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This article is part of an ongoing series analyzing the quarterly changes made to George Soros’ 13F stock portfolio, which is based on George Soros’ regulations. 13th floor shape Submitted on May 15, 2024. Tracking Soros Fund Management Holdings Articles His investment philosophy and our Last Update Regarding fund movements in the fourth quarter of 2023.
Soros Fund Management invests globally, with long positions in the U.S. market reported in its 13F filings making up about 25% of its total portfolio. The value of its 13F portfolio fell from $7.65 billion to $6.02 billion during the quarter. The number of positions remained stable at 193. Very small equity positions and large debt holdings combined make up about two-thirds of the 13F holdings. Investments are diversified with many very small equity positions and a few larger positions. Soros holds equity positions and a few large debt holdings. This article focuses on his large equity positions. The top three individual stocks held as of Q1 2024 were Alphabet, AerCap, and Cloudflare puts. For more information on Soros’s unique trading style and philosophy, see his “Financial Alchemy” and Other Works.
New wager:
CloudFlare Inc.Net) Put: The 2.41% short position via NET puts was established when the underlying was trading between about $76 and about $108, with the stock currently trading well below that range at $67.43.
Cerebelle TherapeuticsSele): CERE represents 1.36% of the portfolio and has been priced between $40.88 and $43.27, with the stock currently trading just below that range at $40.63.
AramarkARMK): ARMK 1.11%. A small 1.11% ARMK position was set between $27.51 and $32.55 this quarter. It is currently at $32.06.
Confluent Inc. (CFLT) Cole, Synchrony Financial (S.Y.F.) put, Westrock (work)These very small (about less than 1% of the portfolio each) stocks were created during the quarter.
Stake Disposition:
apple (AAPL) Put: AAPL was a short position with puts established in Q3 2023. AAPL was trading between ~$170 and ~$196. It is currently at ~$194. Last quarter there was a ~20% selloff as AAPL traded between ~$167 and ~$198. Shares were disposed of this quarter as AAPL traded between ~$169 and ~$195.
PDD Holdings (PDDD) Put: PDD was a short position with puts established in Q3 2023. PDD has traded from prices of ~$68 to ~$103 and is currently at ~$147. Last quarter there was a ~50% selloff as PDD traded between ~$98 to ~$150. Shares were disposed of this quarter as PDD has traded between ~$110 to ~$151.
SPDR Index Euro Equity ETF (Fez): FEZ was only 0.86% of the portfolio shares established at prices between about $30.50 and $41 in Q4 2022. The shares were disposed of at prices between $45.71 and $52.79 this quarter. The shares are currently trading at $53.09.
Splunk (SPLK), Calls and Puts: SPLK was a net long stake of 1.15% in SPLK. The long stake was purchased at prices between ~$83 and ~$147. The short put stake partially offsetting the long stake was purchased when the underlying was trading between ~$146 and ~$153. Cisco (Central Intelligence Agency) acquired Splunk for $157 per share in a cash transaction that closed in March, eliminating this position.
Capital One Financial (Corfu) puts, SPDR S&P 500 Index (spy) and Spirit Airlines (keep) Put: These small short positions due to puts established last quarter were liquidated this quarter.
Stakes Increase:
Invesco QQQ Trust (Hehehehe) Put: 6.31% of the portfolio’s short position through puts was established in Q4 2022 when QQQ traded between approximately $260 and $294. The following quarter saw a decrease by one third as the underlying traded between approximately $262 and $321. In Q2 2023, the position increased by approximately 160% as QQQ traded between approximately $310 and $370. Then, the following quarter saw another increase by two thirds as QQQ traded between approximately $354 and $385. Last quarter, the position decreased by approximately 60% as the underlying traded between approximately $344 and $412. This quarter, the position increased by 42% as QQQ traded between approximately $396 and $446. QQQ is currently trading at approximately $453.
Alphabet Inc.Google)GOOG was 3.74% of the portfolio position purchased in Q2 2019 at prices between about $52 and $64, and was reduced by about 50% in Q1 2020 at prices between about $53 and $76. In Q4 2020, there was a similar sell-off at prices between about $71 and $86. The next quarter there was a roughly 250% increase in shares at prices between about $86 and $107. In H2 2021, there was a roughly 50% decrease at prices between about $133 and $151. The next quarter there was a one-third increase at prices between about $127 and $148. This was followed by a roughly 80% increase in shares in Q4 2022 at prices between about $83.50 and $105. There has been a sell-off in the past few quarters, but this quarter the position has increased by 22% at prices between about $133 and $155. The stock is currently at about $174.
Note: Alphabet is a heavily traded stock in Soros’ portfolio.
American Equity Invest Life (AEL): A 1.79% AEL merger arbitrage stake was established in Q3 2023 at a price of approximately $52 to $54. There was a ~23% stake increase last quarter, from prices of approximately $53 to $56. The position increased 17% this quarter, from prices of $54.78 to $55.85. Brookfield acquired AEL for $55 per share in cash and stock ($38.85 in cash and 0.49707 BAM shares) in a deal closed in May.
Booking Holdings (back): BKNG is a small cap stock at about 1%, but has increased about 25% over the past two quarters, with prices ranging from about $2,743 to about $3,902. The stock is currently trading at about $3,764.
Stake Reduction:
AirCap Holdings (air): 2.84% AER shares increased by about 120% in Q3 2023 at prices between about $60 and $67, with shares currently trading at $93.16. Last quarter they increased by a third at prices between about $57.50 and $75. This quarter shares have declined by 20% at prices between about $71 and $88.
Novo NordiskNorbo): The 1.70% NVO position was established in Q3 2023 at prices between ~$75.40 and ~$100, with shares currently trading at ~$136. During the quarter, the shareholding has decreased 49%, going from a price of ~$101 to ~$135.
CRH plc (CRH)CRH holds a 1.14% stake, which fell by about a third last quarter, with prices between ~$52 and ~$69. This quarter, shares fell 46% to between ~$66 and ~$87. The current share price is ~$79.
Alibaba Group Holdings (Baba) & Calls, Amazon (Amazon), Jacobs Solutions (J), SPDR S&P 500 Index (spy) put, Uber Technologies (Uber), CBOE Global Markets (CBOE): These positions (each about less than 1.5% of the portfolio) were reduced this quarter.
Staying Stable:
Liberal Broadband (LBRDK): LBRDK holdings are currently a relatively small 1.32% of the portfolio. The initial large position was established in Q2 2016 at prices between $55 and $60.50. Q4 2019 saw a roughly 20% sell-off at prices between $103 and $125. Q1 2021 saw a similar decline at prices between $142 and $157. The four quarters through Q3 2022 saw another roughly two-thirds decline at prices between $74 and $191. The stock is currently trading at around $54.
The spreadsheet below highlights Soros’ very large 13F positions as of Q1 2024.
George Soros – Soros Fund Management Portfolio – 1Q 2024 13F Report Quarter-over-Quarter Comparison (John Vincent (author))
Source: John Vincent. Data compiled from Soros Fund Management’s Q4 2023 and Q1 2024 13F filings.
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
