Soros Fund Management

Q2 2023 13F · by Dawn Fitzpatrick, CIO

As of: Jun 30, 2023
Filed: Aug 11, 2023
US stock: $2.3B · prev $2.3B
Positions: 87 · prev 101
Options notional: $1.8B
Documents: 1· no amendments

Picture36.3% US stock

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

US stock listed on a US exchange 36.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 35.6%
Puts at notional value 16.9%
Calls at notional value 11.2%

Moves161 since the prior filing

+23.6 pp in · −23.0 pp out

New 24 +13.70 pp
Added 20 +9.91 pp
Trimmed 20 −2.10 pp
Exited 38 −20.93 pp

Options: 59 moves on a notional base, in the table below.

The book

Concentrated · behaves like 16 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 197% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions46% of US stock

LQD iShares iBoxx $ Investment Grade Corporate Bond ETF added+3.31 pp added+3.3114.8%
HZNP Horizon Therapeutics PLC held held14.6%
GOOGL Alphabet Inc. Class A added+0.99 pp added+0.997.3%
LBRDK Liberty Broadband Corporation Class C held held4.8%
AMZN Amazon.Com Inc added+1.17 pp added+1.174.3%

Positions87 in this filing · 38 exited


LQDiShares iBoxx $ Investment Grade Corporate Bond ETF	14.75%	3,173,390	$343M	added+31%	+3.31 pp	3 q
HZNPHorizon Therapeutics PLC	14.55%	3,291,801	$339M	held	—	3 q
GOOGLAlphabet Inc. Class A	7.33%	1,424,080	$170M	added0%	+0.99 pp	17 q
LBRDKLiberty Broadband Corporation Class C	4.79%	1,389,893	$111M	held	—	29 q
AMZNAmazon.Com Inc	4.31%	769,061	$100M	added+9%	+1.17 pp	11 q
PDCEPDC Energy, Inc.	4.26%	1,393,467	$99M	new	+4.26 pp	new
RIVNRivian Automotive, Inc. Class A	3.00%	4,187,680	$70M	added+17%	+0.61 pp	7 q
OPHTIveric Bio Inc	2.87%	1,700,001	$67M	new	+2.87 pp	new
FEZState Street SPDR EURO STOXX 50 ETF	2.72%	1,374,700	$63M	held	—	3 q
AERAercap Holdings N.V.	2.30%	841,249	$53M	added+57%	+1.00 pp	2 q
ARMKAramark	2.27%	1,224,725	$53M	held	—	14 q
INTUIntuit Inc	1.80%	91,414	$42M	added+30%	+0.45 pp	8 q
CBOECboe Global Markets, Inc.	1.56%	262,800	$36M	held	—	4 q
BKNGBooking Holdings Inc.	1.51%	13,000	$35M	trimmed−5%	−0.05 pp	4 q
RNRRenaissanceRe Holdings Ltd.	1.50%	186,648	$35M	new	+1.50 pp	new
9991429DAptiv Irish Holdings Ltd	1.43%	326,324	$33M	added+83%	+0.57 pp	13 q
UBERUber Technologies, Inc.	1.40%	753,955	$33M	trimmed−8%	+0.28 pp	5 q
