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Soros Fund Management

Q4 2019 13F · by Dawn Fitzpatrick, CIO

As of
Dec 31, 2019
Filed
Feb 14, 2020
US stock
$2.4B · prev $2.8B
Positions
132 · prev 123
Options notional
$108M
Documents
1· no amendments

Picture77.2% US stock

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

  • US stock listed on a US exchange 77.2%
  • Foreign stock not listed in the US 0.0%
  • Notes debt, at principal 19.3%
  • Puts at notional value 1.0%
  • Calls at notional value 2.5%

Moves109 since the prior filing

+18.2 pp in · −22.4 pp out

Options: 10 moves on a notional base, in the table below.

The book

Very concentrated · behaves like 10 equal-sized positions

  1. Very concentrated
  2. Concentrated
  3. Focused
  4. Diversified

High turnover · 79% a year, about 1.3 years per position

  1. Low
  2. Moderate
  3. High

Top 5 positions48% of US stock

  1. LBRDK Liberty Broadband Corporation Class C trimmed+3.90 pp trimmed+3.9029.9%
  2. VICI VICI Properties Inc. trimmed−7.24 pp trimmed−7.247.6%
  3. GOOGL Alphabet Inc. Class A held held3.7%
  4. GEN Gen Digital Inc. added+1.89 pp added+1.893.5%
  5. DHI D.R. Horton Inc. added+0.48 pp added+0.483.0%

