Soros hedge fund moves to 75% cash

George Soros' $25.5.bn Quantum Endowment hedge fund is sitting on 75% cash after the portfolio pulled back from the market following a 6% loss last year, Bloomberg reports.

Fund manager Keith Anderson has decided to step back from trading and sit in cash to await better opportunities, according to sources within the firm. Soros’ firm and another hedge fund, Moore Capital Management, are among those reducing market exposure on concerns over the sovereign debt crisis, Chinese inflation, and the US’ struggle to reach agreement on its debt ceiling, according to Bloomberg. In April Soros said markets are “inherently unstable” and earlier this month he told the FT he believes a Greek default is “inevitable.” A Bank of America Merrill Lynch fund manager surv...