"Tracking George Soros’s Portfolio – Q2 2021 Update"
"Soros' 13F portfolio value increased from $5.33B to $5.93B this quarter. The number of positions increased from 229 to 257.Soros increased Amazon.com while reducing Quantumscape and dropping Baidu, Tencent Music Group, ViacomCBS, and Vipshop Holdings.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 8/13/2021. Please visit our  for an idea on his investment philosophy and our  for the fund’s moves during Q1 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 increased ~11% this quarter from $5.33B to $5.93B. The number of positions increased from 229 to 257. Very small stock positions and large debt holdings together account for ~23% 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.New stakes:FIGS Inc. (FIGS): FIGS had an IPO in June. Shares started trading at ~$30 and currently goes for $36.75. Soros’ stake is fairly large at 2.68% of the portfolio.IHS Markit Ltd. (INFO): INFO is a fairly large 2.56% of the portfolio position purchased at prices between ~$97 and ~$113 and the stock currently trades at ~$118.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.Proterra Inc. (PTRA): PTRA is a 2.24% of the portfolio position established this quarter at prices between ~$13.30 and ~$19 and the stock currently trades at $9.07.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 last quarter.Marqeta Inc. (MQ): MQ is a 1.89% of the portfolio position. They had an IPO in June. Shares started trading at ~$30.50 and it is now at $24.71.PPD Inc. (PPD), Vereit Inc. (VER), Alexion Pharmaceuticals (ALXN) & Puts, Nuance Communications (NUAN), and Magellan Health (MGLN): These are merger-arbitrage stakes established this quarter.SPDR S&P Oil & Gas ETF (XOP) Puts and Didi Global (DIDI): These are very small (less than ~1% of the portfolio each) stakes purchased this quarter.Stake Disposals:ViacomCBS (VIAC), Baidu Inc. (BIDU), Vipshop Holdings (VIPS), and Tencent Music Group (TME): These four individual stock positions established last quarter were disposed 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 $39.71. The elimination this quarter was at prices between ~$38 and ~$45. BIDU was a 1.44% of the portfolio position established at prices between ~$204 and ~$340 and it is now at ~$138. The disposal this quarter was at prices between ~$179 and ~$227. The small 0.87% VIPS stake was purchased at prices between $27.50 and $45.50 and it now goes for $13.22. The disposal this quarter was at prices between $17.50 and $31.50. TME was a 0.63% of the portfolio position established at prices between ~$19.40 and ~$32 and it currently trades at $7.46. The position was eliminated this quarter at prices between ~$14.50 and ~$21.50.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. The position was disposed this quarter as the ETF traded between ~$212 and ~$233. IWM currently trades at ~$215.SPDR Energy ETF (XLE) & Calls: The 2.12% XLE stake was purchased in Q4 2020 at prices between $27.70 and $41.60 and it is now at $45.89. Last quarter saw a ~7% stake increase while this quarter saw the position sold out at prices between ~$47 and ~$56.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 Increases:Amazon.com (AMZN): AMZN is a large ~4% of the portfolio position primarily built over the last two quarters at prices between ~$2952 and ~$3511. The stock currently trades at ~$3200.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. Q4 2020 saw another similar selling at prices between $1415 and $1728. There was a ~250% stake increase last quarter at prices between ~$1728 and ~$2138. The stock is now at ~$2769. There was a minor ~2% stake increase this quarter.Note: Alphabet is a frequently traded stock in Soros’ portfolio.SPDR S&P 500 ETF (SPY) Puts: The bulk of the 2.58% of the portfolio short position through SPY Puts were purchased as the underlying traded between ~$396 and ~$430. SPY currently trades at ~$443.Activision Blizzard (ATVI): ATVI is a 2.42% 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 $82.63. Last two quarters had seen a one-third stake increase at prices between ~$75 and ~$104. This quarter also saw a minor ~2% stake increase.Maxim Integrated (MXIM): MXIM is a 1.93% merger-arbitrage stake primarily built this quarter at prices between ~$90 and ~$105. The stock currently trades at ~$102. Analog Devices (ADI) is buying Maxim Integrated in an all-stock (0.63 shares of ADI for each MXIM held) deal announced last July.Hain Celestial Group (HAIN): The 0.91% HAIN position was purchased in Q2 2020 at prices between $25 and $32 and the stock currently trades well above that range at $40.31. Q4 2020 saw a ~50% selling at prices between $30.75 and $40.50. That was followed with a similar reduction last quarter at prices between ~$40 and ~$45. There was a ~25% stake increase this quarter at around the same price range.Aramark Inc. (ARMK), Clarivate plc (CLVT), Elanco Animal Health (ELAN), Focus Financial Partners (FOCS), International Flavors & Fragrances (IFF), Opendoor Technologies (OPEN), Synchrony Financial (SYF), and Walt Disney (DIS): These small (less than ~1.5% 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% 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 ~$187. Q4 2019 saw a ~20% selling at prices between $103 and $125. Last quarter saw a similar reduction at prices between ~$142 and ~$157. That was followed with a ~5% trimming this quarter.Invesco QQQ Trust (QQQ): QQQ is a large ~8% of the portfolio stake established in Q3 2020 at prices between $250 and $303 and it currently trades at ~$368. There was a one-third increase last quarter at prices between ~$300 and ~$337. This quarter saw a ~13% trimming.D R Horton (DHI): The large (top three) 6.49% 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 had also seen a ~45% increase at prices between ~$65 and ~$90. The stock currently trades at ~$95. There was a ~3% trimming this quarter.iShares Trust iBoxx ETF (LQD): The 1.32% 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 ~$135. This quarter saw a roughly two-thirds reduction at prices between ~$130 and ~$134.T-Mobile US (TMUS): The 1.10% 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 this quarter at prices between ~$128 and ~$147. The stock is now at ~$142.Quantumscape (QS): QS is a 0.79% of the portfolio stake established in Q4 2020 as the shares traded between ~$12 and ~$132. The position was reduced by ~50% this quarter at prices between ~$24 and ~$49. The stock currently trades at $19.61.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. This quarter saw another ~70% selling at prices between ~$28 and ~$33. The stock currently goes for ~$29.30.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 have seen another ~35% selling at prices between ~$76 and ~$156. The stock currently trades at ~$143 and the stake is now very small at 0.47% of the portfolio.Ally Financial (ALLY), Analog Devices (ADI), Denbury Inc. (DEN), General Motors (GM), Texas Instruments (TXN), and Upstart Holdings (UPST): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady: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 $54.75.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. Last quarter also saw a ~20% reduction at prices between ~$62 and ~$70. The stock is now at ~$90.iShares National Muni ETF (MUB) and SPDR Portfolio Short-Term Corporate Bond ETF (SPSB): These two very small (less than ~0.6% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q2 2021:Source: John Vincent. Data constructed from Soros Fund Management’s 13F filings for Q1 2021 and Q2 2021.11/17/2020: Statement regarding Palantir stake: SFM disclosed some details of their stake in Palantir yesterday - it was acquired in 2012 when PLTR was private. They are in the process of disposing it as they do not approve Palantir's business practices. Please see statement atRegulatory filings from 2/29/2021 thru 5/23/2021: None."