Positions132 in this filing · 23 exited

LBRDKLiberty Broadband Corporation Class C29.91%5,676,496$714Mtrimmed−19%+3.90 pp15 q
VICIVICI Properties Inc.7.57%7,067,442$181Mtrimmed−62%−7.24 pp8 q
GOOGLAlphabet Inc. Class A3.69%65,750$88Mheld—3 q
GENGen Digital Inc.3.52%3,293,863$84Madded+69%+1.89 pp3 q
DHID.R. Horton Inc.2.99%1,351,190$71Madded0%+0.48 pp4 q
MDLZMondelez International, Inc. Class A2.34%1,014,000$56Mtrimmed−16%−0.03 pp6 q
GRFSGrifois, S.A.2.03%2,082,086$48Mheld—4 q
ADMArcher Daniels Midland Company1.94%1,000,000$46Madded×2.9+1.43 pp6 q
AIYActivision Blizzard Inc1.89%758,500$45Mnew+1.89 ppnew
LPLALPL Financial Holdings Inc.1.85%478,222$44Mtrimmed−6%+0.37 pp9 q
VSTVistra Corp.1.71%1,775,000$41Madded×2.6+1.06 pp3 q
ENREnergizer Holdings, Inc1.48%705,000$35Madded+1%+0.40 pp5 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)1.48%120,000$35Mtrimmed−11%+0.44 pp7 q
EPCEdgewell Personal Care Company1.34%1,030,000$32Madded+4%+0.21 pp3 q
KDPKeurig Dr Pepper Inc.1.33%1,100,000$32Madded+15%+0.41 pp4 q
TIFTiffany & Co.1.33%236,750$32Mnew+1.33 ppnew
JPMJPMorgan Chase & Co.1.24%212,244$30Mheld—8 q
NLYAnnaly Capital Management. Inc.1.17%2,956,889$28Mtrimmed−16%+0.08 pp3 q
CCitigroup Inc.1.07%319,779$26Mheld—8 q
AGNCAGNC Investment Corp.1.03%1,388,407$25Madded+18%+0.36 pp3 q
ALCAlcon Inc.1.01%427,544$24Mtrimmed−20%−0.08 pp2 q
BACBank of America Corporation0.95%643,968$23Mheld—9 q
BGCPBGC Partners, Inc.0.94%3,761,698$22Madded+5%+0.25 pp4 q
OBDCBlue Owl Capital Corporation0.90%1,200,488$21Mtrimmed−13%+0.14 pp2 q
CZRCaesars Entertainment, Inc.0.89%1,562,577$21Mtrimmed−88%−4.39 pp27 q
ZAYOZayo Group Holdings, Inc.0.86%591,887$21Madded+17%+0.25 pp3 q
ALLYAlly Financial Inc.0.84%655,953$20Mheld—2 q
NRGNRG Energy, Inc.0.80%480,000$19Mheld—7 q
BABoeing Company0.68%49,780$16Madded×9.1+0.61 pp2 q
SYFSynchrony Financial0.66%434,891$16Mtrimmed−37%−0.17 pp6 q
WFCWells Fargo & Co.0.64%285,630$15Mheld—8 q
BPBP p.l.c.0.63%400,000$15Madded+48%+0.27 pp2 q
CPBThe Campbell's Company0.62%300,000$15Mnew+0.62 ppnew
CTRACoterra Energy Inc.0.55%750,000$13Mtrimmed−25%−0.07 pp2 q
PXDPioneer Natural Resource Co.0.48%75,000$11Mnew+0.48 ppnew
AMTTd Ameritrade Holding Corp0.48%230,327$11Madded×11.3+0.45 pp7 q
EEFTEuronet Worldwide Inc0.47%71,500$11Mheld—2 q
WCGWellcare Health Plans, Inc.0.47%33,624$11Mnew+0.47 ppnew
KKRKKR & Co. Inc.0.42%339,587$10Madded+12%+0.13 pp2 q
LNGCheniere Energy Inc0.41%158,800$10Mtrimmed−14%0.00 pp2 q
CMECME Group Inc.0.39%46,130$9Mheld—13 q
AIGAmerican International Group, Inc.0.36%165,943$9Madded×2.3+0.22 pp8 q
SPGIS&P Global Inc.0.36%31,602$9Mheld—8 q
INXNInterxion Holding NV0.36%102,267$9Mnew+0.36 ppnew
DNRDenbury Resources, Inc.0.34%5,750,000$8Madded+44%+0.17 pp10 q
PTONPeloton Interactive, Inc. Class A0.33%280,872$8Mtrimmed−82%−1.06 pp2 q
SPYState Street SPDR S&P 500 ETF Trust0.33%24,386$8Mtrimmed−62%−0.35 pp5 q
SCSantander Consumer USA Holdings Inc0.32%324,745$8Mtrimmed−42%−0.19 pp4 q
PNCPNC Financial Services Group0.31%45,904$7Mheld—8 q
USBU.S. Bancorp0.30%119,003$7Mheld—8 q
AXPAmerican Express Company0.29%56,077$7Mheld—8 q
MSMorgan Stanley0.29%134,143$7Mheld—8 q
TFCTruist Financial Corporation0.29%124,855$7Madded+38%+0.12 pp8 q
BNYBank of New York Mellon Corporation0.27%127,645$6Madded+88%+0.16 pp8 q
BRBRBellRing Brands, Inc.0.27%300,000$6Mnew+0.27 ppnew
WMGIWright Medical Group NV0.27%210,000$6Mnew+0.27 ppnew
CBOECboe Global Markets, Inc.0.26%51,854$6Mnew+0.26 ppnew
ETEnergy Transfer LP0.26%477,750$6Madded+49%+0.11 pp5 q
EVREvercore Inc.0.26%81,738$6Madded×3.3+0.19 pp2 q
CBChubb Limited0.26%40,306$6Mheld—8 q
BXBlackstone Inc.0.25%105,074$6Mheld—2 q
ICEIntercontinental Exchange Inc.0.24%62,386$6Mheld—8 q
MRSHMarsh0.24%51,090$6Mheld—8 q
PEParsley Energy Inc0.24%300,000$6Mnew+0.24 ppnew
LOGMLogMein, Inc.0.23%65,000$6Mnew+0.23 ppnew
MAMastercard Incorporated0.23%18,078$5Mnew+0.23 ppnew
NAVINavient Corporation0.23%399,043$5Mtrimmed−11%+0.03 pp4 q
TRVThe Travelers Companies, Inc.0.23%40,423$6Mheld—8 q
EPDEnterprise Products Partners L.P.0.22%190,000$5Mheld—5 q
GSGoldman Sachs Group Inc.0.22%22,682$5Mheld—8 q
WEPMagellan Midstream Partners0.22%81,700$5Mheld—5 q
XLEState Street Energy Select Sector SPDR ETF0.22%86,972$5Mheld—5 q
unresolvedAon PLC0.22%24,925$5Mheld—8 q
