After Bill Hwang's Archegos Capital Management went out of business, they bought a large number of Soros investment companies that fell sharply in a sell-off frenzy, and have now withdrawn from these positions.
According to the latest regulatory documents released on Friday, Soros Fund Management sold 194.3 million US dollars of ViacomCBS Inc. shares, 77 million US dollarsBaiduEquities, $46.4 millionVipshopstocks. The financial mogul paid off his holdingsTencent Musicand Discovery Inc. stock.
The size of the sale was almost comparable to the size of the purchase disclosed by the company at the end of the first quarter.
Most of the stocks associated with the Archegos crash continued their decline in the second quarter. In the three months ending at the end of June, Vipshop fell 33%, Tencent Music fell about 24%, Discovery fell about 21%, and Baidu fell 6.3%. ViacomCBS is basically the same.
Soros's investment company increased its holdings in the second quarterAmazons, same as in the first quarter; IHS Markit Ltd. and Proterra Inc., were newly established.
A spokesperson for Soros declined to comment.