Soros Fund Management

Q2 2020 13F · by Dawn Fitzpatrick, CIO

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $3.3B · prev $1.6B
Positions: 103 · prev 79
Options notional: $744M
Documents: 1· no amendments

Picture73.1% US stock

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

US stock listed on a US exchange 73.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 10.3%
Puts at notional value 12.1%
Calls at notional value 4.5%

Moves123 since the prior filing

+43.4 pp in · −22.9 pp out

New 55 +36.96 pp
Added 19 +6.49 pp
Trimmed 11 −11.07 pp
Exited 31 −11.85 pp

Options: 7 moves on a notional base, in the table below.

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 51% a year, about 2.0 years per position

Low
Moderate
High

Top 5 positions39% of US stock

LBRDK Liberty Broadband Corporation Class C held held20.0%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF added+4.15 pp added+4.155.7%
IGSB iShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF new+4.86 pp new+4.864.9%
TMUS T-Mobile US, Inc. added+3.98 pp added+3.984.6%
SLQT SelectQuote, Inc. new+4.30 pp new+4.304.3%

Positions103 in this filing · 31 exited


LBRDKLiberty Broadband Corporation Class C	19.99%	5,281,767	$655M	held	—	17 q
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	5.68%	1,382,331	$186M	added×6.9	+4.15 pp	2 q
IGSBiShares Trust iShares 1-5 Year Investment Grade Corporate Bond ETF	4.86%	2,913,000	$159M	new	+4.86 pp	new
TMUST-Mobile US, Inc.	4.62%	1,454,600	$151M	added×11.9	+3.98 pp	2 q
SLQTSelectQuote, Inc.	4.30%	5,555,556	$141M	new	+4.30 pp	new
HAINHain Celestial Group Inc	4.22%	4,391,753	$138M	new	+4.22 pp	new
VICIVICI Properties Inc.	3.79%	6,153,697	$124M	added+24%	−1.33 pp	10 q
PCGPG&E Corporation	3.19%	11,784,118	$105M	new	+3.19 pp	new
DHID.R. Horton Inc.	3.04%	1,796,070	$100M	trimmed−23%	−1.89 pp	6 q
GENGen Digital Inc.	2.91%	4,803,192	$95M	added+78%	−0.21 pp	5 q
DKNGDraftKings Inc. Class A	2.52%	2,479,862	$82M	new	+2.52 pp	new
AIYActivision Blizzard Inc	2.47%	1,066,400	$81M	trimmed−3%	−1.57 pp	3 q
TDGTransDigm Group Incorporated	2.34%	173,231	$77M	added+16%	−0.62 pp	2 q
OTISOtis Worldwide Corporation	2.10%	1,212,729	$69M	new	+2.10 pp	new
DRIDarden Restaurants, Inc.	2.04%	881,400	$67M	new	+2.04 pp	new
GRFSGrifois, S.A.	1.50%	2,692,099	$49M	added+16%	−1.40 pp	6 q
GOOGLAlphabet Inc. Class A	1.42%	32,875	$47M	held	—	5 q
CZRCaesars Entertainment, Inc.	1.30%	3,499,528	$42M	added×3.2	+0.85 pp	29 q
ALCAlcon Inc.	1.23%	700,762	$40M	held	—	4 q
ARMKAramark	1.14%	1,650,400	$37M	added×3.7	+0.58 pp	2 q
LPLALPL Financial Holdings Inc.	1.14%	478,222	$37M	held	—	11 q
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF	1.06%	1,113,000	$35M	new	+1.06 pp	new
BNYBank of New York Mellon Corporation	0.97%	826,218	$32M	added×3.4	+0.46 pp	10 q
ETRAE*trade Financial Corp	0.90%	591,500	$29M	added+38%	−0.01 pp	10 q
PTONPeloton Interactive, Inc. Class A	0.90%	508,953	$29M	trimmed−83%	−4.02 pp	4 q
BACBank of America Corporation	0.86%	1,188,255	$28M	new	+0.86 pp	new
MSMorgan Stanley	0.86%	582,263	$28M	new	+0.86 pp	new
MUBiShares National Muni Bond ETF	0.85%	241,400	$28M	held	—	2 q
CCitigroup Inc.	0.80%	515,302	$26M	new	+0.80 pp	new
SESea Limited	0.80%	244,500	$26M	new	+0.80 pp	new