ALLThe Allstate Corporation0.21%44,195$5Mheld—8 q
OCOwens Corning0.21%77,760$5Mnew+0.21 ppnew
unresolvedViper Energy Partners LP0.21%200,000$5Mtrimmed−69%−0.42 pp6 q
ADNTAdient plc0.21%233,800$5Mnew+0.21 ppnew
LPTLiberty Property Trust0.20%78,000$5Mnew+0.20 ppnew
PGRProgressive Corporation0.20%65,130$5Mheld—8 q
AFLAflac Inc.0.19%87,419$5Mheld—8 q
unresolvedAxa Equitable Hldgs Inc0.19%186,753$5Mnew+0.19 ppnew
PRUPrudential Financial, Inc.0.19%48,445$5Mheld—8 q
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF0.19%186,916$4Mheld—6 q
MNRLBrigham Minerals, Inc. Class A0.18%200,000$4Mtrimmed−66%−0.23 pp3 q
TSNTyson Foods, Inc.0.18%47,400$4Mtrimmed−23%−0.01 pp2 q
BUDAnheuser-Busch INBEV SA/NV0.17%50,000$4Mnew+0.17 ppnew
AVTRAvantor, Inc.0.17%224,780$4Mnew+0.17 ppnew
COFCapital One Financial0.17%38,861$4Mheld—8 q
DVNDevon Energy Corporation0.16%150,000$4Mnew+0.16 ppnew
FANGDiamondback Energy, Inc.0.16%40,000$4Mnew+0.16 ppnew
CNQCanadian Natural Resources Limited0.14%100,000$3Mnew+0.14 ppnew
COPConocoPhillips0.14%50,000$3Mnew+0.14 ppnew
METMetLife, Inc.0.14%66,772$3Mheld—8 q
NDAQNasdaq, Inc.0.14%30,177$3Mheld—8 q
CVECenovus Energy Inc.0.13%300,000$3Mnew+0.13 ppnew
NTRSNorthern Trust Corp0.12%26,433$3Mheld—8 q
TROWT Rowe Price Group Inc0.12%23,756$3Mheld—8 q
ZIONZions Bancorporation N.A.0.12%56,730$3Mheld—9 q
AMPAmeriprise Financial, Inc.0.11%16,426$3Mheld—8 q
SCHWThe Charles Schwab Corporation0.11%53,404$3Mheld—9 q
BBLBHP Group Plc0.10%50,000$2Mheld—2 q
CFGCitizens Financial Group, Inc.0.10%59,730$2Mheld—6 q
MSCIMSCI, Inc.0.10%9,401$2Mheld—7 q
MLNXMellanox Technologies Ltd0.10%20,000$2Mnew+0.10 ppnew
CXOConcho Resources Inc.0.09%25,000$2Mtrimmed−38%−0.01 pp2 q
DFSDiscover Financial Services0.09%26,098$2Mheld—8 q
HBANHuntington Bancshares Inc0.09%136,085$2Mheld—8 q
KEYKeyCorp0.09%111,467$2Mheld—8 q
BLQADBlackrock Inc0.08%3,680$2Mheld—8 q
EQNREquinor ASA0.08%100,000$2Mnew+0.08 ppnew
BENFranklin Templeton, Inc.0.08%77,531$2Mheld—8 q
WESWestern Midstream Partners, LP0.08%94,550$2Mheld—4 q
EQMEQM Midstream Partners, LP0.07%55,000$2Mheld—5 q
KRPKimbell Royalty Partners, LP Common Units representing Limited Partner Interests0.07%100,000$2Mtrimmed−69%−0.10 pp6 q
MDCOMedicines Co0.07%21,000$2Mnew+0.07 ppnew
STTState Street Corporation0.06%17,264$1Mheld—8 q
unresolvedSynthorx Inc0.06%20,000$1Mnew+0.06 ppnew
WPXWPX Energy, Inc.0.06%100,000$1Mnew+0.06 ppnew
SIVBQSvb Financial Group0.05%4,412$1Mheld—8 q
IVZInvesco LTD0.05%60,695$1Mheld—6 q
BMY-RBristol-myers Squibb-cvr0.04%295,071$888,000new+0.04 ppnew
CMAComerica Incorporated0.04%13,041$936,000held—9 q
ETSYEtsy, Inc.0.04%20,400$904,000new+0.04 ppnew
FITBFifth Third Bancorp0.04%31,228$960,000held—8 q
MTBM&T Bank Corp.0.04%5,185$880,000held—8 q
ISBCInvestors Bancorp, Inc.0.03%60,129$716,000new+0.03 ppnew
EVBGEverbridge, Inc.0.02%5,100$398,000new+0.02 ppnew
MRMontage Resources Corporation0.02%51,877$412,000held—4 q
OIBR/USDOi Sa-adr0.02%592,000$552,000held—6 q
IIntelsat SA0.02%71,500$503,000trimmed−87%−0.42 pp8 q
ETRAE*trade Financial Corp0.01%6,927$314,000trimmed−99%−0.92 pp8 q
unresolvedFalcon Minerals Corp0.01%1,072,500$322,000trimmed−1%0.00 pp6 q
CELGCelgene Corp—−1,178,657—exited−4.13 pp—
EBAYeBay Inc—−1,191,000—exited−1.64 pp—
AABAAltaba Inc.—−2,328,937—exited−1.60 pp—
XLFState Street Financial Select Sector SPDR ETF—−916,467—exited−0.91 pp—
DDominion Energy, Inc—−150,000—exited−0.43 pp—
TDGTransDigm Group Incorporated—−22,815—exited−0.42 pp—
FTCHQFarfetch Limited A—−1,306,573—exited−0.40 pp—
CYCypress Semiconductor—−378,647—exited−0.31 pp—
NXPINXP Semiconductors N.V.—−76,900—exited−0.30 pp—
unresolvedFalcon Minerals Corp—−960,230—exited−0.19 pp—
KBHKB Home—−162,075—exited−0.19 pp—
SLBSLB Limited—−150,000—exited−0.18 pp—
CFCF Industries Holding, Inc.—−100,000—exited−0.17 pp—
VVISA Inc.—−28,749—exited−0.17 pp—
RITMRithm Capital Corp.—−259,159—exited−0.14 pp—
RHRh—−21,192—exited−0.13 pp—
DUKDuke Energy Corporation—−32,003—exited−0.11 pp—
SEMGSemgroup Corp-class A—−125,000—exited−0.07 pp—
unresolvedSunTrust Banks Inc—−26,395—exited−0.06 pp—
GDXVanEck Gold Miners ETF—−68,500—exited−0.06 pp—
ERICaesars Entertainment, Inc.—−36,900—exited−0.05 pp—
HOSHornbeck Offshore Services, Inc.—−504,552—exited−0.01 pp—
unresolvedIi-Vi Inc—−242—exited0.00 pp—

