"Tracking George Soros’s Portfolio – Q1 2021 Update"
"Soros' 13F portfolio value increased marginally from $5.30B to $5.33B this quarter. The number of positions increased from 146 to 229.Soros added ViamcomCBS, Baidu, Vipshop Holdings, and Tencent Music Group while dropping Palantir Technologies and SelectQuote.Liberty Broadband at ~12% of the portfolio is by far the largest position.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  filed on 5/14/2021. Please visit our  for an idea on his investment philosophy and our  for the fund’s moves during Q4 2020.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 marginally this quarter from $5.30B to $5.33B. The number of positions increased from 146 to 229. Very small stock positions and large debt holdings together account for ~28% 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 are Liberty Broadband, D R Horton, and Amazon.com. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.Note: It was reported that Soros was short Trainline plc (TNLIF) as its shares dropped one-third last week following UK’s railroad infrastructure plan outline that unveiled a potential competitor.New stakes:ViacomCBS (VIAC), Baidu Inc. (BIDU), Vipshop Holdings (VIPS), and Tencent Music Group (TME): These four individual stock positions were established this quarter. The large 3.64% of the portfolio stake in VIAC was purchased at prices between ~$36.60 and ~$100 and the stock currently trades at $42.15. BIDU is a 1.44% of the portfolio position established at prices between ~$204 and ~$340 and it is now below that range at ~$190. The small 0.87% VIPS stake was purchased at prices between $27.50 and $45.50 and it now goes for $22.68. TME is a 0.63% of the portfolio position established at prices between ~$19.40 and ~$32 and it currently trades well below that range at $15.13.iShares Russell 2000 ETF (IWM) Puts: The ~1% of the portfolio short position through Puts were purchased as the underlying traded between ~$194 and ~$235. IWM currently trades at ~$220.Note: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Stake Disposals:Palantir Technologies (PLTR): PLTR had a direct listing last September. Trading started at ~$10 and it currently goes for $20.75. The stake was Soros’ 2rd largest individual stock position at 8.21% of the portfolio as of last quarter. Soros’ position was from a private equity investment made in 2012. The disposal this quarter was at prices between $21.75 and $39.SelectQuote (SLQT): SelectQuote had an IPO last May and it was a ~2% of the portfolio stake. Shares started trading at ~$27.50 and currently goes for $20.60. The disposal this quarter was at prices between ~$21 and ~$32.iShares MSCI Emerging Market ETF (EEM) & Calls: EEM was a large 4.40% of the portfolio position established last quarter at prices between ~$44 and ~$52. The disposal this quarter was at prices between ~$52 and ~$58. EEM currently trades at ~$53NortonLifeLock (NLOK) previously Symantec: NLOK was a 1.33% portfolio stake established in Q2 2019 at prices between $18 and $24.50. Q4 2019 saw a ~70% stake increase at prices between $22.50 and $26.50. There was a ~18% selling in Q1 2020 at prices between $16.50 and $28.50. Next quarter saw a ~80% stake increase at prices between $18 and $23 while in Q3 2020 there was a ~50% selling at prices between $20 and $24. There was a ~45% stake increase last quarter at prices between ~$18 and ~$22. This quarter saw the elimination at prices between $19.50 and $22. The stock currently trades at $26.72.Note: a $12 per share special dividend was distributed in January – their enterprise security business was sold to Broadcom (AVGO) and the company had promised to return the entire after-tax proceeds to shareholders.Darden Restaurants (DRI): DRI was a 1.14% portfolio stake established in Q2 2020 at prices between $44 and $86.  Next quarter saw a ~15% stake increase at prices between ~$71 and ~$105 while last quarter there was a ~50% selling at prices between ~$90 and ~$121. The remaining position was sold this quarter at prices between ~$112 and ~$149. It currently trades at ~$141AGNC Investment Corp (AGNC), PennyMac Financial (PFSI), and Sea Ltd. (SE): These small (less than ~0.5% of the portfolio each) stakes were dropped this quarter.Stake Increases:Invesco QQQ Trust (QQQ): QQQ is a large ~9% of the portfolio stake established in Q3 2020 at prices between $250 and $303 and it currently trades at ~$327. There was a one-third increase this quarter at prices between ~$300 and ~$337.D R Horton (DHI): The large (top three) 7.36% 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. Last two quarters have also seen a ~45% increase at prices between ~$65 and ~$90. The stock currently trades at $90.53.Amazon.com (AMZN): AMZN is a large ~4% of the portfolio position primarily built this quarter at prices between ~$2952 and ~$3380. The stock currently trades at ~$3203.iShares Trust iBoxx ETF (LQD): The 3.87% 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. The stock currently trades at ~$131. There was a ~18% stake increase this quarter.Alphabet Inc. (GOOG): GOOG is a 2.67% 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. Last quarter saw another similar selling at prices between $1415 and $1728. There was a ~250% stake increase this quarter at prices between ~$1728 and ~$2138. The stock is now at ~$2345.