KWEBKraneShares CSI China Internet ETF	1.35%	1,167,821	$31M	added+43%	+0.25 pp	2 q
2JEFocus Financial Partners-a	1.26%	558,461	$29M	held	—	14 q
LPLALPL Financial Holdings Inc.	1.26%	134,495	$29M	trimmed−24%	−0.28 pp	23 q
CECelanese Corporation	1.23%	246,881	$29M	added+16%	+0.23 pp	3 q
INDIindie Semiconductor, Inc. Class A	1.21%	2,988,600	$28M	trimmed−8%	−0.26 pp	9 q
VMCVulcan Materials Company(Holding Company)	1.15%	118,798	$27M	added+2%	+0.29 pp	4 q
MUBiShares National Muni Bond ETF	1.11%	241,400	$26M	held	—	14 q
ACNAccenture PLC	1.10%	82,862	$26M	trimmed−15%	−0.10 pp	9 q
EMXCiShares MSCI Emerging Markets ex China ETF	1.07%	480,700	$25M	added+5%	+0.09 pp	2 q
NKENike, Inc.	1.00%	211,720	$23M	added+27%	+0.12 pp	11 q
IBKRInteractive Brokers Group, Inc. Class A	0.90%	253,131	$21M	added+5%	+0.05 pp	6 q
MTNVail Resorts, Inc.	0.85%	78,877	$20M	trimmed−1%	+0.05 pp	3 q
unresolvedCrh PLC	0.84%	350,000	$20M	new	+0.84 pp	new
GMGeneral Motors Company	0.75%	449,800	$17M	new	+0.75 pp	new
VFHVanguard Financials ETF	0.69%	198,500	$16M	added+18%	+0.13 pp	3 q
FSLYFastly, Inc. Class A	0.68%	997,540	$16M	trimmed−19%	−0.26 pp	2 q
CMECME Group Inc.	0.64%	80,928	$15M	held	—	27 q
BABAAlibaba Group Holding Limited	0.63%	175,000	$15M	new	+0.63 pp	new
BGCPBGC Partners, Inc.	0.52%	2,717,292	$12M	added+8%	−0.05 pp	18 q
TMUST-Mobile US, Inc.	0.52%	86,500	$12M	added×3.0	+0.34 pp	14 q
FTVFortive Corporation	0.51%	158,235	$12M	trimmed−8%	+0.01 pp	4 q
DASHDoorDash, Inc. Class A	0.45%	136,075	$10M	added×2.1	+0.27 pp	2 q
PXDPioneer Natural Resource Co.	0.45%	50,000	$10M	new	+0.45 pp	new
CSXCSX Corporation	0.43%	295,192	$10M	trimmed−19%	−0.04 pp	2 q
QCOMQualcomm Inc	0.38%	74,350	$9M	trimmed−29%	−0.19 pp	11 q
AMEAmetek, Inc.	0.33%	47,125	$8M	trimmed−33%	−0.11 pp	4 q
LENLennar Corporation Class A	0.33%	60,750	$8M	new	+0.33 pp	new
AALAmerican Airlines Group Inc.	0.31%	402,745	$7M	new	+0.31 pp	new
KREState Street SPDR S&P Regional Banking ETF	0.31%	179,200	$7M	trimmed−52%	−0.40 pp	2 q
TEAMAtlassian Corporation Class A	0.29%	39,727	$7M	trimmed−5%	−0.02 pp	3 q
ETEnergy Transfer LP	0.26%	477,750	$6M	held	—	19 q
FMCFMC Corporation	0.26%	58,577	$6M	added+20%	0.00 pp	4 q
NSCNorfolk Southern Corp.	0.26%	26,363	$6M	trimmed−3%	+0.01 pp	2 q
HYGiShares iBoxx $ High Yield Corporate Bond ETF	0.24%	75,000	$6M	trimmed−25%	−0.09 pp	2 q
