(Bloomberg) — While hedge funds largely rejected the age-old adage “don’t fight the Federal Reserve” in the second quarter, there were a few notable exceptions.

Soros Fund Management, the family office of billionaire investor George Soros, boosted its holdings of BlackRock Inc.’s iShares iBoxx $ Investment Grade Corporate Bond exchange-traded fund, ticker LQD, by $161 million in the period, regulatory filings as of June 30 show. That was the biggest bet among $534 million of fast-money inflows, with Moore Capital’s $109 million investment ranking second.

a screenshot of a cell phone on a table: Fed's pledge sparked LQD's surge

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Fed’s pledge sparked LQD’s surge

Still, the majority of fund managers pulled money from LQD even after the Fed announced in late March that it would purchase corporate bonds and eligible ETFs. Trading effectively froze across bond markets during the height of March’s coronavirus-fueled turmoil, but the Fed’s backstop sparked a torrid rally that sent billions into corporate bond ETFs. Despite the surge,

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Mohammad Bin Salman Al Saud wearing a hat: YURI KADOBNOV/Getty


  • Saudi Arabia’s sovereign wealth fund, which is among the largest in the world, released investments it bought and sold in the second quarter in an SEC filing.
  • The state-backed Public Investment Fund exited its investments in major US corporates such as Boeing, Facebook, Marriott, and Disney, according to the filing.
  • The wealth fund focused on exchange-traded funds rather than individual investments and invested nearly $4.7 billion on the real-estate and utilities sectors.
  • PIF also sold off 50% of its shares in Warren Buffett’s Berkshire Hathaway.
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Saudi Arabia’s sovereign wealth-fund ditched its shares in some of the world’s biggest companies to focus more on exchange-traded funds in the second quarter of the year, according to a Securities and Exchange Commission filing. 


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The composition of the wealth fund had significantly changed from the first quarter, seeing a higher

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