Investors Watch Closely as Fund Started by George Soros Dumps Biotech Holdings

George Soros is known around the world as a highly successful and knowledgeable figure in the world of finance. In fact, his biography on Investopedia describes him as one of the greatest investors of all time. Soros was born in Hungary in 1930 and fled his native country for England in 1947. This is where started out his career in finance by working at an investment bank after graduating from the London School of Economics in 1952. He moved to the United States in 1956 and held several positions at various investment firms.

George Soros’ rise to fortune and fame began when he founded his own hedge fund called Soros Fund Management in 1973. It eventually evolved into the Quantum Fund, one of the most successful hedge funds of all times. The fund brought returns of over 30% per year on an ongoing basis. Soros rose to worldwide fame in 1992, as he made profits nearing $2 billion by shorting the British pound in one trade. This has led to him being named “the man who broke the Bank of England.”

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According to a report published by The Motley Fool, his hedge fund is watched very closely by investors everywhere, despite the fact that he retired in 2015. As Soros Fund Management is known for its excellent returns, it is no wonder that many investors look at any transactions that it makes closely to get an idea on what to do with their own investments. There is also the fact that the fund started by George Soros manages over $4.6 billion, meaning that any transaction it makes has the potential to make a noticeable impact on the market.

The report at shows that according to recent filings with the SEC, Soros Fund Management sold all of its holdings in Novavax, selling 30,300 shares, as well as all of the 3,600 shares it held in Gilead Sciences and all 67,600 shares in the iShares Nasdaq Biotechnology Index Fund. All of these three big players in the biotechnology and pharmaceutical sectors have performed poorly as of late, which may explain why George Soros’ fund chose to dump all of its holdings in them. However, The Motley Fool advised retail investors who owned shares in these companies or who might have considered buying some not to blindly follow what the Soros fund is doing. Their report shows that despite recent setbacks, all three companies have the opportunity to bounce back in the near future, which could get their stock prices rising again.

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