Tracking George Soros' Portfolio - Q4 2021 Update

Feb. 17, 2022 8:34 PM ETADI, ALLY, AMZN, ARMK, ATVI, BAX, BOWL, CRM, DHI, DIS, ELAN, ELAT, FIGS, FOCS, GM, GOOG, GOOGL, HAIN, IGSB, INDI, LBRDA, LBRDB, LBRDK, LBRDP, LPLA, LQD, MGP, MQ, MSFT, MUB, O, OPEN, ORCL, PTRA, QQQ, QS, RIVN, SPGI, SPSB, SPY, SYF, SYF.PA, TMUS, VICI, XLE10 Comments16 Likes
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John Vincent
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Summary

  • Soros' 13F portfolio value increased from $5.42B to $7.31B this quarter. The number of positions increased from 250 to 279.
  • Soros added Rivian Automotive during the quarter.
  • They also added a fairly large short position on the Nasdaq 100 through Puts on Invesco QQQ ETF. Simultaneously, they almost eliminated Calls on the same ETF.

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This article is part of a series that provides an ongoing analysis of the changes made to George Soros's 13F stock portfolio on a quarterly basis. It is based on George Soros's regulatory 13F Form filed on 2/11/2022. Please visit our Tracking Soros Fund Management Holdings article for an idea on his investment philosophy and our previous update for the fund's moves during Q3 2021.

Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~25% of the overall portfolio. The 13F portfolio value increased ~35% this quarter from $5.42B to $7.31B. The number of positions increased from 250 to 279. Very small stock positions and large debt holdings together account for ~22% of the 13F holdings.

The investments are diversified with a large number of very small equity positions including several SPACs, a small number of large equity positions, and a few large debt holdings. The focus of this article is on the larger equity positions. The top three individual stocks held are Rivian Automotive, Liberty Broadband, and D R Horton. To learn about Soros' distinct trading style and philosophy, check out his "The Alchemy of Finance" and other works.

New stakes:

Rivian Automotive (RIVN): RIVN had an IPO in November. Shares started trading at ~$100 and currently goes for $64.74. Soros acquired the shares at prices between ~$85 and ~$130.

Note: Rivian's last funding round before the IPO was done in early 2021 at a valuation of ~$28B. This is compared to the current valuation of ~$60B.

Invesco QQQ Trust (QQQ) Puts and SPDR S&P 500 (SPY) Calls: A ~4% of the portfolio short position through QQQ Puts was established this quarter as the underlying traded between ~$353 and ~$404. It currently trades at ~$346. The 1.30% of the portfolio long position through SPY Calls was established as the underlying traded between ~$429 and ~$478 and it is now at ~$437.

Note 1: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.

Note 2: These two stakes are partially offset by much smaller stakes in QQQ Calls and SPY Puts.

Cerner Corporation (CERN): CERN is a 1.49% of the portfolio merger-arbitrage stake established this quarter. Oracle (ORCL) is acquiring Cerner in a $95 cash tender offer made in December. The stock is currently at $91.71.

Bowlero Corp. (BOWL) & wts: BOWL is a 1.16% of the portfolio position purchased at prices between ~$8.80 and ~$10.15 and the stock currently trades at $9.16. Bowlero came to market in December through a SPAC transaction with Isos Acquisition that closed in December.

Note: Soros has a 5.4% ownership stake in the business.

Stake Disposals:

SPDR Energy ETF (XLE) & Calls: The 1.59% position was established last quarter as XLE traded between ~$46 and ~$55. The disposal this quarter happened as XLE traded between ~$52 and ~$59. The stock currently trades at $68.47.

Hill-Rom Holdings, PPD Inc. and Vereit Inc.: These two were merger-arbitrage stakes. Baxter International (BAX) bought Hill-Rom Holdings for a $156 per share all-cash deal that closed in December. Realty Income (O) acquired Vereit in an all-stock (0.705 shares of Realty Income for each Vereit held) deal that closed in November.

