Tracking George Soros’s 13F Portfolio – Q4 2023 Update

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 2/14/2024. 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 2023.

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 from $7.05B to $7.65B this quarter. The number of positions remained steady at 209. Very small stock positions and large debt holdings together account for ~60% of the 13F holdings. The investments are diversified with a large number of very small equity positions, 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 as of Q4 2023 were Splunk, AerCap, and Alphabet. To learn about Soros’ distinct trading style and philosophy, check out his “The Alchemy of Finance” and other works.

New stakes:

SPDR S&P 500 (SPY) & Puts: They opened a new ~2% of the portfolio short position through SPY Puts while opening a ~1% long stake as well. The net stake is a ~1% short position. SPY traded between ~$411 and ~$477 during the quarter. It is now at ~$507.

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

Splunk (SPLK) Puts: The ~2% of the portfolio short position through Puts was established as the underlying traded between ~$146 and ~$153. It now trades at ~$156.

Note: There is an offsetting long position in the portfolio. Cisco (CSCO) is acquiring Splunk in a $157 per share cash transaction announced last September.

Capital One Financial (COF) Puts and Spirit Airlines (SAVE) Puts: These are small new short stakes through Puts established this quarter.

Stake Disposals:

Horizon Therapeutics: The large merger-arbitrage stake in Horizon Therapeutics was established during Q4 2022. Amgen (AMGN) acquired Horizon Therapeutics in a $116.50 cash deal that closed during the quarter. It was the largest individual stock position at 5.40% of the portfolio as of Q3 2023. The deal closed this quarter.

Activision Blizzard, Abcam plc (ABCM), and SPDR Utils ETF (XLU) & Calls: Activision Blizzard was a merger-arbitrage stake established at prices between $82 and $94. Microsoft acquired Activision Blizzard in a $95 per share cash-deal that closed this quarter. The ~2% ABCM merger-arbitrage stake was established last quarter. Danaher (DHR) acquired ABCM in a $24 per share cash transaction that closed in December. XLU was a ~1% long position established last quarter at prices between ~$59 and ~$68. The disposal this quarter was at prices between ~$56 and ~$66. The stock is now at $61.89.

Denbury (DEN), and SPDR Energy ETF (XLE): These two very small stakes (less than ~0.75% of the portfolio each) established last quarter were disposed this quarter.

Stake Increases:

iShares Russell 2K (IWM) & Puts: The net stake is now a small 0.80% of the portfolio short position through IWM Puts. A 2.51% short position in IWM through Puts was established last quarter as the underlying traded at prices between ~$174 and ~$198. They also had a very small 0.40% long stake. This quarter saw both the positions increased but the net short position was reduced significantly. IWM traded between ~$162 and ~$205 this quarter. It is now at ~$204.

Splunk (SPLK) & Calls: The 3.15% long stake in SPLK was increased by ~115% during Q1 2023 as the underlying traded between ~$83 and ~$110. Last quarter saw another ~80% increase at prices between ~$97 and ~$147. That was followed by a ~35% stake increase this quarter.

Note: the long position is partially offset by a short position through Puts which was established this quarter. Cisco (CSCO) is acquiring Splunk in a $157 per share cash transaction announced last September.

AerCap Holdings (AER): The 1.65% AER stake was increased by ~120% last quarter at prices between ~$60 and ~$67 and the stock currently trades at $77.31. There was a one-third increase this quarter at prices between ~$57.50 and ~$75.

Novo Nordisk (NVO) and American Equity Inv. Life (AEL): The ~2% NVO position was established last quarter at prices between ~$75.40 and ~$100 and the stock currently trades well above that range at ~$122. There was a minor ~2% increase this quarter. The 1.20% AEL stake was established last quarter at prices between ~$52 and ~$54 and it is now at $55.33. There was a ~23% stake increase this quarter at prices between ~$53 and ~$56.

Alibaba Group Holdings (BABA) & Calls, Booking Holdings (BKNG), Jacobs Solutions (J), and OKTA Inc. (OKTA): These small (less than ~0.75% of the portfolio each) stakes were increased this quarter.