ARESAres Management Corporation Class A	0.22%	52,100	$5M	held	—	6 q
AAMIAcadian Asset Management Inc.	0.22%	246,326	$5M	held	—	14 q
EPDEnterprise Products Partners L.P.	0.22%	190,000	$5M	held	—	19 q
WEPMagellan Midstream Partners	0.22%	81,700	$5M	held	—	19 q
PYPLPayPal Holdings, Inc.	0.22%	75,000	$5M	new	+0.22 pp	new
unresolvedCorsair Partnering Corp	0.22%	500,054	$5M	held	—	8 q
OKTAOkta, Inc. Class A	0.21%	71,049	$5M	new	+0.21 pp	new
RRXRegal Rexnord Corporation	0.21%	32,009	$5M	trimmed−14%	−0.01 pp	3 q
MBLYMobileye Global Inc. Class A	0.20%	119,429	$5M	new	+0.20 pp	new
DISThe Walt Disney Company	0.18%	46,400	$4M	held	—	12 q
NVDANvidia Corp	0.18%	10,000	$4M	new	+0.18 pp	new
FCNCAFirst Citizens BancShares Inc	0.16%	2,900	$4M	new	+0.16 pp	new
MSFTMicrosoft Corp	0.15%	10,001	$3M	new	+0.15 pp	new
JJacobs Solutions Inc.	0.13%	25,885	$3M	new	+0.13 pp	new
BFHBread Financial Holdings, Inc.	0.12%	86,500	$3M	new	+0.12 pp	new
PTRAQProterra Inc	0.12%	2,315,201	$3M	held	—	9 q
RKTRocket Companies, Inc.	0.12%	314,597	$3M	added+57%	+0.04 pp	2 q
WESWestern Midstream Partners, LP	0.11%	94,550	$3M	held	—	18 q
SVVSavers Value Village, Inc.	0.10%	100,000	$2M	new	+0.10 pp	new
IBBiShares Biotechnology ETF	0.09%	15,800	$2M	new	+0.09 pp	new
GOOSCanada Goose Holdings Inc.	0.08%	100,000	$2M	trimmed−33%	−0.04 pp	2 q
FIGSFIGS, Inc.	0.07%	200,000	$2M	trimmed−90%	−0.46 pp	9 q
RPDRapid7, Inc.	0.07%	33,804	$2M	new	+0.07 pp	new
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF	0.07%	55,800	$2M	trimmed−56%	−0.09 pp	13 q
ETRNEquitrans Midstream Corporation	0.06%	134,200	$1M	held	—	13 q
HCPHashiCorp, Inc. Class A	0.06%	55,000	$1M	new	+0.06 pp	new
TGANTransphorm, Inc.	0.06%	430,000	$1M	trimmed−33%	−0.05 pp	6 q
TSEMTower Semiconductor Ltd	0.05%	31,801	$1M	added×31801.0	+0.05 pp	3 q
HDBHDFC Bank Limited	0.04%	11,818	$823,715	held	—	2 q
IBNICICI Bank Limited	0.04%	43,063	$993,894	held	—	2 q
MDBMongoDB, Inc. Class A	0.04%	2,500	$1M	new	+0.04 pp	new
ITUBItau Unibanco Holding S.A.	0.03%	120,348	$710,053	held	—	2 q
AXIAYAxia Energia S/	0.02%	57,285	$473,747	held	—	2 q
INFYInfosys Limited	0.02%	25,245	$405,687	held	—	2 q
XLFState Street Financial Select Sector SPDR ETF	0.02%	12,270	$413,622	new	+0.02 pp	new
13WBlue Apron Holdings Inc-a	0.01%	24,999	$145,994	new	+0.01 pp	new
