"Tracking George Soros’s Portfolio – Q1 2022 Update"
"Soros' 13F portfolio value decreased ~12% from $7.31B to $6.57B this quarter. The number of positions decreased from 279 to 273.Soros increased Rivian and Alphabet while decreasing Liberty Broadband, D R Horton, and Aramark.They also increased short positions on the Nasdaq 100 Index and the S& P 500 Index.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 5/13/2022. Please visit our  for an idea on his investment philosophy and our  for the fund’s moves during Q4 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 decreased ~12% this quarter from $7.31B to $6.57B. The number of positions decreased from 279 to 273. Very small stock positions and large debt holdings together account for ~36% 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 Cerner Corporation. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Zynga (ZNGA), SPDR Energy (XLE) Puts, and Freshworks (FRSH): ZNGA is a 1.86% of the portfolio merger-arbitrage stake established this quarter. Take-Two Interactive (TTWO) is acquiring Zynga in a cash-and-stock deal ($3.50 per share cash and 0.0406 shares of TTWO per ZNGA, assuming VWAP of TTWO stays below the $156.50 threshold on the collar). ZNGA traded between ~$6 and ~$9.25 during the quarter and currently goes for $7.92. The 0.58% short position though SPDR Energy ETF Puts was established as the underlying traded between ~$57 and ~$79. It currently trades at $82.91. FRSH is a 0.53% of the portfolio stake purchased at prices between ~$16 and ~$26 and it is now just below that range at $15.32.Stake Disposals:IHS Markit: IHS Markit was a fairly large 5.36% of the portfolio merger-arbitrage position purchased last year at prices between ~$97 and ~$135. S&P Global (SPGI) acquired IHS Markit in an all-stock (0.2838 shares of SPGI for each share of IHS Markit held) deal that closed in February.Nuance Communications: Nuance was a 2.16% of the portfolio merger-arbitrage stake. Microsoft (MSFT) acquired Nuance in a $56 all-cash deal that closed in February.General Motors (GM): The ~1% of the portfolio GM stake saw a ~300% stake increase in Q3 2021 at prices between ~$48 and ~$59. Last quarter saw a ~45% selling at prices between ~$53 and ~$65. The disposal this quarter at prices between ~$40 and ~$66. The stock currently trades at $37.10.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. Last quarter saw a ~28% selling at prices between ~$57 and ~$81. The remainder was sold this quarter at prices between ~$63 and ~$82. The stock currently trades at ~$78.Note: Microsoft (MSFT) is buying Activision Blizzard in a $95 all-cash deal announced in January.Stake Increases:Rivian Automotive (RIVN) & Calls: RIVN had an IPO last November. Shares started trading at ~$100 and currently goes for $24.86. Soros established the stake at prices between ~$85 and ~$130. This quarter saw a ~30% stake increase at prices between ~$36 and ~$103. It is by far their largest position at ~20% of the portfolio.Note: Rivian’s last funding round before the IPO was in early 2021 at a valuation of ~$28B. This is compared to current Enterprise Value of ~$10B. Rivian’s Enterprise Value is somewhat skewed as they have a huge net cash position of ~$15B and a lot of that would be consumed in Capex in the coming quarters.Invesco QQQ Trust (QQQ) Puts and SPDR S&P 500 ETF (SPY) Puts: The 5.52% short position through QQQ Puts was established last quarter as the underlying traded between ~$353 and ~$404. This quarter saw a ~40% stake increase as QQQ traded between ~$318 and ~$402. It currently trades at ~$298. The 2.40% of the portfolio short position through SPY Puts was established over the last two quarters as the underlying traded between ~$416 and ~$478 and it is now at ~$400.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 smaller stakes in QQQ Calls and SPY Calls.Cerner Corporation (CERN): CERN is a 3.89% of the portfolio merger-arbitrage stake established last quarter. Oracle (ORCL) is acquiring Cerner in a $95 cash tender offer made in December. This quarter saw a ~135% stake increase at prices between ~$91 and ~$94. The stock is currently at $94.11.