LMLegg Mason, Inc.	0.78%	512,053	$25M	trimmed−7%	−0.89 pp	2 q
AMTTd Ameritrade Holding Corp	0.78%	700,656	$25M	added+29%	−0.38 pp	9 q
JPMJPMorgan Chase & Co.	0.74%	258,252	$24M	new	+0.74 pp	new
GSGoldman Sachs Group Inc.	0.73%	120,745	$24M	added×5.3	+0.51 pp	10 q
PNCPNC Financial Services Group	0.70%	217,276	$23M	new	+0.70 pp	new
AGNCAGNC Investment Corp.	0.69%	1,764,581	$23M	added+4%	−0.42 pp	5 q
USBU.S. Bancorp	0.69%	614,294	$23M	new	+0.69 pp	new
WFCWells Fargo & Co.	0.60%	762,819	$20M	new	+0.60 pp	new
TFCTruist Financial Corporation	0.57%	498,669	$19M	new	+0.57 pp	new
2JEFocus Financial Partners-a	0.51%	503,112	$17M	added×2.7	+0.24 pp	2 q
PFSIPennyMac Financial Services, Inc.	0.49%	381,593	$16M	new	+0.49 pp	new
LPROOpen Lending Corporation	0.37%	800,000	$12M	new	+0.37 pp	new
MTGMGIC Investment Corp.	0.34%	1,349,085	$11M	new	+0.34 pp	new
RNRRenaissanceRe Holdings Ltd.	0.31%	59,360	$10M	new	+0.31 pp	new
AMTAmerican Tower Corporation	0.30%	38,350	$10M	added×5.7	+0.21 pp	2 q
PTLAPortola Pharmaceuticals, Inc.	0.29%	535,000	$10M	new	+0.29 pp	new
EATBrinker International, Inc.	0.28%	386,334	$9M	new	+0.28 pp	new
CHTRCharter Comm Inc Del CL A New	0.28%	18,300	$9M	new	+0.28 pp	new
XLFState Street Financial Select Sector SPDR ETF	0.28%	391,000	$9M	new	+0.28 pp	new
EQHEquitable Holdings, Inc.	0.27%	456,826	$9M	held	—	2 q
OMFOneMain Holdings, Inc.	0.27%	361,438	$9M	new	+0.27 pp	new
BXMTBlackstone Mortgage Trust, Inc. (NEW)	0.26%	355,000	$9M	new	+0.26 pp	new
AAMIAcadian Asset Management Inc.	0.25%	662,801	$8M	added+33%	+0.05 pp	2 q
SBACSBA Communications Corp	0.24%	26,400	$8M	added×4.7	+0.15 pp	2 q
VSTVistra Corp.	0.24%	430,000	$8M	trimmed−36%	−0.43 pp	5 q
GMGeneral Motors Company	0.23%	297,500	$8M	new	+0.23 pp	new
unresolvedGrubhub Inc	0.23%	105,433	$7M	new	+0.23 pp	new
9991429DAptiv Irish Holdings Ltd	0.23%	95,000	$7M	new	+0.23 pp	new
CRWDCrowdStrike Holdings, Inc. Class A	0.21%	69,200	$7M	new	+0.21 pp	new
FEFirstEnergy Corp.	0.21%	175,000	$7M	added+17%	−0.16 pp	2 q
NINiSource Inc.	0.21%	300,000	$7M	held	—	2 q
BGCPBGC Partners, Inc.	0.20%	2,411,698	$7M	added+4%	−0.16 pp	6 q
ERICaesars Entertainment, Inc.	0.20%	160,000	$6M	new	+0.20 pp	new
KKRKKR & Co. Inc.	0.20%	214,538	$7M	trimmed−42%	−0.34 pp	4 q
PANWPalo Alto Networks, Inc.	0.19%	27,801	$6M	new	+0.19 pp	new
SIRISirius XM Holdings, Inc	0.19%	1,050,000	$6M	new	+0.19 pp	new
MTArcelorMittal	0.18%	551,130	$6M	new	+0.18 pp	new
EVRGEvergy, Inc.	0.18%	100,000	$6M	held	—	2 q
CMECME Group Inc.	0.15%	30,028	$5M	held	—	15 q
OBDCBlue Owl Capital Corporation	0.15%	400,162	$5M	trimmed−50%	−0.42 pp	4 q
SUSuncor Energy, Inc.	0.15%	300,000	$5M	new	+0.15 pp	new
ETREntergy Corporation	0.14%	50,000	$5M	held	—	2 q
SLBSLB Limited	0.14%	250,000	$5M	new	+0.14 pp	new
GLIBAGci Liberty Inc - Class A	0.13%	58,854	$4M	new	+0.13 pp	new
SPLKSplunk Inc	0.13%	21,500	$4M	new	+0.13 pp	new
EPDEnterprise Products Partners L.P.	0.11%	190,000	$3M	held	—	7 q
WEPMagellan Midstream Partners	0.11%	81,700	$4M	held	—	7 q
ETEnergy Transfer LP	0.10%	477,750	$3M	held	—	7 q
AVTRAvantor, Inc.	0.09%	182,284	$3M	trimmed−19%	−0.08 pp	3 q
DDOGDatadog, Inc. Class A	0.09%	32,429	$3M	new	+0.09 pp	new
NAVINavient Corporation	0.09%	421,142	$3M	held	—	6 q
COUPCoupa Software Incorporated	0.08%	9,800	$3M	new	+0.08 pp	new