VICI Properties (VICI): In October 2017, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The bankruptcy reorg included the spinoff of VICI Properties whereby the creditors received VICI shares. The 1.74% of the portfolio position in VICI came about as a result of this transaction - Soros had huge stakes (both equity and debt) in the parent businesses. The stock started trading at $18. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50. That was followed with a ~30% further reduction next quarter at prices between $11.20 and $28.15. Q2 2020 saw a ~25% stake increase at prices between $13.75 and $23 while in Q4 2020 there was a 45% reduction at prices between $22.50 and $26.60. Q2 2021 saw another ~70% selling at prices between ~$28 and ~$33 while last quarter there was a ~30% stake increase at prices between ~$28.50 and ~$32. The disposal this quarter was at prices between ~$26.75 and ~$30.25. The stock currently goes for $27.91.

QuantumScape (QS): QS was a 0.45% of the portfolio stake established in Q4 2020 as the shares traded between ~$12 and ~$132. The position was reduced by ~50% in Q2 2021 at prices between ~$24 and ~$49. That was followed with a ~40% selling last quarter at prices between ~$19.30 and ~$27.70. The elimination this quarter was at prices between ~$20.50 and ~$40.60. The stock currently trades at $16.16.

Stake Increases:

IHS Markit Ltd. (INFO): INFO is a fairly large 5.36% of the portfolio position purchased over the last three quarters at prices between ~$97 and ~$135 and the stock currently trades at ~$108. There was a ~15% stake increase this quarter.

Note: S&P Global (SPGI) is acquiring IHS Markit in an all-stock (0.2838 shares of SPGI for each INFO held) deal announced in November 2020.

Aramark Inc. (ARMK): The 2.72% ARMK stake saw a ~200% increase over the last four quarters at prices between ~$31.50 and ~$42.25. The stock is now at $37.60.

Nuance Communications (NUAN): NUAN is a 2.16% of the portfolio merger-arbitrage stake. Microsoft (MSFT) is acquiring Nuance in a $56 all-cash deal announced last April. It currently trades at $55.18. There was a marginal increase this quarter.

Proterra Inc. (PTRA): PTRA is a ~1% of the portfolio position established in Q2 2021 at prices between ~$13.30 and ~$19 and the stock currently trades at $8.73.

Note: ArcLight Clean Transition, a SPAC merged with Proterra in a transaction that closed last June. Soros had a very small position in ArcLight units.

MGM Growth Properties (MGP): MGP is a ~1% of the portfolio merger arbitrage stake. Vici Properties (VICI) is acquiring MGM Growth Properties in an all-stock deal (1.366 shares of VICI for each MGP held) announced last August. It currently trades at $37.98.

Ally Financial (ALLY), Elanco Animal Health (ELAN), indie Semiconductor (INDI), Opendoor Technologies (OPEN), and Salesforce.com (CRM): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.

Stake Decreases:

Liberty Broadband (LBRDK): LBRDK is the second-largest individual stock position by far at 7.16% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has almost tripled and is currently trading at ~$149. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. That was followed with minor trimming in the last two quarters. This quarter saw a ~17% selling at prices between ~$149 and ~$177.

D.R. Horton (DHI): The large (top three) 5.39% DHI stake was established in Q1 2019 at prices between $35 and $47 and increased by ~70% next quarter at prices between $42 and $47. Q3 2019 saw a ~18% selling at prices between $43.50 and $53 while next quarter there was a ~75% stake increase at prices between $29 and $62. Q2 2020 saw a ~25% selling at prices between $32 and $59. There was a ~70% stake increase next quarter at prices between ~$54 and ~$78. The two quarters through Q1 2021 had also seen a ~45% increase at prices between ~$65 and ~$90. There was a ~16% selling this quarter at prices between ~$83 and ~$110. The stock currently trades at ~$82.75.

Amazon.com (AMZN): AMZN is a 3.39% of the portfolio position primarily built in H1 2021 at prices between ~$2952 and ~$3511. The stock currently trades at ~$3093. Last two quarters have seen a roughly one-third selling at prices between ~$3188 and ~$3731.