FHNFirst Horizon Corporation	—	−7,309,487	—	exited	−5.60 pp	—
LUCKLucky Strike Entertainment Corporation	—	−3,000,000	—	exited	−2.19 pp	—
AWKAmerican Water Works Company, Inc	—	−316,400	—	exited	−2.00 pp	—
ELThe Estee Lauder Companies Inc. Class A	—	−159,097	—	exited	−1.69 pp	—
CRMSalesforce, Inc.	—	−170,029	—	exited	−1.46 pp	—
IWMiShares Russell 2000 ETF	—	−186,453	—	exited	−1.43 pp	—
FRSHFreshworks Inc. Class A	—	−1,425,665	—	exited	−0.94 pp	—
TECKTeck Resources Limited	—	−497,854	—	exited	−0.78 pp	—
NFLXNetFlix Inc	—	−35,000	—	exited	−0.52 pp	—
JDJD.com, Inc.	—	−200,000	—	exited	−0.38 pp	—
SOThe Southern Company	—	−120,000	—	exited	−0.36 pp	—
FRPTFreshpet, Inc.	—	−103,111	—	exited	−0.29 pp	—
SNOWSnowflake Inc.	—	−38,500	—	exited	−0.26 pp	—
FXIiShares China Large-Cap ETF	—	−200,000	—	exited	−0.25 pp	—
ASHAshland Inc.	—	−51,250	—	exited	−0.23 pp	—
DARDarling Ingredients Inc.	—	−90,000	—	exited	−0.23 pp	—
RNGRingcentral, Inc.	—	−173,766	—	exited	−0.23 pp	—
DFSDiscover Financial Services	—	−52,500	—	exited	−0.22 pp	—
XLUState Street Utilities Select Sector SPDR ETF	—	−75,000	—	exited	−0.22 pp	—
WMTWalmart Inc.	—	−34,300	—	exited	−0.22 pp	—
GOOGAlphabet Inc. Class C	—	−46,600	—	exited	−0.21 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−11,466	—	exited	−0.20 pp	—
IPGThe Interpublic Group of Companies, Inc.	—	−100,000	—	exited	−0.16 pp	—
SPOTSpotify Technology S.A.	—	−28,672	—	exited	−0.16 pp	—
AYXAlteryx, Inc.	—	−54,137	—	exited	−0.14 pp	—
LM03Liberty Media Cor-siriusxm A	—	−116,550	—	exited	−0.14 pp	—
RILYBRC Group Holdings, Inc.	—	−64,341	—	exited	−0.08 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−50,000	—	exited	−0.08 pp	—
ASOAcademy Sports and Outdoors, Inc.	—	−26,162	—	exited	−0.07 pp	—
PRPermian Resources Corporation	—	−100,000	—	exited	−0.05 pp	—
PLLPiedmont Lithium Inc.	—	−15,000	—	exited	−0.04 pp	—
GSGoldman Sachs Group Inc.	—	−2,284	—	exited	−0.03 pp	—
PBRPetroleo Brasileiro S.a.-petrobras	—	−56,203	—	exited	−0.03 pp	—
NESRNational Energy Services Reunited Corp.	—	−90,212	—	exited	−0.02 pp	—
unresolvedBlue Apron Holdings Inc	—	−300,000	—	exited	−0.01 pp	—
PBR.APetroleo Brasileiro S.A.-Petrobras	—	−23,007	—	exited	−0.01 pp	—
IRBTiRobot Corporation	—	−1	—	exited	0.00 pp	—
unresolvedSitio Royalties Corp	—	−1,071,250	—	exited	0.00 pp	—