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% 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 had seen a ~50% reduction at prices between ~$2665 and ~$3014. This quarter saw a one-third increase at prices between ~$2529 and ~$2961. The stock is now at ~$2296.Note: Alphabet is a frequently traded stock in Soros’ portfolio.MGM Growth Properties: MGM Growth Properties was a ~2% of the portfolio merger arbitrage stake. Vici Properties (VICI) acquired MGM Growth Properties in an all-stock deal (1.366 shares of VICI for each MGP held) that closed last month.FIGS Inc. (FIGS): FIGS had an IPO last June. Shares started trading at ~$30 and currently goes for $9.67. Soros’ stake is at 0.95% of the portfolio. There was a ~42% selling last quarter at prices between ~$23 and ~$43 while this quarter there was a ~60% stake increase at prices between ~$13.50 and ~$27.Salesforce.com (CRM): The 0.85% of the portfolio CRM stake was built over the last three quarters at prices between ~$190 and ~$310 and the stock currently trades well below that range at ~$164.Accenture plc (ACN), Indie Semiconductor (INDI), and Nike Inc. (NKE): These three small (less than ~0.65% of the portfolio each) positions were increased substantially during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the second-largest individual stock position at 5.49% of the portfolio. The 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. Last two quarters saw a ~30% selling at prices between ~$135 and ~$177. The stock currently trades at ~$116.Amazon.com (AMZN): AMZN is a 3.51% of the portfolio position primarily built in H1 2021 at prices between ~$2952 and ~$3511. The stock currently trades well below that range at ~$2216. Last two quarters had seen a roughly one-third selling at prices between ~$3188 and ~$3731. This quarter also saw a ~5% trimming.D R Horton (DHI): The large (top five) 3.42% 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 roughly one-third selling over the last two quarters at prices between ~$75 and ~$110. The stock currently trades at $68.37.Aramark Inc. (ARMK): The ~2% ARMK stake saw a ~200% increase over the last four quarters at prices between ~$31.50 and ~$42.25. This quarter saw a one-third reduction at prices between ~$33 and ~$38. The stock is now at $33.63.iShares Trust iBoxx ETF (LQD): The 0.75% 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. There was a ~30% selling this quarter at prices between ~$118 and ~$131. The stock currently trades at ~$112.T-Mobile US (TMUS): The 0.56% 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. Q3 2021 saw a ~20% stake increase at prices between ~$125 and ~$149 while last quarter there was a ~45% selling at prices between ~$107 and ~$127. The stock is now at ~$127. This quarter saw a minor ~2% trimming.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 ~$171 and the stake is now very small at 0.54% of the portfolio. This quarter also saw a ~6% trimming.Elanco Animal Health (ELAN), Opendoor Technologies (OPEN), and Proterra Inc. (PTRA): These three very small (less than ~0.50% of the portfolio each) stakes were reduced substantially this quarter.Kept Steady:Bowlero Corp (BOWL) & wts: BOWL is a 1.53% of the portfolio position purchased last quarter at prices between ~$8.80 and ~$10.15 and the stock currently trades at $10.60. Bowlero came to market through a SPAC transaction with Isos Acquisition that closed in December.Note: Soros has a 5.4% ownership stake in the business.SPDR S&P 500 (SPY) Calls: The 1.37% of the portfolio long position through SPY Calls was established last quarter as the underlying traded between ~$429 and ~$478 and it is now at ~$400.iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a 0.88% 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 $51.06.SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): The very small 0.51% stake in SPSB was kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q1 2022:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/18/2021 to 2/14/2022: 13G/A – 2/11 – TPBA – 1.31M shares – 7.28% of business, 13G & Form 3 – 12/16 – BOWL – 9.47M shares – 5.4% of business, Form 3  - 2.9M shares ."