In this article, we will look at the top 15 holdings of billionaire investor George Soros. If you want to skip reading about George Soros’ investing philosophy and his hedge fund’s performance, you can go directly to George Soros’ Top 5 Holdings.
George Soros is a Hungarian-born American business magnate, investor, philanthropist, and author. He is widely considered one of the most successful investors in the world and is the founder of Soros Fund Management, a New York-based investment management company that is now structured as a family office. According to Forbes, George Soros has a real-time net worth of $6.7 billion, as of February 14.
George Soros founded Soros Fund Management in 1970 and ran it as a hedge fund up till 2011, averaging an annual return of 20% from 1970 to 2011. Soros Fund Management has been dubbed as one of the most successful hedge funds in history. In 2011, Soros restructured Soros Fund Management as a family office and has since been focusing on his personal investments. Soros has also been an advocate of philanthropy and has donated billions of dollars to various charitable causes.
Soros’ Investing Philosophy
Soros is famous for his investment philosophy that aims to take advantage of market inefficiencies. He is a proponent of reflexivity, a theory that states that market prices may be affected by changes in the beliefs, perceptions, and expectations of market participants. Soros has a long history of making successful investments. In 1992, he famously made over $1 billion by betting against the British pound, a feat that earned him the title “The Man Who Broke the Bank of England”. Soros is known for his contrarian approach to investing. He often takes positions that are contrary to popular opinion, and has been able to make substantial profits in the process.
Soros believes that markets are constantly changing and that investors must be vigilant and adaptable in order to stay ahead of the game. He looks for mispricings in the market and takes advantage of them. He is also an advocate of diversification and believes that investors should spread their money across multiple asset classes and sectors.
Soros believes in taking calculated risks and is not afraid to short stocks or go against the grain. Soros is a believer in the power of leverage and has made a fortune from using it. He believes that leveraging can amplify the returns of an investment, but it can also amplify losses if not used properly.
Soros Fund Management: 13F Portfolio
In the fourth quarter of 2022, Soros Fund Management exited 144 positions, reduced its exposure to 32 securities, increased its exposure to 38 securities, and initiated new 82 positions. Soros Fund Management’s portfolio value grew by roughly 24% from $5.85 billion in Q3 2022 to $7.26 billion in Q4 2022.
Some of George Soros’ top 13F holdings as of Q4 2022 include Alphabet Inc. (NASDAQ:GOOG), First Horizon National Corporation (NYSE:FHN), and Rivian Automotive, Inc. (NASDAQ:RIVN). These stocks, among others, are discussed in detail below.
Our Methodology
To determine George Soros’ top 15 holdings, we sifted through Soros Fund Management’s 13F filings for the fourth quarter of 2022. We picked the fund’s top 15 holdings and ranked them in ascending order of Soros Fund Management’s stake in them. Along with each stock, we have also mentioned analyst ratings, where they were available.
George Soros’ Top 15 Holdings
15. Freshworks Inc. (NASDAQ:FRSH)
Soros Fund Management’s Stake Value: $33,305,735
Percentage of Soros Fund Management’s 13F Portfolio: 0.45%
Freshworks Inc. (NASDAQ:FRSH) is a California-based software company that specializes in SaaS products worldwide. As of December 31, Soros Fund Management has a stake worth $33.3 million in the company and the investment covers 0.45% of George Soros’ 13F portfolio.
On February 7, Freshworks Inc. (NASDAQ:FRSH) reported strong earnings for the fiscal fourth quarter of 2022. The company reported an EPS of $0.01 and outperformed EPS estimates by $0.05. The company’s revenue for the quarter amounted to $133.17 million, up 26.25% year over year and ahead of consensus by $2.84 million.
This February, Canaccord analyst David Hynes raised his price target on Freshworks Inc. (NASDAQ:FRSH) to $17 from $15 and maintained a Hold rating on the shares. As of February 14, the stock has gained 9.47% year to date.
Some of George Soros’ top stock holdings as of December 31 include Freshworks Inc. (NASDAQ:FRSH), Alphabet Inc. (NASDAQ:GOOG), First Horizon National Corporation (NYSE:FHN), and Rivian Automotive, Inc. (NASDAQ:RIVN).
