Hedge fund titan George Soros' biggest position is a huge bearish bet that the Standard & Poor's 500 will go down, MarketWatch reported.
Soros has a history of rolling the dice on risky propositions in the past and making giant gains. He is known as "The Man Who Broke the Bank of England" because of his successful bet against the British pound that led to $1 billion in profits during the 1992 Black Wednesday U.K. currency crisis.
In its 13F Securities and Exchange Commission filing for the second quarter of 2013, Soros Fund Management reported it bought a put on 1,248,643 units of the SPDR S&P 500 Trust (SPY) exchange-traded fund (ETF) in the second quarter – its largest holding, according to MarketWatch.
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Blogger Bullion Baron estimated the SPY put position — relative to the total size of the fund — rose from 1.28 percent to 4.79 percent in the first quarter, more than tripling. It also went up 13.54 percent in the second quarter, nearly tripling again, Bullion Baron said.
The blogger noted Soros' British pound coup and rumors that Soros also did well with a $1 billion bet that the price of gold would go down, which it has recently.
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