George Soros is one of the best hedge fund managers in history, averaging a 20% annual rate of return over four decades.
He is best known as “the man who broke the Bank of England” after betting his hedge fund’s entire value on the British Pound’s devaluation in 1992, leading to a net profit of $1 billion.
Soros was born in 1930 in Budapest to a Hungarian Jewish family. He survived the Nazi occupation of Hungary before heading to the London School of Economics at 17.
He started his first hedge fund, Double Eagle, in 1969. It was later renamed, Quantum Fund.
When he started the fund, it had $12 million in assets under management (AUM). It grew to $25.5 billion in 2011 before he turned it into a family office known as Soros Fund Management.
Most of that wealth belonged to Soros, and he needed to return less than $1 billion to outside investors.
His personal net worth is estimated at $8.5 billion, after moving most of his money to six Open Society foundations.
These funds and his personal wealth are still managed by his family office and are currently estimated to be $28 billion.
Soros Fund Management disclosed portfolio positions to a total value of $5.6 billion to the SEC.
Soros’ fund is highly diversified, with 271 individual holdings that include warrants, put options, and call options in addition to shares.
The fund also holds many corporate bonds, showing the defensive nature of the portfolio.
Soros is currently hedging some of his major shareholdings by also owning put options on those shares. It is true for his shares in Affirm, Blackline, Sea, and Turning Point Therapeutics.
He also owns puts on companies where he owns their corporate bonds. It indicates that he might not be comfortable with the share price risks but is comfortable with the business overall.
It is the case for American Airlines, Dish Network Corp, Microstrategy, Okta, Twitter, and Wayfair.
He holds both calls and puts on the SPDR S&P 500 ETF, which makes it difficult to gauge his sentiment on the market.
However, he does hold both the shares and call options on the Invesco QQQ Trust Nasdaq-100 ETF, indicating a bullish sentiment on more risky tech stocks.
Soros added to his position in Amazon in the second quarter, which makes up his second-biggest holding.
He also seems to have picked clear winners as to whom he thinks will do better in the electric vehicle race.
Rivian Automotive makes up the largest holding in his portfolio at 8.2%, while Tesla only makes up less than 0.4%.
He opted to own bonds in Nio rather than its equity and is clearly negative on Lucid Group, opting to short the company through put options.
Below are Soros’ 50 largest holdings that made up 82% of his portfolio as of the end of June 2022.
|Name||Value ($ million)||Portfolio Weight|
|Liberty Broadband Corp||$202||3.6%|
|American Campus Communities REIT||$201||3.6%|
|D.R. Horton Inc||$197||3.5%|
|Royal Caribbean (Corporate Note)||$149||2.7%|
|American Airlines (Corporate Note)||$122||2.2%|
|SPDR S&P 500 ETF (Call Option)||$113||2.0%|
|Invesco QQQ Trust Nasdaq-100 ETF (Call Option)||$112||2.0%|
|Dish Network Corp (Corporate Note)||$111||2.0%|
|SEA Ltd (Corporate Note)||$110||2.0%|
|Snap Inc (Corporate Note)||$110||2.0%|
|SEA Ltd (Corporate Note)||$108||1.9%|
|Okta (Corporate Note)||$101||1.8%|
|Wayfair (Corporate Note)||$95||1.7%|
|Twitter (Corporate Note)||$80||1.4%|
|SPDR S&P 500 ETF (Put Option)||$75||1.3%|
|Etsy (Corporate Note)||$70||1.3%|
|GCP Applied Technologies||$66||1.2%|
|Lumentum Holdings (Corporate Note)||$64||1.1%|
|Turning Point Therapeutics||$62||1.1%|
|Microstrategy Inc (Corporate Note)||$59||1.1%|
|Cinemark Holdings (Corporate Note)||$56||1.0%|
|iShares 1-3 Year Credit Bond ETF||$56||1.0%|
|Nio (Corporate Note)||$55||1.0%|
|NCL Corp (Corporate Note)||$50||0.9%|
|Royal Caribbean (Corporate Note)||$47||0.8%|
|Microstrategy Inc (Corporate Note)||$45||0.8%|
|Nio (Corporate Note)||$44||0.8%|
|Sea Ltd (Put Option)||$40||0.7%|
|Lucid Group (Put Option)||$39||0.7%|
|LPL Financial Holdings||$36||0.6%|
|SPDR Portfolio Short Term Corporate Bond ETF||$33||0.6%|
|Microstrategy Inc (Put Option)||$33||0.6%|
|Dish Network Corp (Put Option)||$32||0.6%|
|54 other holdings with a portfolio weight of 0.1% – 0.5% each||$261||13.1%|
|167 other holdings with a portfolio weight less than 0.1% each||$47||4.9%|