XUnited States Steel Corp	0.08%	379,225	$3M	new	+0.08 pp	new
ZSZscaler, Inc.	0.07%	20,600	$2M	new	+0.07 pp	new
BWABorgWarner Inc.	0.06%	53,836	$2M	new	+0.06 pp	new
PFFiShares Trust iShares Preferred and Income Securities ETF	0.06%	54,500	$2M	new	+0.06 pp	new
XOPState Street SPDR S&P Oil & Gas Exploration & Production ETF	0.04%	25,000	$1M	new	+0.04 pp	new
ZENZendesk Inc	0.04%	14,300	$1M	new	+0.04 pp	new
BVBrightView Holdings, Inc.	0.03%	100,000	$1M	new	+0.03 pp	new
ETRNEquitrans Midstream Corporation	0.03%	134,200	$1M	new	+0.03 pp	new
HUBSHubspot, Inc.	0.03%	4,770	$1M	new	+0.03 pp	new
TIFTiffany & Co.	0.03%	7,500	$915,000	trimmed−94%	−0.91 pp	3 q
WESWestern Midstream Partners, LP	0.03%	94,550	$949,000	held	—	6 q
LTHMLivent Corporation	0.02%	132,355	$815,000	new	+0.02 pp	new
TCOTaubman Centers Inc.	0.02%	20,000	$755,000	trimmed−90%	−0.48 pp	2 q
unresolvedXeris Pharmaceuticals Inc	0.02%	200,000	$532,000	new	+0.02 pp	new
BANDBandwidth Inc. Class A	0.01%	3,400	$432,000	held	—	2 q
BMY-RBristol-myers Squibb-cvr	0.01%	75,000	$269,000	new	+0.01 pp	new
unresolvedInovio Pharmaceuticals Inc	0.01%	7,979	$215,000	new	+0.01 pp	new
MRMontage Resources Corporation	0.01%	51,877	$205,000	held	—	6 q
CLVSNClovis Oncology Inc	0.00%	14,473	$98,000	trimmed−84%	−0.04 pp	2 q
unresolvedFalcon Minerals Corp	0.00%	1,072,500	$97,000	held	—	8 q
TMUSRT-Mobile US, Inc. Subscription Rights Expiring 7/27/2020	0.00%	105,399	$18,000	new	0.00 pp	new
XLUState Street Utilities Select Sector SPDR ETF	—	−800,000	—	exited	−2.74 pp	—
CYCypress Semiconductor	—	−1,740,000	—	exited	−2.51 pp	—
WMGIWright Medical Group NV	—	−590,000	—	exited	−1.05 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−40,000	—	exited	−0.62 pp	—
LNTAlliant Energy Corporation	—	−150,000	—	exited	−0.45 pp	—
SHWThe Sherwin-Williams Company	—	−15,000	—	exited	−0.43 pp	—
ALLThe Allstate Corporation	—	−66,200	—	exited	−0.38 pp	—
CBOECboe Global Markets, Inc.	—	−64,161	—	exited	−0.35 pp	—
LENLennar Corporation Class A	—	−142,275	—	exited	−0.34 pp	—
DISThe Walt Disney Company	—	−55,000	—	exited	−0.33 pp	—
TECDTech Data Corp	—	−32,596	—	exited	−0.26 pp	—
CVECenovus Energy Inc.	—	−2,000,000	—	exited	−0.25 pp	—
AEEAmeren Corporation	—	−50,000	—	exited	−0.23 pp	—
EEFTEuronet Worldwide Inc	—	−39,731	—	exited	−0.21 pp	—
CMSCMS Energy Corporation	—	−50,000	—	exited	−0.18 pp	—
INVHInvitation Homes Inc.	—	−137,363	—	exited	−0.18 pp	—
CNQCanadian Natural Resources Limited	—	−200,000	—	exited	−0.17 pp	—
MAMastercard Incorporated	—	−11,678	—	exited	−0.17 pp	—
XELXcel Energy, Inc.	—	−44,000	—	exited	−0.16 pp	—
BKNGBooking Holdings Inc.	—	−1,497	—	exited	−0.12 pp	—
EVREvercore Inc.	—	−41,738	—	exited	−0.12 pp	—
DDominion Energy, Inc	—	−25,000	—	exited	−0.11 pp	—
PEGAPegasystems Inc	—	−24,400	—	exited	−0.11 pp	—
LNGCheniere Energy Inc	—	−50,000	—	exited	−0.10 pp	—
KRPKimbell Royalty Partners, LP Common Units representing Limited Partner Interests	—	−200,000	—	exited	−0.07 pp	—
ENREnergizer Holdings, Inc	—	−25,000	—	exited	−0.05 pp	—
EQMEQM Midstream Partners, LP	—	−55,000	—	exited	−0.04 pp	—
ACTAllergan PLC	—	−4,010	—	exited	−0.04 pp	—
EXKExact Sciences Corp	—	−8,300	—	exited	−0.03 pp	—
FSCTForeScout Technologies, Inc.	—	−16,314	—	exited	−0.03 pp	—
BRBRBellRing Brands, Inc.	—	−17,000	—	exited	−0.02 pp	—

