"Tracking George Soros’s Portfolio – Q2 2013 Update"
"This article is part of a series that provides an ongoing analysis of the changes made to George Soros’s US stock portfolio on a quarterly basis. It is based on George Soros’s regulatory  filed on 08/14/2013. Please visit our  for an idea on how his holdings have progressed over the years and our  highlighting the fund’s moves during Q1 2013.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent only ~25% of the overall portfolio. The 13F portfolio increased this quarter from $8.56B to $9.22B. The number of positions decreased from 209 to 201. Very small stock positions and large debt holdings together account for 38% of the 13F holdings. The US long investments are diversified with a large number of very small equity positions, a small number of very large equity positions, and a number of large debt holdings. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the larger US long equity positions.Consistent with Soros’s active trading style, among his larger positions, just three remained untouched during the quarter. Four of the larger positions that figured in the Q1 2013 report were eliminated this quarter and three new positions were added. To learn about his distinct trading style and philosophy, check-out his “” and other works.New stakes:J C Penney (JCP) & Calls: JCP is a 3.79% of the US long portfolio position established this quarter at prices between $13.93 and $19.39. The stock currently trades at $13.40.  The relatively large stake establishment indicates a clear bullish bias. Pershing Square (Bill Ackman) established a large (17.7% of the business) activist stake in this name in 2010 at a cost-basis of around $25. But, Ackman resigned from JC Penney board on August 12th as a result of a disagreement with the CEO succession plan and indicated in a regulatory filing that he might sell the stake. The share price has been in an extended downtrend and Soros appears to be setting up to play the eventual turnaround.Herbalife (HLF): HLF is a 2.47% of the US long portfolio position purchased this quarter at prices between $35 and $50. The stock currently trades at around $65. Soros is playing the uptrend with this name. There is a lot of hedge fund activity with HLF - Pershing Square is short 20M shares while Carl Icahn is long over 16M shares.IShares MSCI Emerging Market (EEM) Puts: EEM Puts are a small 1.55% of the US long portfolio position established this quarter. The position indicates a mild negative bias toward emerging markets.Stake Disposals:SPDR Gold ETF (GLD) & Market Vectors Junior Gold Trust ETF (GDXJ) & Calls: The ~1% GLD position was trimmed by 10% last quarter and eliminated this quarter at prices between $115.94 and $155. The stock currently trades at around $132. GDXJ (and calls) accounted for 0.53% of the US long portfolio as of last quarter but was eliminated this quarter at prices between $33 and $67. The stock currently trades at around $49. Soros turned bearish on gold this quarter. Soros has said previously that Gold is the ultimate bubble when it was trading below $1300 in September 2010 and so the reversal to the bearish camp indicates Soros was playing the cycles in the interim.U S Airways Group Inc. (LCC): LCC stake was reduced by around 37% in Q4 2012. Last quarter saw a turnaround, as the position was doubled to a 1.56% stake at prices between $13 and $17.50. This quarter, the position was eliminated at prices between $15.50 and $19.35. The stock currently trades at around $16. LCC position was eliminated while simultaneously adding to the United Continental (UAL) position.Virgin Media (VMED): The ~1% position in VMED was eliminated this quarter as a result of the acquisition of VMED by Liberty Global. As such, the activity does not indicate a change in bias.Stake Increases:S&P 500 SPDR (SPY) PUTS: SPY PUTS was increased by a whopping 250% to a 4.79% position last quarter at prices between $142 and $157. This quarter, the position was increased by another 200% to a huge 13.54% stake at prices between $154 and $168. The position now rivals the 12% short position he had in Q1 2012 (SPY and QQQ puts at that time). The pattern of trades indicates a clear bearish bias toward US large-caps.Google Inc. (GOOG): GOOG is a good trading stock for Soros and he has previously done several roundtrips on it. The current 3.79% stake was first purchased in Q3 2012 at prices between $570.48 and $756.50 and was increased by close to 80% last quarter at prices between $700 and $840. This quarter saw a 17.5% stake increase at prices between $765 and $916. The stock currently trades at around $857. Soros is sitting on good gains and believes the uptrend is still in place as is evidenced by the significant stake increase.Liberty Global (LBTYA) (LBTYK): Liberty Global is a 2.63% of the US long portfolio position that was increased by ~75% this quarter as a result of the acquisition of Virgin Media (VMED) by Liberty Global - Soros held VMED shares that were replaced with Liberty Global shares and cash at an approximate ratio of 2:1 (stock vs. cash). As such, the activity does not indicate a change in bias.Netapp Inc. (NTAP): NTAP is a 1.99% of the US long portfolio position that was increased by ~37% this quarter at prices between $33 and $39.39. The stock currently trades outside that range at $42.20. The stake increase represents a bullish bias.Adecoagro S A (AGRO): AGRO is a 1.76% of the US long portfolio position that was established prior to its IPO. The stock currently trades at around $6.60, well below the IPO price of $11. The position was marginally increased this quarter at prices between $6.05 and $7.95. For investors attempting to follow Soros, AGRO is a good option to consider for further research.DISH Network (DISH): DISH was a minute 0.20% of the US long portfolio position as of last quarter. It was increased substantially this quarter to a 1.83% stake at prices between $36 and $42.50. The stock currently trades outside that range at $44.50.Motorola Solutions Inc. (MSI): MSI stake