"Tracking George Soros’s Portfolio – Q1 2020 Update"
"Soros' 13F portfolio value decreased from $3.09B to $1.98B this quarter. The number of positions decreased from 173 to 118.Soros increased D R Horton, Peloton Interactive, and Activision Blizzard while reducing Alphabet and Vistra Energy.Liberty Broadband at ~30% 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 05/15/2020. Please visit our  for an idea on his investment philosophy and our  for the fund’s moves during Q4 2019.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~10% of the overall portfolio. The 13F portfolio value decreased ~35% this quarter from $3.09B to $1.98B. The number of positions decreased from 173 to 118. Very small stock positions and large debt holdings together account for ~27% 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, VICI Properties, and D R Horton. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Transdigm Group (TDG), SPDR Utils (XLU), and Cypress Semiconductor (CY): These are medium-sized new positions established this quarter. The 2.42% TDG stake was purchased at prices between $246 and $658 and the stock currently trades at $361. XLU is a 2.24% of the portfolio position established at prices between $45 and $71 and it is now at $56.12. The ~2% CY was a merger-arbitrage stake. It got acquired by Infineon in a transaction that closed last month.Legg Mason (LM) and T-Mobile US (TMUS): LM is a 1.37% merger-arbitrage stake. It is getting acquired by Franklin Resources (BEN) for $50 per share (all-cash). The very small 0.50% TMUS position was established at prices between $74 and $101 and it is now at $98.60.iShares Trust iBoxx ETF (LQD) and iShares National Muni ETF (MUB): The 1.25% LQD stake was purchased at prices between $105 and $134 and the stock currently trades at ~$129. The 1.38% MUB position was established at prices between $102 and $118 and it now goes for ~$114.Stake Disposals:Archer Daniels Midland (ADM): The ADM position was established in Q3 2018 at prices between $45 and $51 and reduced by ~45% next quarter at prices between $39.50 and $52. There was an about turn in Q1 2019: stake more than doubled at prices between $40.50 and $45. That was followed with a ~20% stake increase next quarter at prices between $38.25 and $44.60. Q3 2019 saw a ~60% selling at prices between $36.75 and $42. There was a ~185% stake increase last quarter at prices between $38.50 and $46.50. This quarter saw the position disposed at prices between $29.30 and $46.35. The stock currently trades at $34.82.SPDR Energy (XLE) & Calls: The 1.14% XLE stake was increased by ~575% last quarter at prices between $55.90 and $62. The stake was disposed this quarter at prices between $23.50 and $61. The stock is now at $37.84.Mondelez Intl. (MDLZ): The 1.81% MDLZ stake had seen a ~140% increase in Q4 2018 at prices between $39.50 and $45. Last quarter saw a ~15% selling at prices between $51.50 and $56. That was followed with the disposal this quarter at prices between $42 and $60. The stock currently trades at ~$50.JPMorgan Chase (JPM): The ~1% JPM stake was acquired in Q1 2018 at prices between $107 and $119. Q3 2018 saw the position reduced by ~60% at prices between $104 and $119. The stake was eliminated this quarter at prices between $79 and $141. It currently trades at $88.67.Ally Financial (ALLY), Annaly Capital Management (NLY), Bank of America (BAC), Citigroup (C), Edgewell Personal Care (EPC), iShares MSCI Emerging (EEM) Calls, Keurig Dr. Pepper (KDP), NRG Energy (NRG), Synchrony Financial (SYF), SPDR S&P 500 (SPY) Puts, SPDR Oil & Gas Exploration (XOP) & Calls, SPDR S&P 500 (SPY) & Calls, and Zayo Group Holdings (ZAYO): These very small (less than ~1% of the portfolio each) positions were disposed during the quarter.Stake Increases:D R Horton (DHI): The large (top three) ~4% 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 this quarter there was a ~75% stake increase at prices between $29 and $62. The stock currently trades at ~$52.Peloton Interactive (PTON) and Alcon Inc. (ALC): These two positions established in Q3 2019 were increased this quarter. PTON had an IPO last October. Shares started trading at ~$25 and currently goes for ~$44.80. Last quarter saw a ~80% selling at prices between $21 and $37 while this quarter there was a ~10x stake increase to a top-five ~4% portfolio stake at prices between ~$20 and ~$35. The ~2% ALC position was purchased at prices between $56 and $62.50. There was a ~20% selling last quarter at prices between $55 and $59 while this quarter saw a roughly two-thirds increase at prices between $40 and $64. It is now at ~$60.Activision Blizzard (ATVI): ATVI is a 3.31% of the portfolio stake established last quarter at prices between $52 and $59 and increased by ~45% this quarter at prices between $52 and $64. The stock currently trades at ~$73.Grifols S A (GRFS): The 1.57% portfolio stake in GRFS was acquired in Q1 2019 at prices between $17.50 and $21 and the stock currently trades at $20.34. There was ~11% stake increase this quarter.AGNC Investment Corp (AGNC), E*Trade Financial (ETFC), TD Ameritrade (AMTD), and Wright Medical (WMGI): These small merger-arbitrage stakes were increased during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at ~30% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has doubled and is currently trading at ~$127. Last quarter saw a ~20% reduction at prices between $103 and $125. That was followed with a ~7% trimming this quarter.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 ~4% 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 $17.24. Q2 2019 saw a ~5% stake increase while last quarter saw a ~10% reduction. There was a ~62% selling last quarter at prices between $22.50 and $25.50 and that was followed with a ~30% further reduction this quarter at prices between $11.20 and $28.15.NortonLifeLock (NLOK) previously Symantec: NLOK is a 2.55% portfolio stake established in Q2 2019 at prices between $18 and $24.50. Next quarter saw a ~5% stake increase and that was followed with a ~70% stake increase last quarter at prices between $22.50 and $26.50. The stock currently trades at $20.23. There was a ~18% selling this quarter at prices between $16.50 and $28.50.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.Alphabet Inc. (GOOG): GOOG is a ~2% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and reduced by ~50% this quarter at prices between $1057 and $1527. The stock is now at $1374.Note: Alphabet is a frequently traded stock in Soros’ portfolio.Energizer Holdings (ENR): ENR is now a minutely small 0.05% of the portfolio position. The stake was purchased in Q4 2018 at prices between $43 and $62 and increased by ~55% next quarter at prices between $44 and $49. There was a ~16% selling in Q3 2019 at prices between $33.50 and $46. The position was almost eliminated this quarter at prices between $28 and $53. It is now at $43.14.Vistra Energy (VST): The 1.32% VST position saw a ~175% increase last quarter at prices between $22.75 and $27.50. This quarter saw a ~62% selling at prices between $12.60 and $23.50. It currently trades at $19.53.UnitedHealth Group (UNH): UNH is now a very small 0.51% stake. The original position was doubled in Q4 2018 at prices between $233 and $286. It was sold down by ~60% in Q1 2019 at prices between $236 and $271. Next quarter saw a ~230% stake increase at prices between $217 and $250. This quarter saw a two-thirds selling at prices between $195 and $305. The stock is now at ~$289.Caesars Entertainment (CZR): Soros had huge stakes (both equity and debt) in Caesars Entertainment and Caesars acquisition. In October 2017, they combined in a bankruptcy court reorg. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. The transaction resulted in Soros’ position in CZR increasing from ~3M shares to 34.5M shares - his debt holdings also got converted in the reorg. Q1 to Q3 2019 had seen the position sold down by ~60% at prices between $6.75 and $12.25. Last quarter saw the stake almost sold out at prices between $11.50 and $13.75. The stock currently trades at $10.51. This quarter saw another ~30% selling.Note: In June Eldorado Resorts (ERI) agreed to buy the company in a cash-and-stock deal ($8.40 cash and 0.0899 ERI shares for each share of CZR held) engineered by Carl Icahn.Owl Rock Capital (ORCC), Tiffany & Company (TIF), and BGC Partners (BGCP): These small (less than ~1% of the portfolio each) positions were reduced this quarter.Note: Last November, LVMH Moët Hennessy (LVMUY) agreed to acquire Tiffany for $135 per share cash.Kept Steady:LPL Financial (LPLA): The bulk of the 1.32% of the portfolio stake in LPLA was purchased in Q2 2018 at prices between $57 and $71 and the stock currently trades at ~$67. There had only been minor adjustments since.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q1 2020:Regulatory Filings thru 2/19/2020:13G/A – 2/13 – VICI – 7.1M share – 1.53% of business."