Day: September 9, 2024

This text is a part of a sequence that gives an ongoing evaluation of the modifications made to George Soros’s 13F inventory portfolio on a quarterly foundation. It’s primarily based on George Soros’s regulatory 13F Type filed on 08/15/2024. Please go to our Monitoring Soros Fund Administration Holdings article for an concept on his funding philosophy and our earlier replace for the fund’s strikes throughout Q1 2024.

Soros Fund Administration invests globally, and the lengthy positions within the US market reported within the 13F filings characterize ~25% of the general portfolio. The 13F portfolio worth decreased from $6.02B to $5.57B this quarter. The variety of positions decreased from 193 to 177. Very small inventory positions and huge debt holdings collectively account for round two-thirds of the 13F holdings. The investments are diversified with a lot of very small fairness positions, a small variety of massive fairness positions, and a few massive debt holdings. The main focus of this text is on the bigger fairness positions. The highest three particular person shares held as of Q2 2024 had been AstraZeneca, Westrock, and Alphabet. To find out about Soros’ distinct buying and selling model and philosophy, try his “The Alchemy of Finance” and different works.

New stakes:

SPDR S&P 500 Index (SPY): SPY is a 4.40% of the portfolio place bought this quarter at costs between ~$494 and ~$547 and the inventory presently trades at ~$540.

Observe: In addition they have a smaller place via Places that partially offsets this lengthy stake.

Apple (AAPL) Places: The two.84% of the portfolio AAPL brief place via Places was established this quarter as AAPL traded between ~$165 and ~$216. The inventory is now at ~$221.

Observe: The AAPL brief place is again within the portfolio after 1 / 4’s hole. It was a brief place via Places established throughout Q3 2023. AAPL traded at costs between ~$170 and ~$196. The subsequent quarter noticed a ~20% promoting as AAPL traded between ~$167 and ~$198. The stake was disposed over the past quarter as AAPL traded at costs between ~$169 and ~$195.

Costco Wholesale (COST) Places: The 1.53% of the portfolio COST brief place via Places was established this quarter, as COST traded between ~$703 and ~$870. The inventory presently trades at ~$877.

ChampionX (CHX): CHX is a 1.47% of the portfolio stake bought this quarter at costs between $30.10 and $39.23 and the inventory is now under that vary at $28.86.

Rivian Automotive (RIVN) Calls: The 1.31% RIVN lengthy place via Calls was established as RIVN traded between $8.40 and $14.74. It now goes for $13.23.

Stericycle (SRCL): The small 1.15% SRCL stake was established this quarter at costs between $44.30 and $59.20 and the inventory presently trades above that vary at $61.60.

Okta, Inc. (OKTA) Calls: The ~1% OKTA lengthy place via Calls was bought this quarter as OKTA traded between ~$87 and ~$104. The inventory is now nicely under that vary at $72.45.

PDD Holdings (PDD) Places: The small 0.72% PDD brief place via Places was established this quarter as PDD traded at costs between ~$113 and ~$158. PDD is now at $93.30.

Observe: The stake is again within the portfolio after 1 / 4’s hole. PDD was a brief place via Places established throughout Q3 2023. PDD traded at costs between ~$68 and ~$103. The subsequent quarter noticed a ~50% promoting as PDD traded between ~$98 and ~$150. The stake was disposed over the past quarter as PDD traded at costs between ~$110 and ~$151.

Insmed (INSM), and JD.com (JD): These very small (lower than ~0.60% of the portfolio every) stakes had been established this quarter.

Stake Disposals:

American Fairness Inv. Life (AEL): The 1.79% AEL merger-arbitrage stake was established throughout Q3 2023 at costs between ~$52 and ~$54. There was a ~23% stake enhance within the final quarter at costs between ~$53 and ~$56. The place was elevated by 17% this quarter at costs between $54.78 and $55.85. Brookfield acquired AEL in a $55 per share cash-and-stock deal ($38.85 money and 0.49707 BAM inventory) that closed in Could.

Aramark (ARMK): The small 1.11% ARMK place was established over the past quarter at costs between $27.51 and $32.55. The disposal this quarter was at costs between $30.66 and $34.06. It’s now at $36.67.

Cloudflare, Inc. (NET) Places: The two.41% brief place via NET Places was established within the final quarter because the underlying traded at costs between ~$76 and ~$108. The disposal this quarter occurred because the underlying traded between $67.43 and $97. The inventory presently trades at $76.05.

Synchrony Monetary (SYF) Places: The small 0.90% brief stake via SYF Places established final quarter was disposed this quarter.

Stake Will increase:

AstraZeneca (AZN): AZN is presently the biggest particular person inventory place at 3.44% of the portfolio. It was primarily constructed this quarter at costs between $66.40 and $80.34 and the inventory presently trades above that vary at $83.05.

Westrock: Westrock was a ~3% merger-arbitrage stake established final quarter. This quarter noticed a 271% stake enhance. The transaction closed in July. Shareholders acquired ~$43.50 per share in cash-and-stock.

SPDR S&P 500 Index Places: The brief place via SPY Places was elevated by ~70% this quarter, as SPY traded between ~$494 and ~$547. The inventory is now at ~$540.