Other 13(f) securities

Options 7

Contract	% of notional	Shares	Notional
IWM PUT	67.31%	3,500,000	$501M
XLU CALL	26.53%	3,500,000	$198M
XOP PUT	2.80%	400,000	$21M
TIF PUT	2.05%	125,000	$15M
DD CALL	0.71%	100,000	$5M
LN5 PUT	0.49%	500,000	$4M
GOGO PUT	0.11%	250,000	$790,000

Notes 31

Issue	% of notes	Principal	Value
Wayfair Inc	19.47%	50,252,000	$90M
Microchip Technology Inc	16.90%	53,434,000	$78M
Southwest Airlines Co	7.14%	27,500,000	$33M
Cytokinetics Inc	5.12%	10,000,000	$24M
Gain Capital Holdings In	4.02%	18,582,000	$19M
Evolent Health Inc	3.34%	24,117,000	$15M
Veoneer Inc	3.31%	18,300,000	$15M
Timkensteel	3.12%	17,115,000	$14M
Benefitfocus Inc	3.09%	18,116,000	$14M
Western Asset Mtge Cap	2.95%	19,200,000	$14M
Collegium Pharma Inc	2.93%	14,990,000	$14M
Gogo Inc	2.82%	18,255,000	$13M
Invacare Corp	2.60%	14,500,000	$12M
Omeros Corp	2.60%	11,600,000	$12M
Invacare Corp	2.55%	13,500,000	$12M
Green Plains Inc	1.93%	11,050,000	$9M
Zillow Group Inc	1.90%	7,500,000	$9M
Cheniere Energy Inc	1.87%	13,625,000	$9M
Greenlight Capital Re	1.81%	10,250,000	$8M
Acres Commercial Realty	1.62%	9,941,000	$7M
Live Nation Entertainmen	1.55%	7,000,000	$7M
Xeris Biopharma Holdings	1.50%	7,000,000	$7M
Applied Optoelectronics	1.48%	8,000,000	$7M
Unisys Corp	1.22%	4,500,000	$6M
Golden Star Resources	0.91%	4,365,000	$4M
Colony Capital Inc	0.71%	3,500,000	$3M
Invacare Corp	0.54%	2,973,000	$2M
American Airlines Group	0.51%	2,500,000	$2M
Inseego Corp	0.42%	1,835,000	$2M
Denbury Resources Inc	0.04%	1,348,000	$199,000
Eagle Bulk Shipping Inc	0.03%	225,000	$151,000

Source

Form: 13F-HR
Reading: 0 defects · 4 unresolved
Accession: 0000902664-20-003072
SEC cross-check: SEC data set not published yet

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