Alphabet Inc. (GOOG): GOOG is a 1.46% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% in Q1 2020 at prices between $1057 and $1527. Q4 2020 saw another similar selling at prices between $1415 and $1728. There was a ~250% stake increase next quarter at prices between ~$1728 and ~$2138. Last two quarters have seen a ~50% reduction at prices between ~$2665 and ~$3014. The stock is now at ~$2646.

Note: Alphabet is a frequently traded stock in Soros' portfolio.

General Motors (GM): The ~1% of the portfolio GM stake saw a ~300% stake increase last quarter at prices between ~$48 and ~$59. This quarter saw a ~45% selling at prices between ~$53 and ~$65. The stock currently trades at $48.82.

Activision Blizzard (ATVI): ATVI is a 0.92% of the portfolio stake established in Q4 2019 at prices between $52 and $59 and increased by ~45% next quarter at prices between $52 and $64. The two quarters through Q1 2021 had seen a one-third stake increase at prices between ~$75 and ~$104. This quarter saw a ~28% selling at prices between ~$57 and ~$81. The stock currently trades at ~$81.

Note: Microsoft (MSFT) is buying ATVI in a $95 all-cash deal announced in January.

FIGS Inc. (FIGS): FIGS had an IPO last June. Shares started trading at ~$30 and currently goes for $17.29. Soros' stake is at 0.68% of the portfolio. There was a ~42% selling this quarter at prices between ~$23 and ~$43.

T-Mobile US (TMUS): The 0.46% TMUS position was primarily built in Q2 2020 at prices between $82 and $110. There was a ~60% selling next quarter at prices between ~$104 and ~$119. That was followed with a ~18% selling in Q2 2021 at prices between ~$128 and ~$147. Last quarter saw a ~20% stake increase at prices between ~$125 and ~$149 while this quarter there was a ~45% selling at prices between ~$107 and ~$127. The stock is now at ~$125.

Marqeta Inc. (MQ): MQ had an IPO last June. Shares started trading at ~$30.50 and it is now at $10.43. Soros' 1.63% of the portfolio stake was reduced by ~75% to a very small 0.24% of the portfolio stake this quarter at prices between ~$16 and ~$33.

Analog Devices (ADI), Focus Financial Partners (FOCS), Hain Celestial Group (HAIN), Invesco QQQ Trust (QQQ) & Calls, Synchrony Financial (SYF), SPDR S&P 500 ETF (SPY) Puts, and Walt Disney (DIS) ): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.

Kept Steady:

iShares Trust iBoxx ETF (LQD): The ~1% LQD stake was purchased in Q1 2020 at prices between $105 and $134 and increased by ~600% next quarter at prices between $121 and $135. Q2 2021 saw a roughly two-thirds reduction at prices between ~$130 and ~$134. The stock currently trades at ~$123.

iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a 0.82% of the portfolio stake. It was purchased in Q2 2020 at prices between $52 and $55. Next quarter saw the stake sold down by ~60% at ~$55. IGSB currently trades at $52.72.

LPL Financial (LPLA): The bulk of the original stake in LPLA was purchased in Q2 2018 at prices between $57 and $71. Q3 2020 saw a one-third selling at prices between ~$74 and ~$85. The three quarters through Q2 2021 had seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$183 and the stake is now very small at 0.45% of the portfolio.

iShares National Muni ETF (MUB) and SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): These two very small (less than ~0.5% of the portfolio each) stakes were kept steady this quarter.

The spreadsheet below highlights Soros's significantly large 13F positions as of Q4 2021:

Spreadsheet highlighting Soros

George Soros - Soros Fund Management's Q4 2021 13F Report Q/Q Comparison (John Vincent (author))

This article was written by

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Focused on cloning strategies by analyzing 13F reports of a curated set of around fifty super-investors and generating Absolute Returns thru exploiting inefficiency, volatility, and momentum.
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Disclosure: I/we have a beneficial long position in the shares of AMZN, GOOGL, PTRA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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