Soros Fund Management

Q4 2018 13F · by Dawn Fitzpatrick, CIO

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $2.6B · prev $3.6B
Positions: 133 · prev 151
Options notional: $184M
Documents: 1· no amendments

Picture78.6% US stock

Mostly picture · of what this 13F reports is US stock

US stock listed on a US exchange 78.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 15.8%
Puts at notional value 4.2%
Calls at notional value 1.4%

Moves196 since the prior filing

+23.0 pp in · −26.3 pp out

New 36 +16.23 pp
Added 17 +6.80 pp
Trimmed 71 −7.01 pp
Exited 54 −19.32 pp

Options: 18 moves on a notional base, in the table below.

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 100% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions52% of US stock

LBRDK Liberty Broadband Corporation Class C held held20.2%
VICI VICI Properties Inc. trimmed+2.04 pp trimmed+2.0415.1%
CZR Caesars Entertainment, Inc. trimmed−1.27 pp trimmed−1.278.7%
AABA Altaba Inc. trimmed+0.58 pp trimmed+0.585.7%
MDLZ Mondelez International, Inc. Class A added+1.36 pp added+1.362.0%

Positions133 in this filing · 54 exited


LBRDKLiberty Broadband Corporation Class C	20.24%	7,290,838	$525M	held	—	11 q
VICIVICI Properties Inc.	15.12%	20,898,926	$392M	trimmed−3%	+2.04 pp	4 q
CZRCaesars Entertainment, Inc.	8.68%	33,160,623	$225M	trimmed−4%	−1.27 pp	23 q
AABAAltaba Inc.	5.71%	2,556,619	$148M	trimmed−4%	+0.58 pp	7 q
MDLZMondelez International, Inc. Class A	2.01%	1,303,800	$52M	added×2.4	+1.36 pp	2 q
XLFState Street Financial Select Sector SPDR ETF	1.86%	2,025,759	$48M	new	+1.86 pp	new
IWBiShares Russell 1000 ETF	1.53%	285,531	$40M	new	+1.53 pp	new
PMPhilip Morris International Inc.	1.52%	590,000	$39M	new	+1.52 pp	new
COUPCoupa Software Incorporated	1.48%	610,000	$38M	added+7%	+0.21 pp	3 q
GLIBAGci Liberty Inc - Class A	1.44%	910,000	$37M	added+43%	+0.53 pp	4 q
LPLALPL Financial Holdings Inc.	1.35%	571,971	$35M	held	—	5 q
TMUST-Mobile US, Inc.	1.35%	550,000	$35M	added×9.3	+1.23 pp	3 q
VZVerizon Communications	1.33%	612,315	$34M	new	+1.33 pp	new
MKCMcCormick & Company, Incorporated Non-VTG CS	1.15%	215,000	$30M	added×3.6	+0.93 pp	2 q
RNGRingcentral, Inc.	1.08%	340,000	$28M	trimmed−9%	+0.10 pp	6 q
CRMSalesforce, Inc.	1.08%	205,000	$28M	trimmed−9%	+0.07 pp	4 q
GOOGLAlphabet Inc. Class A	1.01%	25,000	$26M	added+82%	+0.54 pp	6 q
RHTRed Hat Inc	0.96%	141,183	$25M	new	+0.96 pp	new
AMZNAmazon.Com Inc	0.93%	16,000	$24M	trimmed−28%	−0.32 pp	4 q
CAGConagra Brands, Inc.	0.93%	1,125,000	$24M	new	+0.93 pp	new
LGFLions Gate Entertainment-a	0.93%	1,500,000	$24M	added+15%	+0.03 pp	6 q
HSYThe Hershey Company	0.91%	220,000	$24M	added+29%	+0.42 pp	2 q
