"Tracking George Soros’s Portfolio – Q3 2021 Update"
"Soros' 13F portfolio value decreased from $5.93B to $5.42B this quarter. The number of positions decreased from 257 to 250.Soros increased General Motors and Aramark while reducing Amazon.com, Alphabet, and Invesco QQQ Trust ETF.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 11/12/2021. Please visit our  for an idea on his investment philosophy and our  for the fund’s moves during Q2 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 ~9% this quarter from $5.93B to $5.42B. The number of positions decreased from 257 to 250. Very small stock positions and large debt holdings together account for ~21% 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 Liberty Broadband, D R Horton, and Invesco QQQ Trust ETF. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:SPDR Energy ETF (XLE) & Calls: The 1.59% position was established during the quarter as XLE traded between ~$46 and ~$55. The stock currently trades at $56.89.Note 1: XLE is back in the portfolio after a quarter’s gap. A 2.12% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60. Q1 2021 saw a ~7% stake increase while last quarter saw the position sold out at prices between ~$47 and ~$56.Note 2: Soros is known to use ETFs to hedge other parts of his portfolio. As such, such positions do not indicate a clear market bias.Hill-Rom Holdings (HRC) and MGM Growth Properties (MGP): These are merger-arbitrage stakes established this quarter. Baxter International (BAX) is buying Hill-Rom Holdings for $156 per share all-cash deal announced in early September. Vici Properties (VICI) is acquiring MGM Growth Properties in an all-stock deal (1.366 shares of VICI for each MGP held) announced in August. HRC and MGP currently trade at $155.50 and $39.43 respectively.Stake Disposals:Maxim Integrated: Maxim was a 1.93% merger-arbitrage stake primarily built last quarter at prices between ~$90 and ~$105. Analog Devices (ADI) acquired Maxim Integrated in an all-stock (0.63 shares of ADI for each Maxim held) deal that closed in August.Otis Worldwide (OTIS): The 0.83% 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. Q1 2021 also saw a ~20% reduction at prices between ~$62 and ~$70. The disposal this quarter was at prices between ~$82 and ~$92. The stock is now at $86.23.Alexion Pharmaceuticals (ALXN) & Puts: The ~0.75% net-long merger-arbitrage stake in Alexion was eliminated as the merger with AstraZeneca closed in July.Clarivate plc (CLVT), International Flavors & Fragrances (IFF), SPDR S&P Oil & Gas ETF (XOP) Puts, and Upstart Holdings (UPST): These very small (less than ~1% of the portfolio each) stakes were disposed during the quarter.Stake Increases:D R Horton (DHI): The large (top three) 6.70% 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. The stock currently trades at ~$102. Last two quarters have seen only minor adjustments.IHS Markit Ltd. (INFO): INFO is a fairly large 5.26% of the portfolio position purchased over the last two quarters at prices between ~$97 and ~$125 and the stock currently trades at ~$130.Note: S&P Global (SPGI) is acquiring IHS Markit in an all-stock (0.2838 shares of SPGI for each INFO held) deal announced last November.Nuance Communications (NUAN), PPD Inc. (PPD), and Vereit Inc.: These merger-arbitrage stakes were increased during the quarter. Microsoft (MSFT) is acquiring Nuance in a $56 all-cash deal announced in April. PPD is being acquired by Thermo Fisher Scientific (TMO) in a $47.50 all-cash deal announced in April. Realty Income (O) acquired Vereit in an all-stock (0.705 shares of Realty Income for each Vereit held) deal that closed earlier this month. Nuance and PPD currently trade at $55.44 and $47.33 respectively.General Motors (GM): The 2.27% of the portfolio GM stake saw a ~300% stake increase this quarter at prices between ~$48 and ~$59. The stock currently trades at $62.33.Aramark Inc. (ARMK): The 1.86% ARMK stake saw a ~75% increase over the last three quarters at prices between ~$31.50 and ~$42.25. The stock is now at $36.89.T-Mobile US (TMUS): The 1.27% 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 last quarter at prices between ~$128 and ~$147. This quarter saw a ~20% stake increase at prices between ~$125 and ~$149. The stock is now at ~$117.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. There was a ~62% selling in Q4 2019 at prices between $22.50 and $25.50. 