Soros’ 13F portfolio value decreased from $6.25B to $4.56B this quarter. The number of positions decreased from 203 to 189.
Soros added Tribune Media, while reducing NXP Semiconductors. The large net short positions in the S&P 500 Index and the Nasdaq 100 Index was turned into a small net long position during the quarter.
Liberty Broadband at ~14% of the portfolio is the largest individual stock 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 13F Form filed on 11/14/2018. Please visit our Tracking Soros Fund Management Holdings article for an idea on his investment philosophy and our previous update for the fund’s moves during Q2 2018.
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 ~27% this quarter from $6.25B to $4.56B. The number of positions decreased from 203 to 189. Very small stock positions and large debt holdings together account for ~30% 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. As the small positions (<0.5%) do not indicate a clear bias, the focus of this article is on the lsarger equity positions. The top three individual stocks held are Liberty Broadband (LBRDK), VICI Properties (VICI), and Caesars Entertainment (CZR). To learn about Soros’ distinct trading style and philosophy, check out his The Alchemy of Finance and other works.
Tribune Media (TRCO), Archer Daniels Midland (ADM), Walt Disney (DIS), and Kraft Heinz (KHC): These are new individual stock positions established during the quarter. TRCO is a 1.35% of the portfolio stake purchased at prices between $32 and $39, and the stock currently trades near the top end of that range at $38.57. The 0.79% of the portfolio position in ADM was established at prices between $45 and $51, and it currently goes for $46.38. DIS is a 0.77% position purchased at prices between $104 and $117, and it is now at ~$116. The 0.68% KHC stake was established at prices between $55 and $65, and it currently trades below that range at $52.08.
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