Stake Decreases:

Invesco QQQ Trust (QQQ) Puts: The 3.21% short stake through Puts was established during Q4 2022 as QQQ traded between ~$260 and ~$294. The next quarter saw a one-third reduction as the underlying traded between ~$262 and ~$321. Last quarter saw a ~160% stake increase as QQQ traded at prices between ~$310 and ~$370. That was followed by another two-thirds increase as QQQ traded at prices between ~$354 and ~$385. This quarter saw the position reduced by ~60% as the underlying traded between ~$344 and ~$412. QQQ currently trades at ~$438.

Alphabet Inc. (GOOG): GOOG is a 2.23% of the portfolio position purchased in Q2 2019 at prices between ~$52 and ~$64 and reduced by ~50% in Q1 2020 at prices between ~$53 and ~$76. Q4 2020 saw another similar selling at prices between ~$71 and ~$86. There was a ~250% stake increase in the next quarter at prices between ~$86 and ~$107. H2 2021 had seen a ~50% reduction at prices between ~$133 and ~$151. Next quarter saw a one-third increase at prices between ~$127 and ~$148. That was followed with a ~80% stake increase during Q4 2022 at prices between ~$83.50 and ~$105. The stock is now at ~$140. The last several quarters have seen selling.

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

CRH plc (CRH), Alteryx Inc. (AYX) Calls, and KraneShares China Internet ETF (KWEB) & Calls: CRH is a 1.32% stake that was reduced by roughly one-third this quarter at prices between ~$52 and ~$69. The stock is now at $78.37. The 0.28% AYX stake was doubled last quarter at prices between ~$28.16 and ~$45. This quarter saw the position reduced by ~75% at prices between ~$30 and ~$48. It is now at $48.03. Alteryx is being acquired by private equity at $48.25 per share cash in a transaction announced in December. KWEB is a 0.39% stake that saw a ~95% increase in the last quarter at prices between ~$26.50 and ~$32. It was reduced by ~50% this quarter at prices between ~$25.50 and ~$28.75. KWEB currently goes for $26.15.

Amazon.com (AMZN) & Calls: AMZN is a 1.11% of the portfolio position primarily built in H1 2021 at prices between ~$148 and ~$176. H2 2021 had seen a roughly one-third selling at prices between ~$159 and ~$187. There was a ~40% stake increase in Q2 2022 at prices between ~$102 and ~$168. The two quarters through Q1 2023 saw a two-thirds reduction at prices between ~$82 and ~$121. This quarter saw a ~27% selling at prices between ~$120 and ~$154. The stock currently trades at ~$174.

Apple (AAPL) Puts and PDD Holdings (PDD) Puts: AAPL and PDD are short positions through Puts established last quarter. AAPL traded at prices between ~$170 and ~$196. It is currently at ~$183. This quarter saw a ~20% selling as AAPL traded between ~$167 and ~$198. PDD traded at prices between ~$68 and ~$103 last quarter and it is now at ~$128. This quarter saw a ~50% selling as PDD traded between ~$98 and ~$150.

indie Semiconductor (INDI): The 0.44% INDI stake was built over the three quarters through Q2 2022 at prices between ~$5.35 and ~$16. Q1 2023 saw a ~63% reduction at prices between ~$5.80 and ~$11 while in the last quarter there was a ~120% stake increase at prices between ~$6 and ~$10. This quarter saw a ~37% selling at prices between ~$4.75 and ~$8.60. The stock is now at $6.22.

Note: They have a 2.55% ownership stake in the business.

CBOE Global Markets (CBOE), Intuit (INTU), PDD Holdings (PDD), and Uber Technologies (UBER): These small (less than ~0.60% of the portfolio each) stakes were reduced this quarter.

Kept Steady:

Liberty Broadband (LBRDK): LBRDK is now relatively small at 1.46% of the portfolio. The original large stake was established in Q2 2016 at prices between $55 and $60.50. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. The four quarters through Q3 2022 saw another roughly two-thirds reduction at prices between ~$74 and ~$191. The stock currently trades at $60.47.

SPDR Index Euro Stoxx ETF (FEZ): FEZ is a small 0.86% of the portfolio stake established during Q4 2022 at prices between ~$30.50 and ~$41. The stock currently trades well above that range at $50.77.

The spreadsheet below highlights Soros’s significantly large 13F positions as of Q4 2023:

Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q3 2023 and Q4 2023.