including hedge funds, are overweight cash, the highest level in a year and up from 6 percent in May, a Bank of America Corp. (NYSE:BAC) survey showed last month….
Find out more at http://wallstcheatsheet.com/stocks/is-soros-really-75-cash-right-now.html/
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