ENREnergizer Holdings, Inc	0.90%	515,000	$23M	new	+0.90 pp	new
NRGNRG Energy, Inc.	0.88%	575,000	$23M	added×2.4	+0.62 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.82%	85,000	$21M	added×2.0	+0.50 pp	3 q
TAT&T Inc.	0.81%	734,775	$21M	trimmed−51%	−0.61 pp	3 q
JPMJPMorgan Chase & Co.	0.80%	212,244	$21M	trimmed−21%	−0.05 pp	4 q
ALLTAllot Ltd.	0.76%	3,268,623	$20M	trimmed−27%	−0.02 pp	13 q
DISThe Walt Disney Company	0.75%	178,001	$20M	trimmed−40%	−0.23 pp	2 q
CMAComerica Incorporated	0.71%	269,265	$18M	trimmed−2%	+0.01 pp	5 q
ETRAE*trade Financial Corp	0.69%	407,091	$18M	added+29%	+0.23 pp	4 q
SIVBQSvb Financial Group	0.62%	85,297	$16M	added+4%	−0.10 pp	4 q
BGBunge Global SA	0.62%	300,000	$16M	new	+0.62 pp	new
BACBank of America Corporation	0.61%	643,968	$16M	trimmed−35%	−0.21 pp	5 q
TIVOTivo Inc	0.57%	1,568,485	$15M	trimmed−3%	0.00 pp	10 q
CFCF Industries Holding, Inc.	0.56%	335,000	$15M	added+12%	+0.10 pp	2 q
NOWServicenow, Inc.	0.55%	80,000	$14M	new	+0.55 pp	new
ADMArcher Daniels Midland Company	0.51%	325,000	$13M	trimmed−55%	−0.51 pp	2 q
WFCWells Fargo & Co.	0.51%	285,630	$13M	trimmed−22%	−0.03 pp	4 q
KHCThe Kraft Heinz Company	0.50%	300,000	$13M	trimmed−46%	−0.37 pp	2 q
IACIIac / Interactivecorp (De) Com Stk	0.46%	65,000	$12M	new	+0.46 pp	new
unresolvedEncana Corp	0.45%	2,000,000	$12M	new	+0.45 pp	new
IIntelsat SA	0.45%	548,747	$12M	trimmed−78%	−1.61 pp	4 q
SIRISirius XM Holdings, Inc	0.43%	1,959,400	$11M	new	+0.43 pp	new
OKEOneok, Inc.	0.42%	200,000	$11M	new	+0.42 pp	new
ZIONZions Bancorporation N.A.	0.42%	269,934	$11M	trimmed−3%	+0.03 pp	5 q
MSMorgan Stanley	0.41%	265,860	$11M	trimmed−11%	+0.02 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	0.38%	150,000	$10M	new	+0.38 pp	new
CCitigroup Inc.	0.37%	182,867	$10M	trimmed−21%	−0.10 pp	4 q
unresolvedPandora Media Inc	0.36%	1,153,685	$9M	trimmed−78%	−1.07 pp	3 q
SSNCSS&C Technologies Inc	0.34%	195,266	$9M	new	+0.34 pp	new
CMECME Group Inc.	0.33%	46,102	$9M	trimmed−8%	+0.09 pp	9 q
WPXWPX Energy, Inc.	0.31%	700,000	$8M	new	+0.31 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.30%	31,444	$8M	new	+0.30 pp	new
CLColgate-Palmolive Company	0.29%	125,000	$7M	new	+0.29 pp	new
unresolvedViper Energy Partners LP	0.29%	289,644	$8M	added×3.9	+0.20 pp	2 q
COTYCoty Inc	0.28%	1,125,000	$7M	added+32%	−0.02 pp	2 q
LYVLive Nation Entertainment Inc.	0.26%	137,160	$7M	new	+0.26 pp	new
TRCOTribune Media Company Class A	0.26%	151,500	$7M	trimmed−91%	−1.47 pp	2 q
SUSuncor Energy, Inc.	0.24%	225,000	$6M	new	+0.24 pp	new
WWEWorld Wrestling Entertainment	0.24%	83,277	$6M	new	+0.24 pp	new
AXPAmerican Express Company	0.21%	56,077	$5M	trimmed−21%	0.00 pp	4 q