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Activision Blizzard (ATVI): ATVI is a 2.53% 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 stock currently trades well above those ranges at $95.37. Last two quarters have seen a one-third stake increase at prices between ~$75 and ~$104.SPDR Energy ETF (XLE) & Calls: The 2.12% XLE stake was purchased last quarter at prices between $27.70 and $41.60 and it is now at ~$52. This quarter saw a ~7% stake increase.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 per share and currently goes for ~$31. Q2 2019 saw a ~5% stake increase while last quarter saw a ~10% reduction. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50 and 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 last quarter there was a 45% reduction at prices between $22.50 and $26.60. There was a minor ~7% increase this quarter.T-Mobile US (TMUS): The 1.29% 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. Since then, the activity has been minor. The stock is now at ~$136Ally Financial (ALLY), Analog Devices (ADI), Aramark Inc. (ARMK), Denbury Inc. (DEN), Focus Financial Partners (FOCS), General Motors (GM), Elanco Animal Health (ELAN), and Texas Instruments (TXN): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~12% 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 ~$164. Q4 2019 saw a ~20% selling at prices between $103 and $125. This quarter saw a similar reduction at prices between ~$142 and ~$157.Hain Celestial Group (HAIN): The 0.89% HAIN position was purchased in Q2 2020 at prices between $25 and $32 and the stock currently trades well above that range at ~$40.50. Last quarter saw a ~50% selling at prices between $30.75 and $40.50. That was followed with a similar reduction this quarter at prices between ~$40 and ~$45.Otis Worldwide (OTIS): The 0.77% OTIS sake was purchased in Q2 2020 at prices between $44 and $61. Next quarter saw a one-third selling at prices between ~$56 and ~$65. This quarter also saw a ~20% reduction at prices between ~$62 and ~$70. The stock is now at $77.57Alcon Inc. (ALC): ALC is now a minutely small 0.05% position. It was purchased in Q3 2019 at prices between $56 and $62.50. There was a ~20% selling in Q4 2019 at prices between $55 and $59 while next quarter saw a roughly two-thirds increase at prices between $40 and $64. This quarter saw the stake almost sold out at prices between ~$65 and ~$76. It is now at $68.71.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. Last two quarters have seen another ~25% selling at prices between ~$76 and ~$146. The stock currently trades at ~$149 and the stake is now very small at 0.64% of the portfolio.SPDR Utils (XLU) Calls: XLU Calls were established in Q1 2020 as the underlying traded between $45 and $71. The position was increased by ~340% next quarter as it traded between $52 and $63. Q3 2020 saw the large 4.41% of the portfolio stake reduced by ~85% as XLU traded between ~$56 and ~$62. Last quarter saw a 140% stake increase as XLU traded between ~$60 and ~$67. This quarter saw the position sold down by ~77% at prices between ~$58 and ~$64. It is now at ~$66 and the stake is at 0.32% of the portfolio.Clarivate plc (CLVT) and Walt Disney (DIS): These two small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Quantumscape (QS): QS is a 2.78% of the portfolio stake established last quarter as the shares traded between ~$12 and ~$132. The stock currently trades at $26.85.iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a 1.14% 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 ~$55.iShares National Muni ETF (MUB), SPDR Portfolio Short-Term Corporate Bond ETF (SPSB), Upstart Holdings (UPST), and Varian Medical Systems (VAR): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter. Varian Medical was a merger arbitrage stake. It got acquired by Siemens Healthineers AG (SEMHF) for $177.50 per share cash in a transaction that closed last month.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q1 2021:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 2/28/2021: 13G/A – 2/16 – Senseonics – SENS - – 12.26M shares – 4.75% of business, 13G/A – 2/11 – Xeris Pharma – XERS – zero, 13G/A – 2/11 – PTON – zero."