Other 13(f) securities

Options 48

Contract	% of notional	Shares	Notional
QQQ PUT	17.42%	850,000	$314M
SPY PUT	13.03%	530,000	$235M
TLT CALL	7.99%	1,400,000	$144M
SPLK CALL	3.82%	650,000	$69M
PDD CALL	3.65%	952,400	$66M
IWM PUT	3.64%	350,000	$66M
OKTA CALL	3.46%	900,000	$62M
HYG PUT	3.12%	750,000	$56M
IWM CALL	2.60%	250,000	$47M
DFS PUT	2.59%	400,000	$47M
ARKK CALL	2.45%	1,000,000	$44M
FIVN PUT	2.29%	500,000	$41M
AYX CALL	2.14%	850,000	$39M
MSTR PUT	1.90%	100,000	$34M
FIVN CALL	1.83%	400,000	$33M
CFLT CALL	1.76%	900,000	$32M
RILY PUT	1.71%	670,600	$31M
BABA CALL	1.62%	350,000	$29M
MDB PUT	1.60%	70,000	$29M
AMD PUT	1.58%	250,000	$28M
LEN PUT	1.56%	225,000	$28M
AAL PUT	1.49%	1,500,000	$27M
NET PUT	1.45%	400,000	$26M
AYX PUT	1.26%	500,000	$23M
IPG PUT	1.07%	500,000	$19M
SE CALL	0.97%	300,000	$17M
RNG CALL	0.91%	500,000	$16M
BL CALL	0.75%	250,000	$13M
XYZ CALL	0.74%	200,000	$13M
XYZ PUT	0.74%	200,000	$13M
NET CALL	0.73%	200,000	$13M
W PUT	0.72%	200,000	$13M
DOCN CALL	0.67%	300,000	$12M
SNAP CALL	0.66%	1,000,000	$12M
SE PUT	0.64%	200,000	$12M
LITE CALL	0.63%	200,000	$11M
WOLF CALL	0.62%	200,000	$11M
WOLF PUT	0.62%	200,000	$11M
KRE CALL	0.57%	250,000	$10M
DISH PUT	0.55%	1,500,000	$10M
OPHT PUT	0.55%	250,000	$10M
U CALL	0.48%	200,000	$9M
TSEM PUT	0.31%	150,000	$6M
SMTC PUT	0.28%	200,000	$5M
DISH CALL	0.26%	700,000	$5M
RTX CALL	0.26%	47,000	$5M
SKIN CALL	0.19%	400,000	$3M
DDD CALL	0.17%	300,000	$3M

Notes 37

Issue	% of notes	Principal	Value
Digitalocean Holdings	7.58%	219,518,000	$173M
Sea Ltd	7.09%	200,511,000	$162M
Sea Ltd	5.64%	126,725,000	$129M
Splunk Inc	5.34%	140,500,000	$122M
Nio Inc	4.83%	115,308,000	$110M
Microstrategy Inc	4.58%	95,642,000	$104M
Snap Inc	4.58%	145,500,000	$104M
Cloudflare Inc	4.24%	113,500,000	$97M
Wayfair Inc	4.20%	114,950,000	$96M
Lyft Inc	3.94%	100,100,000	$90M
Unity Software Inc	3.54%	101,000,000	$81M
Peloton Interactive Inc	3.45%	103,500,000	$79M
Snap Inc	3.44%	85,000,000	$79M
Confluent Inc	3.35%	91,500,000	$76M
RAPID7 Inc	3.15%	82,000,000	$72M
Lumentum Holdings Inc	3.14%	90,800,000	$72M
Ncl Corporation Ltd	2.92%	48,500,000	$67M
Microstrategy Inc	2.88%	98,735,000	$66M
Dish Network Corp	2.59%	110,650,000	$59M
Block Inc	2.33%	69,007,000	$53M
Dayforce Inc	2.10%	54,025,000	$48M
Wolfspeed Inc	2.04%	60,000,000	$46M
Affirm Holdings Inc	1.99%	61,500,000	$46M
Fastly Inc	1.67%	45,695,000	$38M
Blackline Inc	1.49%	40,000,000	$34M
FIVE9 Inc	1.23%	28,980,000	$28M
Alteryx Inc	1.00%	27,000,000	$23M
Nio Inc	0.93%	25,330,000	$21M
Lumentum Holdings Inc	0.83%	21,250,000	$19M
Livongo Health	0.80%	20,000,000	$18M
Acorda Therapeutics Inc	0.77%	28,001,000	$18M
Etsy Inc	0.73%	14,000,000	$17M
Wolfspeed Inc	0.59%	10,000,000	$14M
Zillow Group Inc	0.54%	10,000,000	$12M
Okta Inc	0.40%	10,500,000	$9M
Ringcentral Inc	0.07%	2,000,000	$2M
Amyris Inc	0.02%	2,000,000	$376,495

Source

Form: 13F-HR
Reading: 0 defects · 2 unresolved
Accession: 0000902664-23-004378
SEC cross-check: SEC data set not published yet

Search