unresolvedFalcon Minerals Corp	0.21%	638,039	$5M	trimmed−9%	−0.01 pp	2 q
PNCPNC Financial Services Group	0.21%	45,904	$5M	trimmed−18%	0.00 pp	4 q
USBU.S. Bancorp	0.21%	119,003	$5M	trimmed−26%	−0.03 pp	4 q
PSXPhillips 66	0.20%	60,000	$5M	new	+0.20 pp	new
CBChubb Limited	0.20%	40,306	$5M	trimmed−22%	+0.01 pp	4 q
CNQCanadian Natural Resources Limited	0.19%	200,000	$5M	new	+0.19 pp	new
MPCMarathon Petroleum Corporation	0.19%	85,000	$5M	new	+0.19 pp	new
SPGIS&P Global Inc.	0.19%	28,616	$5M	trimmed−21%	−0.01 pp	4 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.19%	186,916	$5M	trimmed−19%	−0.09 pp	2 q
XLEState Street Energy Select Sector SPDR ETF	0.19%	86,972	$5M	new	+0.19 pp	new
TRVThe Travelers Companies, Inc.	0.19%	40,423	$5M	trimmed−17%	+0.01 pp	4 q
EPDEnterprise Products Partners L.P.	0.18%	190,000	$5M	new	+0.18 pp	new
ICEIntercontinental Exchange Inc.	0.18%	62,386	$5M	trimmed−19%	+0.02 pp	4 q
WEPMagellan Midstream Partners	0.18%	81,700	$5M	new	+0.18 pp	new
EWBCEast-West Bancorp Inc	0.17%	101,196	$4M	held	—	4 q
ETEnergy Transfer LP	0.16%	321,500	$4M	new	+0.16 pp	new
MRSHMarsh	0.16%	51,090	$4M	trimmed−19%	+0.01 pp	4 q
FGFgl Holdings	0.16%	620,938	$4M	added+22%	+0.03 pp	5 q
AFLAflac Inc.	0.15%	87,419	$4M	trimmed−25%	0.00 pp	4 q
BBTTruist Financial Corporation	0.15%	90,674	$4M	trimmed−16%	0.00 pp	4 q
GSGoldman Sachs Group Inc.	0.15%	22,682	$4M	trimmed−20%	−0.03 pp	4 q
PGRProgressive Corporation	0.15%	65,130	$4M	trimmed−20%	−0.01 pp	4 q
PRUPrudential Financial, Inc.	0.15%	48,445	$4M	trimmed−17%	−0.02 pp	4 q
ALLThe Allstate Corporation	0.14%	44,195	$4M	trimmed−23%	−0.02 pp	4 q
unresolvedAon PLC	0.14%	24,925	$4M	trimmed−14%	+0.01 pp	4 q
SHOPShopify Inc. Class A subordinate voting shares	0.13%	25,000	$3M	new	+0.13 pp	new
BNYBank of New York Mellon Corporation	0.12%	67,845	$3M	trimmed−25%	−0.01 pp	4 q
KRPKimbell Royalty Partners, LP Common Units representing Limited Partner Interests	0.12%	231,075	$3M	trimmed−8%	−0.02 pp	2 q
OIBR/USDOi Sa-adr	0.12%	1,868,346	$3M	added+7%	−0.01 pp	2 q
AIGAmerican International Group, Inc.	0.11%	72,063	$3M	trimmed−23%	−0.03 pp	4 q
COFCapital One Financial	0.11%	38,861	$3M	trimmed−25%	−0.03 pp	4 q
METMetLife, Inc.	0.11%	66,772	$3M	trimmed−17%	0.00 pp	4 q
WTFCWintrust Financial Corp	0.11%	41,600	$3M	trimmed−24%	−0.02 pp	2 q
MRVLMarvell Technology, Inc.	0.11%	171,332	$3M	trimmed−86%	−0.54 pp	5 q
HFCHollyfrontier Corp	0.10%	50,000	$3M	trimmed−41%	−0.07 pp	2 q
unresolvedWestern Gas Partners LP	0.10%	62,000	$3M	new	+0.10 pp	new
EQMEQM Midstream Partners, LP	0.09%	55,000	$2M	new	+0.09 pp	new
BENFranklin Templeton, Inc.	0.09%	77,531	$2M	trimmed−22%	0.00 pp	4 q
