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uzhas_sovka — 19.07.2011


http://www.bloomberg.com/news/2011-07-19/soros-quantum-holding-75-cash-leads-hedge-funds-baffled-by-global-crises.html

Soros’s Quantum Holding 75% Cash Leads Hedge Funds Baffled by Instability

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

Even Anderson’s boss, billionaire George Soros, who made $1 billion betting against the British pound in 1992, is perplexed.

“I find the current situation much more baffling and much less predictable than I did at the time of the height of the financial crisis,” Soros, 80, said in April at a conference at Bretton Woods organized by his Institute for New Economic Thinking. “The markets are inherently unstable."

End in Sight

Federal Reserve Chairman Ben S. Bernanke told the House Financial Services Committee on July 13 that a failure by Congress to raise the nation’s debt limit would lead to a “major crisis” and send “shock waves” through the financial system.

Harry Lengsfield, co-founder of KLS Diversified Asset Management, said he’s been cutting back risk since mid-May, adding that he’s optimistic that things will become clearer soon.

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