Observe: In addition they have a bigger lengthy place that offsets this brief stake.

Axonics, Inc. (AXNX): AXNX is a 2.14% of the portfolio place primarily constructed this quarter at costs between $66.47 and $69.65. The inventory presently trades at $68.83.

Cerevel Therapeutics (CERE): CERE was a 1.58% of the portfolio merger-arbitrage stake established over the past quarter at costs between $40.88 and $43.27. This quarter noticed a ~11% stake enhance at costs between $38.96 and $42.75. AbbVie acquired CERE in a $45 per share all-cash transaction that closed final month.

Alibaba Group Holding (BABA) & Calls, Accenture plc (ACN), EchoStar (SATS), Jacobs Options (J), Marriot Holidays Worldwide (VAC) Calls, Merck & Co. (MRK), and Uber Applied sciences (UBER): These small (lower than ~1.5% of the portfolio every) stakes had been elevated throughout the quarter.

Stake Decreases:

Alphabet Inc. (GOOG): GOOG is a ~3% of the portfolio place bought in Q2 2019 at costs between ~$52 and ~$64 and decreased by ~50% in Q1 2020 at costs between ~$53 and ~$76. This fall 2020 noticed one other related promoting at costs between ~$71 and ~$86. There was a ~250% stake enhance within the subsequent quarter at costs between ~$86 and ~$107. H2 2021 had seen a ~50% discount at costs between ~$133 and ~$151. Subsequent quarter noticed a one-third enhance at costs between ~$127 and ~$148. That was adopted with an ~80% stake enhance throughout This fall 2022 at costs between ~$83.50 and ~$105. The subsequent 4 quarters noticed promoting whereas the final quarter noticed the place elevated by 22% at costs between ~$133 and ~$155. There was a ~40% promoting this quarter at costs between ~$152 and ~$187. The inventory is now at ~$152.

Observe: Alphabet is a often traded inventory in Soros’ portfolio.

AerCap Holdings (AER): The two.61% AER stake was elevated by ~120% throughout Q3 2023 at costs between ~$60 and ~$67. There was a one-third enhance within the subsequent quarter at costs between ~$57.50 and ~$75. The stake was decreased by 20% over the past quarter at costs between ~$71 and ~$88. That was adopted by a ~21% discount this quarter at costs between $82.05 and $96.65. The inventory presently trades at $90.60. They’re harvesting positive factors.

Reserving Holdings (BKNG): BKNG is a small 1.16% stake that was elevated by ~25% over the past two quarters at costs between ~$2743 and ~$3902. The inventory presently trades at ~$3731. There was a ~9% trimming this quarter.

CRH plc (CRH): CRH is a small 0.81% stake that was decreased by roughly one-third throughout This fall 2023 at costs between ~$52 and ~$69. The stake was additional decreased by 46% over the past quarter at costs between ~$66 and ~$87. This quarter additionally noticed a ~24% discount at costs between $72.72 and $86.02. The inventory is now at $85.33.

Novo Nordisk (NVO): The 0.45% NVO place was established throughout Q3 2023 at costs between ~$75.40 and ~$100. The stake was decreased by 49% over the past quarter at costs between ~$101 and ~$135. The place was offered down by ~80% this quarter at costs between ~$123 and ~$147. The inventory presently trades at ~$131.

Invesco QQQ Belief (QQQ) Places: The big 6.31% of the portfolio brief stake via Places as of final quarter was nearly offered out this quarter. The place was established throughout This fall 2022 as QQQ traded between ~$260 and ~$294. The subsequent quarter noticed a one-third discount because the underlying traded between ~$262 and ~$321. Q2 2023 noticed a ~160% stake enhance as QQQ traded at costs between ~$310 and ~$370. That was adopted by one other two-thirds enhance within the subsequent quarter, as QQQ traded at costs between ~$354 and ~$385. This fall 2023 noticed the place decreased by ~60% because the underlying traded between ~$344 and ~$412. The place was elevated by 42% within the final quarter, as QQQ traded at costs between ~$396 and ~$446. The stake was nearly offered out this quarter, as QQQ traded between ~$414 and ~$484. QQQ presently trades at ~$449.

Amazon.com (AMZN), Confluent, Inc. (CFLT) Calls, and Cboe World Markets (CBOE): These small (lower than ~1% of the portfolio every) stakes had been decreased this quarter.

Saved Regular:

Liberty Broadband (LBRDK): LBRDK stake is now comparatively small at 1.37% of the portfolio. The unique massive place was established in Q2 2016 at costs between $55 and $60.50. This fall 2019 noticed a ~20% promoting at costs between $103 and $125. Q1 2021 noticed an identical discount at costs between ~$142 and ~$157. The 4 quarters via Q3 2022 noticed one other roughly two-thirds discount at costs between ~$74 and ~$191. The inventory presently trades at $60.64.

The spreadsheet under highlights Soros’s considerably massive 13F positions as of Q2 2024:

Supply: John Vincent. Knowledge constructed from Soros Fund Administration’s 13F filings for Q1 2024 and Q2 2024.

Editor’s Observe: This text discusses a number of securities that don’t commerce on a serious U.S. alternate. Please concentrate on the dangers related to these shares.