MGYMagnolia Oil & Gas Corporation Class A	0.09%	200,000	$2M	trimmed−60%	−0.12 pp	2 q
NDAQNasdaq, Inc.	0.09%	30,177	$2M	trimmed−8%	+0.01 pp	4 q
NTRSNorthern Trust Corp	0.09%	26,433	$2M	trimmed−22%	−0.01 pp	4 q
RFRegions Financial Corp.	0.09%	178,989	$2M	trimmed−64%	−0.17 pp	5 q
SCHWThe Charles Schwab Corporation	0.09%	53,404	$2M	trimmed−25%	−0.01 pp	5 q
unresolvedArris Intl Inc	0.09%	79,000	$2M	new	+0.09 pp	new
ASBAssociated Banc-Corp	0.08%	111,308	$2M	trimmed−60%	−0.13 pp	3 q
GSKYGreenSky, Inc. Class A	0.08%	227,653	$2M	trimmed−63%	−0.24 pp	3 q
TROWT Rowe Price Group Inc	0.08%	23,756	$2M	trimmed−21%	−0.01 pp	4 q
AMPAmeriprise Financial, Inc.	0.07%	16,426	$2M	trimmed−21%	−0.02 pp	4 q
CFGCitizens Financial Group, Inc.	0.07%	59,730	$2M	held	—	2 q
DNRDenbury Resources, Inc.	0.07%	1,000,000	$2M	trimmed−50%	−0.28 pp	6 q
SLBSLB Limited	0.07%	50,000	$2M	held	—	2 q
TRGPTarga Resources Corp.	0.07%	50,000	$2M	new	+0.07 pp	new
TRNTrinity Industries, Inc.	0.07%	92,430	$2M	new	+0.07 pp	new
BLQADBlackrock Inc	0.06%	3,680	$1M	trimmed−23%	0.00 pp	4 q
DFSDiscover Financial Services	0.06%	26,098	$2M	trimmed−25%	−0.01 pp	4 q
HBANHuntington Bancshares Inc	0.06%	136,085	$2M	trimmed−25%	−0.02 pp	4 q
KEYKeyCorp	0.06%	111,467	$2M	trimmed−16%	−0.01 pp	4 q
MSCIMSCI, Inc.	0.05%	9,401	$1M	trimmed−25%	−0.01 pp	3 q
PACWPacWest Bancorp	0.05%	42,100	$1M	trimmed−57%	−0.08 pp	3 q
unresolvedSunTrust Banks Inc	0.05%	26,395	$1M	trimmed−20%	−0.01 pp	4 q
BRYBerry Corporation (bry)	0.04%	109,600	$959,000	trimmed−37%	−0.05 pp	2 q
PACBPacific Biosciences of California, Inc.	0.04%	135,000	$999,000	new	+0.04 pp	new
STTState Street Corporation	0.04%	17,264	$1M	trimmed−27%	−0.02 pp	4 q
SYFSynchrony Financial	0.04%	48,772	$1M	held	—	2 q
AMTTd Ameritrade Holding Corp	0.04%	20,327	$995,000	trimmed−23%	0.00 pp	3 q
IVZInvesco LTD	0.04%	60,695	$1M	held	—	2 q
HUCKHuckleberry.ai, Inc. Class B	0.03%	39,533	$776,000	held	—	3 q
FITBFifth Third Bancorp	0.03%	31,228	$735,000	trimmed−27%	0.00 pp	4 q
MTBM&T Bank Corp.	0.03%	5,185	$742,000	trimmed−39%	−0.01 pp	4 q
unresolvedIi-Vi Inc	0.03%	24,023	$780,000	new	+0.03 pp	new
unresolvedFalcon Minerals Corp	0.00%	200,000	$120,000	held	—	2 q
unresolvedAetna Inc New	—	−339,489	—	exited	−1.94 pp	—
MSFTMicrosoft Corp	—	−482,500	—	exited	−1.55 pp	—
unresolvedPinnacle Foods Inc DEL	—	−849,445	—	exited	−1.55 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−1,278,500	—	exited	−1.54 pp	—
SPOTSpotify Technology S.A.	—	−273,100	—	exited	−1.39 pp	—
EQTEqt Corp	—	−617,207	—	exited	−0.77 pp	—
unresolvedExpress Scripts Hldg Co	—	−271,711	—	exited	−0.73 pp	—
DVNDevon Energy Corporation	—	−570,000	—	exited	−0.64 pp	—