Other 13(f) securities

Options 8

Contract% of notionalSharesNotional
EEM CALL28.14%676,000$30M
XLE CALL27.85%500,000$30M
SPY PUT24.85%83,200$27M
BA CALL7.86%26,000$8M
LN5 PUT4.09%500,000$4M
XRX CALL3.42%100,000$4M
FIT CALL2.53%414,500$3M
KEM CALL1.26%50,000$1M

Notes 33

Issue% of notesPrincipalValue
Tesla Inc15.30%60,000,000$91M
Rovi Corp10.55%63,222,000$63M
Microchip Technology Inc9.45%38,827,000$56M
Inseego Corp8.12%30,769,000$48M
Wayfair Inc5.44%31,250,000$32M
Western Asset Mtge Cap5.35%31,218,000$32M
On Semiconductor Corp4.99%21,813,000$30M
Veoneer Inc3.25%18,700,000$19M
Evolent Health Inc3.00%25,461,000$18M
Calamp Corp2.88%20,467,000$17M
Benefitfocus Inc2.85%19,456,000$17M
Team Inc2.81%15,944,000$17M
Gain Capital Holdings In2.75%18,582,000$16M
Timkensteel2.75%15,815,000$16M
Redwood Trust Inc2.46%14,325,000$15M
Green Plains Inc2.34%14,800,000$14M
Opko Health Inc2.24%16,900,000$13M
Invacare Corp1.95%12,473,000$12M
Apollo Cmmrl Real Est Fi1.60%9,471,000$10M
Sunpower Corp1.55%11,193,000$9M
Acres Commercial Realty1.22%6,910,000$7M
Golden Star Resources1.00%5,365,000$6M
Intelsat SA0.98%8,552,000$6M
Clovis Oncology Inc0.90%8,371,000$5M
Verastem Inc0.88%6,000,000$5M
Invacare Corp0.86%5,500,000$5M
Omeros Corp0.81%5,000,000$5M
New York Mortgage Trust0.69%4,050,000$4M
Greenlight Capital Re0.52%3,250,000$3M
Evolent Health Inc0.23%1,500,000$1M
Denbury Resources Inc0.15%1,348,000$870,000
Sunpower Corp0.09%590,000$545,000
Eagle Bulk Shipping Inc0.05%250,000$273,000

Source

Form
13F-HR
Reading
0 defects · 5 unresolved
Accession
0001567619-20-003954
SEC cross-check
SEC data set not published yet