14. LPL Financial Holdings Inc. (NASDAQ:LPLA)
Soros Fund Management’s Stake Value: $37,088,287
Percentage of Soros Fund Management’s 13F Portfolio: 0.51%
LPL Financial Holdings Inc. (NASDAQ:LPLA) is a financial services company that provides brokerage and investment advisory services to independent financial advisors and financial advisors in the United States. As of February 14, LPL Financial Holdings Inc. (NASDAQ:LPLA) has gained 33.64% over the past 12 months and is offering a forward dividend yield of 0.50%.
Over the past 3 months, LPL Financial Holdings Inc. (NASDAQ:LPLA) has received 5 Buy ratings and 4 Hold ratings from Wall Street analysts. The stock has a high price target of $290 and an average price target of roughly $267, which represents an upside of 8.82% from its share price on February 14.
As of December 31, Soros Fund Management has a stake worth $37 million in LPL Financial Holdings Inc. (NASDAQ:LPLA). The stock is one of George Soros’ top 15 picks and makes up 0.51% of his fund’s 13F portfolio.
Here is what Artisan Partners had to say about LPL Financial Holdings Inc. (NASDAQ:LPLA) in its fourth-quarter 2022 investor letter:
“We pared our exposure to LPL Financial Holdings Inc. (NASDAQ:LPLA), Genmab and Advanced Drainage Systems in Q4. LPL Financial is the largest independent broker-dealer in the US, and the largest provider of outsourced wealth management services to banks. The company equips over 21,000 financial advisors with the tools—research, technology, compliance and administrative support—to grow their businesses and help their retail clients with wealth management and financial planning. In recent years, a new leadership team has invested to improve advisor technology and remove friction within advisors’ workflows, driving a 50% increase in productivity while increasing advisor retention to ~98%. We believe LPL is well-positioned to capture further market share and benefit from a migration of advisors away from wire houses to the independent channel. We also feel optimistic that their outsourcing contract wins with third-party banks and traction in the company’s new service offerings could further accelerate growth. Lastly, LPL has benefited from higher interest rates. However, as the share price now reflects more of these tailwinds, we modestly pared our position.”
13. indie Semiconductor, Inc. (NASDAQ:INDI)
Soros Fund Management’s Stake Value: $51,027,833
Percentage of Soros Fund Management’s 13F Portfolio: 0.70%
indie Semiconductor, Inc. (NASDAQ:INDI) is an American semiconductor manufacturer that specializes in designing and distributing automotive semiconductors. The company also offers software for connected cars and advanced driver assistance systems. On February 14, B. Riley analyst Craig A. Ellis raised his price target on indie Semiconductor, Inc. (NASDAQ:INDI) to $13 from $10 and upgraded the stock to Buy from Neutral.
On February 9, indie Semiconductor, Inc. (NASDAQ:INDI) announced its plans to acquire GEO Semiconductor, a semiconductor company that specializes in the design of video processing integrated circuits, for $180 million. As of February 14, indie Semiconductor, Inc. (NASDAQ:INDI) has gained 58.46% year to date.
As of the close of Q4 2022, Soros Fund Management has a position worth $51 million in indie Semiconductor, Inc. (NASDAQ:INDI). The investment covers 0.70% of George Soros’ 13F portfolio. indie Semiconductor, Inc. (NASDAQ:INDI) is one of Soros’ top stock picks.
Here is what Baron Funds had to say about indie Semiconductor, Inc. (NASDAQ:INDI) in its third-quarter 2022 investor letter:
“indie Semiconductor, Inc. (NASDAQ:INDI) is a fabless designer, developer, and marketer of automotive semiconductors for advanced driver assistance systems and connected car, user experience, and electrification applications. We elected to take a tax loss on our prior position and have been rebuilding on recent weakness. We believe that the automotive semiconductor vertical is attractive as silicon content in cars increases over time from improving safety features and autonomous driving, electrification, and premiumization of interior and exterior features. Indie is a small but rapidly growing player in the automotive semiconductor space and has a multi-billion dollar contracted backlog, providing strong visibility to its revenue ramp in the coming years. Since coming public, the company has beaten expectations every quarter and is on track to turn profitable in 2023 and achieve targeted 60% gross and 30% operating margins by 2025. Indie’s management team has previously built a semiconductor company from the ground up, achieving a successful exit, giving us high confidence in their ability to execute their strategic plan with indie as well.”
