Soros Buys Banks, Bets Against Stocks

Feb 18 2014 | 9:58am ET

Legendary hedge fund manager George Soros' family office is betting on banks—and a big stock-market correction.

Soros Fund Management opened new stakes in Citigroup and JPMorgan Chase in the fourth quarter, it said in a regulatory filing. And it more than doubled its short against a Standard & Poor's 500 Index exchange-traded fund, which is now its largest position at $1.3 billion.

The filing also showed that Soros exited its investment in Chevron and cut its stakes in Herbalife and J.C. Penney Co.

Soros returned outside capital in 2011.

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