Soros Fund Management also added a stake in the iShares MSCI Emerging Markets ETF (NYSEArca: EEM), the second-largest emerging markets ETF, during the second quarter.
“Soros moved out of gold after the metal rose 25 percent in the first half. His bearish statements about global economic events earlier this year signaled that investors might have cause to find safe havens,” according to Bloomberg.
Emerging markets have recently picked up momentum after years of underperforming developed markets, and the global segment remains relatively attractive. EEM is trading at a 12.9 P/E and a 1.4 P/B. In contrast, the S&P 500 Index is showing a 19.1 P/E and a 2.7 P/B.
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SPDR Gold Shares (NYSEArca: GLD)
Tom Lydon’s clients own shares of EEM and GLD.