MUMicron Technology, Inc.	—	−490,100	—	exited	−0.62 pp	—
AAPLApple Inc.	—	−89,300	—	exited	−0.57 pp	—
unresolvedIntegrated Device Technology	—	−387,859	—	exited	−0.51 pp	—
ELANElanco Animal Health Incorporated	—	−505,000	—	exited	−0.50 pp	—
BABAAlibaba Group Holding Limited	—	−91,200	—	exited	−0.42 pp	—
CCEPCoca-Cola Europacific Partners plc	—	−300,000	—	exited	−0.38 pp	—
unresolvedForest City Rlty Tr Inc	—	−503,769	—	exited	−0.36 pp	—
AIYActivision Blizzard Inc	—	−150,000	—	exited	−0.35 pp	—
CRCCalifornia Resources Corporation	—	−250,000	—	exited	−0.34 pp	—
TSGIStars Group INC/THE	—	−479,300	—	exited	−0.34 pp	—
KOCoca-Cola Company	—	−250,000	—	exited	−0.32 pp	—
MOAltria Group, Inc.	—	−175,000	—	exited	−0.30 pp	—
AMDAdvanced Micro Devices	—	−308,500	—	exited	−0.27 pp	—
QCOMQualcomm Inc	—	−134,400	—	exited	−0.27 pp	—
PDDPDD Holdings Inc.	—	−350,000	—	exited	−0.26 pp	—
DISCKDiscovery Inc-c	—	−291,926	—	exited	−0.24 pp	—
PGProcter & Gamble Company	—	−100,000	—	exited	−0.23 pp	—
TMHCTaylor Morrison Home Corporation	—	−405,782	—	exited	−0.21 pp	—
KELKellanova	—	−100,000	—	exited	−0.20 pp	—
BJBJs Wholesale Club Holdings, Inc.	—	−250,000	—	exited	−0.19 pp	—
SVMKSVMK Inc.	—	−400,000	—	exited	−0.18 pp	—
DLRDigital Realty Trust, Inc.	—	−50,000	—	exited	−0.16 pp	—
FEFirstEnergy Corp.	—	−150,000	—	exited	−0.16 pp	—
unresolvedPinnacle Entmt Inc New	—	−165,000	—	exited	−0.16 pp	—
VACMarriott Vacations Worldwide Corporation	—	−46,528	—	exited	−0.15 pp	—
NFLXNetFlix Inc	—	−13,800	—	exited	−0.15 pp	—
SRESempra	—	−44,000	—	exited	−0.14 pp	—
NTBThe Bank of N.T. Butterfield & Son Limited	—	−95,337	—	exited	−0.14 pp	—
HWCHancock Whitney Corporation	—	−100,000	—	exited	−0.13 pp	—
CNPCenterPoint Energy, Inc.	—	−150,000	—	exited	−0.12 pp	—
TEVATeva Pharmaceutical Industries Limited	—	−160,000	—	exited	−0.10 pp	—
OMFOneMain Holdings, Inc.	—	−90,140	—	exited	−0.09 pp	—
VRTVVeritiv Corporation	—	−83,487	—	exited	−0.09 pp	—
FNDFloor & Decor Holdings, Inc.	—	−100,000	—	exited	−0.08 pp	—
KMIKinder Morgan, Inc.	—	−150,578	—	exited	−0.08 pp	—
BOXBox, Inc.	—	−100,000	—	exited	−0.07 pp	—
XOGExtraction Oil & Gas Inc	—	−200,000	—	exited	−0.06 pp	—
PGTIPGT, Inc.	—	−93,750	—	exited	−0.06 pp	—
unresolvedFgl Hldgs	—	−1,000,000	—	exited	−0.06 pp	—
LTXBLegacyTexas Financial Group Inc	—	−30,300	—	exited	−0.04 pp	—
DKDelek US Holdings, Inc.	—	−25,000	—	exited	−0.03 pp	—
CBOECboe Global Markets, Inc.	—	−5,768	—	exited	−0.02 pp	—
ZZillow Group, Inc. Class C	—	−17,550	—	exited	−0.02 pp	—
GLOGGaslog Ltd	—	−33,367	—	exited	−0.02 pp	—
FRCBFirst Republic Bk CA	—	−5,408	—	exited	−0.01 pp	—
ZLABZai Lab Limited	—	−17,500	—	exited	−0.01 pp	—

