Legendary investor George Soros heavily cut back his US weighting in the second quarter as market volatility increased.
Soros Fund Management - which has approximately $25bn (£16bn) under management - reduced its equity investments by 42% to $5.1bn by the end of June, down from $8.8bn at the end of March, the Telegraph reports.
The asset allocation decisions were made during a period in which the S&P 500 fell 12%.
Soros disposed of investments in Petrobras, Brazil's oil giant, with investments in bellwether stocks such as Wal-Mart, JP Morgan Chase and Pfizer drastically reduced by 99%, 97% and 95% respectively.
The fund's holding in a gold exchange traded fund now constitutes Soros' largest investment, some 13% of the equity portfolio, worth $638m.
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