"Tracking George Soros’s Portfolio – Q4 2019 Update"
"Soros' 13F portfolio value decreased from $3.61B to $3.09B this quarter. The number of positions decreased from 175 to 173.Soros increased NortonLifeLock, Archer Daniels Midland, and Vistra Energy while reducing VICI Properties.Liberty Broadband at ~23% 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 02/14/2020. Please visit our  for an idea on his investment philosophy and our  for the fund’s moves during Q3 2019.Soros Fund Management invests globally and the long positions in the US market reported in the 13F filings represent ~15% of the overall portfolio. The 13F portfolio value decreased ~14% this quarter from $3.61B to $3.09B. The number of positions decreased from 175 to 173. 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, 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 Alphabet. To learn about Soros’ distinct trading style and philosophy, check out his “” and other works.New stakes:Activision Blizzard (ATVI): ATVI is a ~1.5% of the portfolio stake established this quarter at prices between $52 and $59 and the stock currently trades above that range at $64.Tiffany & Company (TIF), iShares MSCI Emerging (EEM) Calls, SPDR S&P 500 (SPY) Puts, AGNC Investment Corp (AGNC), Bank of America (BAC), and BGC Partners (BGCP): These are small (less than ~1% of the portfolio each) new positions established this quarter.Note: Last November, LVMH Moët Hennessy (LVMUY) agreed to acquire Tiffany for $135 per share cash.Stake Disposals:Celgene Corp (CELG): CELG was a 3.24% merger-arbitrage stake. The original position was increased by ~45% last quarter at prices between $89.50 and $99. Bristol-Myers Squibb (BMY) bought Celgene in a cash-and-stock deal ($50 cash, one share of BMY, and a tradeable CVR with a one-time potential payment of $9 in 2021 for each share of CELG held) that closed in November.eBay Inc. (EBAY): The 1.29% EBAY position was purchased in Q2 2019 at prices between $35.50 and $40 and increased by ~12% last quarter at prices between $38 and $42. The disposal this quarter was at prices between $34.50 and $39. The stock currently trades at $37.69.Altaba: AABA was a fairly large (top five) ~4% portfolio position established in Q2 2017 at prices between $46 and $56 and increased by ~10% the following quarter at prices between $54.50 and $67.50. Last September, shareholders received $51.50 per share in cash as a pre-dissolution distribution. The stock is no longer traded and the NAV remaining is upwards of $20 per share.SPDR Energy (XLE) Puts: A 1.64% of the portfolio short position in XLE was established last quarter as the underlying traded between $56 and $65. It was disposed this quarter as XLE traded between $55.90 and $62. XLE is now at $54.79.SPDR Financial (XLF): The very small 0.71% position was eliminated this quarter.Stake Increases:NortonLifeLock (NLOK) previously Symantec: NLOK is a 2.72% portfolio stake established in Q2 2019 at prices between $18 and $24.50. Last quarter saw a ~5% stake increase and that was followed with a ~70% stake increase this quarter at prices between $22.50 and $26.50. The stock currently trades at $20.79.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.D R Horton (DHI): The ~2% 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. The stock currently trades well above those ranges at $62.05. Last quarter saw a ~18% selling at prices between $43.50 and $53 while this quarter there was a marginal increase.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. Last quarter saw a ~60% selling at prices between $36.75 and $42. There was a ~185% stake increase this quarter at prices between $38.50 and $46.50. The stock currently trades at $44.23.Energizer Holdings (ENR): ENR is a 1,15 % stake purchased in Q4 2018 at prices between $43 and $62 and increased by ~55% next quarter at prices between $44 and $49. It is now at $51.37. There was a ~16% selling last quarter at prices between $33.50 and $46. This quarter saw a marginal increase.SPDR Energy (XLE) & Calls and Vistra Energy (VST): These two positions saw large increases during the quarter. The 1.14% XLE stake was increased by ~575% at prices between $55.90 and $62. The stock is now at $54.79. The 1.32% VST position saw a ~175% increase at prices between $22.75 and $27.50 and it currently trades at $22.91.Edgewell Personal Care (EPC), Keurig Dr. Pepper (KDP), and Zayo Group Holdings (ZAYO): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Liberty Broadband (LBRDK): LBRDK is the largest individual stock position by far at 23.10% 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 ~$138. Last few quarters had seen minor trimming while this quarter saw a ~20% reduction at prices between $103 and $125.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 5.84% 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 $28.13. Q2 2019 saw a ~5% stake increase while last quarter saw a ~10% reduction. There was a ~62% selling this quarter at prices between $22.50 and $25.50.Mondelez Intl. (MDLZ): The 1.81% MDLZ stake had seen a ~140% increase in Q4 2018 at prices between $39.50 and $45. This quarter saw a ~15% selling at prices between $51.50 and $56. The stock currently trades at ~$59.LPL Financial (LPLA): The bulk of the 1.43% of the portfolio stake in LPLA was purchased in Q2 2018 at prices between $57 and $71 and the stock currently trades well above that range at ~$99. There had only been minor adjustments since. This quarter saw a ~7% trimming.UnitedHealth Group (UNH): UNH is a 1.14 % UNH stake which 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. The stock is now at ~$302. Last quarter saw a ~17% stake increase while this quarter there was a ~11% trimming.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. Last three quarters had seen the position sold down by ~60% at prices between $6.75 and $12.25. This quarter saw the stake almost sold out at prices between $11.50 and $13.75. The stock currently trades at $14.62.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.Peloton Interactive (PTON), Alcon Inc. (ALC), and Owl Rock Capital (ORCC): These three positions established last quarter were reduced this quarter. PTON had an IPO last October. Shares started trading at ~$25 and currently goes for ~$27. Soros’ had a 1.10% of the portfolio stake which was reduced by ~80% during the quarter at prices between $21 and $37. The 0.78% ALC position was purchased at prices between $56 and $62.50 and it currently goes for $63.46. There was a ~20% selling this quarter at prices between $55 and $59. The very small 0.70% ORCC position saw a ~12% trimming during the quarter.Annaly Capital Management (NLY), E*Trade Financial (ETFC), SPDR Oil & Gas Exploration (XOP) & Calls, SPDR S&P 500 (SPY) & Calls and Synchrony Financial (SYF): These very small positions (less than ~1% of the portfolio each) were reduced during the quarter.Note: E*Trade is being acquired by Morgan Stanley (MSN) in an all-stock (1.0432 shares of Morgan Stanley for each share of E*Trade held) deal announced today.Kept Steady:Alphabet Inc. (GOOG): GOOG is a 2.85% of the portfolio position purchased in Q2 2019 at prices between $1036 and $1288 and the stock is now at $1518.Note: Alphabet is a frequently traded stock in Soros’ portfolio.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 $25.41. There was marginal trimming last quarter.JPMorgan Chase (JPM): The 0.96% 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. It currently trades at ~$138. Q4 2018 also saw a ~20% selling.Ally Financial (ALLY), Citigroup (C) and NRG Energy (NRG): These very small (less than ~1% of the portfolio each) positions were kept steady during the quarter.The spreadsheet below highlights Soros’s significantly large 13F positions as of Q4 2019:"