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 in Q4 2020 there was a 45% reduction at prices between $22.50 and $26.60. Last quarter saw another ~70% selling at prices between ~$28 and ~$33 while this quarter there was a ~30% stake increase at prices between ~$28.50 and ~$32. The stock currently goes for ~$29.25.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 three quarters had seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$167 and the stake is now very small at 0.59% of the portfolio. There was a marginal increase this quarter.Ally Financial (ALLY), Analog Devices (ADI), Focus Financial Partners (FOCS), Salesforce.com (CRM), and Synchrony Financial (SYF): These very small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at 12.44% of the portfolio. The stake was established in Q2 2016 at prices between $55 and $60.50. The stock has tripled and is currently trading at ~$166. Q4 2019 saw a ~20% selling at prices between $103 and $125. Q1 2021 saw a similar reduction at prices between ~$142 and ~$157. That was followed with minor trimming in the last two quarters.Invesco QQQ Trust (QQQ): QQQ is a large 6.58% of the portfolio stake established in Q3 2020 at prices between $250 and $303 and it currently trades at ~$402. There was a one-third increase in Q1 2021 at prices between ~$300 and ~$337. Last two quarters have seen a one-third reduction as QQQ traded between $317 and $382.Amazon.com (AMZN): AMZN is a large 5.58% of the portfolio position primarily built over the last two quarters at prices between ~$2952 and ~$3511. The stock currently trades at ~$3696. There was a ~15% trimming this quarter.Alphabet Inc. (GOOG): GOOG is a 2.94% 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. The stock is now at ~$3014. This quarter saw a ~15% trimming.Note: Alphabet is a frequently traded stock in Soros’ portfolio.FIGS Inc. (FIGS): FIGS had an IPO in June. Shares started trading at ~$30 and currently goes for $30.72. Soros’ stake is at 2.14% of the portfolio. This quarter saw marginal trimming.SPDR S&P 500 ETF (SPY) Puts: The bulk of the 2.58% of the portfolio short position through SPY Puts were purchased in H1 2021 as the underlying traded between ~$396 and ~$430. SPY currently trades at ~$470. There was a ~25% selling this quarter as SPY traded between ~$425 and ~$453.Activision Blizzard (ATVI): ATVI is a ~2% 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 at $62.67. The two quarters through Q1 2021 had seen a one-third stake increase at prices between ~$75 and ~$104. Last two quarters have seen only minor adjustments.Hain Celestial Group (HAIN): The ~1% HAIN position was purchased in Q2 2020 at prices between $25 and $32 and the stock currently trades well above that range at ~$42. Q4 2020 saw a ~50% selling at prices between $30.75 and $40.50. That was followed with a similar reduction next quarter at prices between ~$40 and ~$45. There was a ~25% stake increase last quarter at around the same price range. This quarter saw a ~10% trimming.Quantumscape (QS): QS is a 0.45% of the portfolio stake established in Q4 2020 as the shares traded between ~$12 and ~$132. The position was reduced by ~50% last quarter at prices between ~$24 and ~$49. That was followed with a ~40% selling this quarter at prices between ~$19.30 and ~$27.70. The stock currently trades at $33.86.Elanco Animal Health (ELAN), Magellan Health (MGLN), Opendoor Technologies (OPEN), and Walt Disney (DIS): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Marqeta Inc. (MQ): MQ is a 1.63% of the portfolio position. They had an IPO in June. Shares started trading at ~$30.50 and it is now at $23.95.Proterra Inc. (PTRA): PTRA is a 1.45% of the portfolio position established last quarter at prices between ~$13.30 and ~$19 and the stock currently trades just below that range at $12.14.Note: ArcLight Clean Transition, a SPAC merged with Proterra in a transaction that closed in June. Soros had a very small position in ArcLight units.iShares Trust iBoxx ETF (LQD): The 1.43% 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. Last quarter saw a roughly two-thirds reduction at prices between ~$130 and ~$134. The stock currently trades at ~$133.iShares Barclays 1-5yr Bond Fund (IGSB): IGSB is now a ~1% 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 $54.15.Didi Global (DIDI), iShares National Muni ETF (MUB) and SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q3 2021:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 5/23/2021 thru 8/17/2021: None."