was increased by ~14.6% this quarter at prices between $55.50 and $64.69. The stock currently trades near the low end of that range at $57.15 and the position stands at 1.21%.IShares Russell 2000 (IWM) Puts: IWM puts were increased substantially to a 1.09% position this quarter. The activity indicates a bearish bias towards US small-caps.United-Continental Holdings (UAL): UAL was a minute position last quarter. It was increased to a 1.04% stake this quarter at prices between $28.66 and $35. The stock currently trades at $30.86.Caesers Entertainment (CZR), Brocade Communications (BRCD) & Cemex SAB de CV (CX), Energen Corporation (EGN), Macys Inc. (M), Abbvie (ABBV), Cameco (CCJ), Churchill Downs (CHDN), NRG Resources (NRG), SPDR Energy (XLE) Puts, & Zoetis (ZTS): These are very small positions (less than 1% of the US long portfolio) that were increased this quarter. But, as the position sizes are still very small, they do not indicate a clear bias.Stake Decreases:Pioneer Natural Resources (PXD): PXD is a 1.54% of the US long portfolio position that was increased by around 50% in Q4 2012 at prices between $102 and $110. It was upped by another 11% last quarter at prices between $106 and $133.  The original stake was established in Q3 2012 at prices between $82 and $113. This quarter saw a reversal as the position was reduced by ~58% at prices between $110 and $155. The stock currently trades at around $170. Soros played the uptrend successfully and is starting to move on.Charter Communications, Inc. (CHTR): The bulk of the CHTR stake was purchased in Q1 2012 and Q2 2012 at prices between $56.15 and $70.78. Last quarter, the position was increased by around 16% and this quarter the stance was reversed as the stake was reduced by ~20%. The stock currently trades well above that range at around $123. Here again, Soros is starting to exit after having played the uptrend successfully.EQT Corporation (EQT): EQT is a 2.11% position that was roughly doubled in Q4 2012 at prices between $56 and $63. Last quarter, the stake was increased by almost 50% at prices between $57 and $69. The original position was established in Q2 2012 at prices between $44 and $54.07. This quarter, the position was reduced by ~20% at prices between $65 and $84. The stock currently trades near the top-end of that range at $83.69. The same pattern of liquidating at substantially higher price ranges is seen with this position as well.Market Vectors Gold Miner ETF (GDX): The 1.18% of the US long portfolio stake in GDX was reduced to an insignificantly small 0.12% position at prices between $22 and $38. Last quarter saw a substantial increase in GDX stake. The activity indicates a clear shift in bias to the bearish camp.Acacia Research Corporation (ACTG): ACTG was a 1.28% position as of last quarter. It was reduced by 36% this quarter to a small 0.56% position at prices between $21.49 and $30.29. The position was marginally reduced last quarter after increasing it marginally in Q4 2012. The stake was increased by around 20% in Q3 2012 and 30% in Q2 2012. The bulk of the current stake was acquired in Q1 2012 at prices between $35.74 and $43.34. The stock currently trades at around $21.89, well below the lowest price Soros could have acquired the bulk of the stake at. For those attempting to follow Soros’ moves, ACTG is a good position to consider for further research.American International Group (AIG): AIG was Soros’s largest equity long position in the 13F portfolio as of Q3 2012 but it was reduced by over 40% in Q4 2012 to a still substantial 3.74% stake. The stake was further reduced by two-thirds last quarter at prices between $35 and $40. The pattern continued this quarter as it saw a further reduction of 22% at prices between $37.68 and $46.21. The position was established at prices between $30.15 and $35.02. Soros is moving on after having profitably played the uptrend.Apple Inc. (AAPL): The AAPL stake was reduced substantially this quarter to a minute 0.29% position this quarter. The stake was reduced last quarter as well. APPL is a good trading stock for Soros and the position size has fluctuated for several quarters.Delta Air Lines (DAL): DAL stake was reduced by 43% this quarter to a 1.05% position at prices between $14.31 and $18.79. It was marginally reduced last quarter as well. The position was acquired in Q3 2012 at prices between $8.56 and $11.12 and increased by around 50% in Q4 2012. Soros is moving on after playing the uptrend in airline majors.Constellation Brands (STZ): The 1.38% of the US long portfolio position was reduced marginally this quarter. It was established last quarter at prices between $47.30 and $54.36. The stock currently trades at $53.94.Shutterfly Inc. (SFLY): The position was reduced by 37% this quarter to a ~1% stake at prices between $42 and $58. The position was first established in Q1 2012 and the bulk of the stake was purchased in Q2 2012 at prices between $23.75 and $33.12. Soros harvested substantial gains from this position.Citrix Systems (CTXS), Exar Corporation (EXAR), General Motors (GM), Red Hat Inc. (RHT), SPDR Homebuilder (XHB) PUTS, Spreadtrum (SPRD), and Wal-Mart Stores Inc. (WMT): These are very small positions (less than 1% of the US long portfolio) that were reduced this quarter. As the position sizes are small, the activity does not indicate a clear bias.Kept Steady:Johnson & Johnson (JNJ): The 2.36% of the US long portfolio stake was kept steady this quarter. The original position was purchased in Q3 2012 at prices between $67.43 and $69.09 and since then only minor adjustments have been. The stock currently trades at just over $89. Soros is sitting on substantial gains on this position and believes the uptrend is still in place.MeadWestvaco (MWV) & Manchester United PLC (MANU): These are very small (less than 1% of the US long portfolio) stakes that were kept steady this quarter. As the position sizes are very small, they do not indicate a clear bias.The spreadsheet below highlights Soros’s significant US long stock positions as of Q2 2013:"