George Soros exiting Indian markets ?

Billionaire investor George Soros’ Fund Quantum M has been selling its holdings in different companies. As per the filing of shareholding patterns on BSE, Quantum M has sold its holdings in Reliance Capital, Future Capital, GVK Power & Infrastructure, Orissa Sponge Iron & Steel, Indiabulls Real-Estate and Indiabulls Financial Services. In April, his fund has been selling shares of Rel Infrastructure (595895 shares sold in March quarter and 1304191 shares on 6th April) and JSW Holdings (311232 shares of 965991 shares held by his fund as on 31st March’09) according to the bulk deals on BSE. Quantum’s holdings in Dish TV is awaited.

His fund still holds 1.5% stake in Anant Raj Industries, 5.63% in Gujarat Ambuja Exports Ltd, 3.17% in Karuturi Global as on 31st March’09. So he has not completely exited the Indian markets.

One can make out clearly that there are higher number of stocks his fund sold in the March quarter than the stocks his fund holds. Soros is known for his currency bets. He has fared poorly in equities.

George Soros mentioned in his 28th Jan article in FT,

Although I positioned myself reasonably well for what was coming last year, one thing I got wrong cost me dearly: there was no decoupling between markets of the developed and the developing worlds. Indian and Chinese were hit even harder than those in the US and Europe. Since we did not reduce our exposure, we lost more money in India than we had made the year before.

Infact, his fund was on a buying spree in February and July last year!


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