Other 13(f) securities

Options 8

Contract	% of notional	Shares	Notional
SPY PUT	44.14%	325,000	$81M
QQQ PUT	28.75%	342,900	$53M
Sprint Corporation CALL	10.85%	3,429,100	$20M
XOP CALL	7.21%	500,000	$13M
Pandora Media Inc CALL	4.31%	979,700	$8M
TEVA PUT	2.10%	250,000	$4M
LNWO CALL	1.85%	190,600	$3M
NXPI CALL	0.80%	20,000	$1M

Notes 24

Issue	% of notes	Principal	Value
Rovi Corp	20.71%	113,222,000	$108M
Caesars Holdings Inc	7.33%	30,719,943	$38M
Inseego Corp	6.60%	30,769,000	$34M
Veeco Instruments Inc	5.68%	39,000,000	$30M
On Semiconductor Corp	5.30%	25,000,000	$28M
Infinera Corp	4.75%	34,000,000	$25M
Cypress Semiconductor Co	4.54%	20,000,000	$24M
Liberty Media Corp	4.44%	48,700,000	$23M
Tesla Inc	4.32%	20,000,000	$23M
Zillow Inc	3.84%	20,500,000	$20M
Trip.com Group Ltd	3.47%	19,500,000	$18M
Rambus Inc	3.43%	20,500,000	$18M
Zillow Group Inc	2.98%	18,000,000	$16M
Silicon Laboratories Inc	2.92%	14,400,000	$15M
Cemex Sab De Cv	2.91%	15,500,000	$15M
Dish Network Corp	2.80%	18,000,000	$15M
Wayfair Inc	2.38%	11,500,000	$12M
Workday Inc	2.35%	10,000,000	$12M
Integrated Device Tech	2.23%	7,500,000	$12M
Viavi Solutions Inc	1.90%	10,000,000	$10M
Servicenow Inc	1.88%	7,000,000	$10M
Navistar Intl Corp	1.30%	6,800,000	$7M
Weatherford Intl Ltd	1.22%	10,000,000	$6M
Cemex Sab De Cv	0.72%	3,850,000	$4M

Source

Form: 13F-HR
Reading: 0 defects · 10 unresolved
Accession: 0001567619-19-004349
SEC cross-check: SEC data set not published yet

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