The Phaserl


Perspective on the Stock Market’s Rebound

by Pater Tenebrarum,

A Soros Fund Places Big Bearish Bet on SPX

According to its latest publicly available filings, Soros Fund Management has increased its put position on the SPX (or rather, the SPX ETF SPY) to the second-highest level ever. Note that the fund seems to have held puts on SPY since at least the summer of 2011, and the position’s size is often adjusted, a sign that it has served as a hedge most of the time that is occasionally taken off and then increased again. What is noteworthy about the most recent filing (keep in mind that there is a 45 day delay involved as well, so this was the fund’s position at year end 2013) is that the position amounts to $1.3 billion and represents more than 11% of the total portfolio’s value. In other words, this was probably not merely a hedge, but rather an outright bet on a decline.

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