12. D.R. Horton, Inc. (NYSE:DHI)
Soros Fund Management’s Stake Value: $61,743,980
Percentage of Soros Fund Management’s 13F Portfolio: 0.85%
D.R. Horton, Inc. (NYSE:DHI) is a leading American homebuilding company. The company posted market-beating earnings for the first quarter of fiscal 2023, on January 24. The company’s revenue for the quarter amounted to $7.26 billion and beat expectations by $830.48 million. The company’s EPS for the quarter amounted to $2.76 and was ahead of EPS estimates by $0.52.
On January 25, BTIG analyst Carl Reichardt raised his price target on D.R. Horton, Inc. (NYSE:DHI) to $108 from $101 and reiterated a Buy rating on the shares. Shares of D.R. Horton, Inc. (NYSE:DHI) have gained 26.74% over the past 6 months, as of February 14, and the stock is trading at a PE multiple of 6x.
D.R. Horton, Inc. (NYSE:DHI) is one of George Soros’ top picks and makes up for 0.85% of Soros Fund Management’s 13F portfolio. As of December 31, the fund’s stake in the company is valued at $61.74 million.
Here is what Baron Funds had to say about D.R. Horton, Inc. (NYSE:DHI) in its fourth-quarter 2022 investor letter:
“The shares of D.R. Horton, Inc. (NYSE:DHI), the number one homebuilder by volume in the U.S., gained 31% in the most recent quarter following strong business results.
We are bullish about the long-term prospects for D.R. Horton primarily due to two key considerations:
1) We believe the company is positioned to perform well over time given its status as the largest and lowest-cost producer in the entrylevel home segment for first-time buyers and baby boomers looking for an affordable home. In the last fiscal year, approximately 67% of D.R. Horton’s home sales were for prices less than $400,000, thereby enabling the company to satisfy the home affordability constraints of many potential home buyers.
2) We are enthusiastic about D.R. Horton’s continued transition to a stronger and more asset-light balance sheet by outsourcing its land development spending needs to third-party developers such as Forestar Group Inc. D.R. Horton’s transition to a less capital-intensive business model is leading to stronger cash-flow generation, lower debt levels, an ability to pursue more share repurchases and/or other investment opportunities, and a higher-valuation multiple.”
11. Amazon.com, Inc. (NASDAQ:AMZN)
Soros Fund Management’s Stake Value: $75,724,488
Percentage of Soros Fund Management’s 13F Portfolio: 1.04%
Wall Street analysts see upside to Amazon.com, Inc. (NASDAQ:AMZN). On February 3, Wolfe Research analyst Deepak Mathivanan raised his price target on Amazon.com, Inc. (NASDAQ:AMZN) to $130 from $115 and reiterated an Outperform rating on the shares. Over the past 3 months, Amazon.com, Inc. (NASDAQ:AMZN) has received 36 Buy ratings from Wall Street analysts and has a consensus Strong Buy rating.
On February 2, Amazon.com, Inc. (NASDAQ:AMZN) posted earnings for the fiscal fourth quarter of 2022. The company reported an EPS of $0.03 and generated a revenue of $149.20 billion, up 8.58% year over year and ahead of Wall Street estimates by $3.43 billion.
As of the close of Q4 2022, Soros Fund Management owns over 900,000 shares of Amazon.com, Inc. (NASDAQ:AMZN). The fund’s stake in the company is valued at $75.7 million and the investment covers 1.04% of George Soros’ 13F portfolio. Amazon.com, Inc. (NASDAQ:AMZN) is one of Soros’ top stock picks.
Here is what RiverPark Advisors had to say about Amazon.com, Inc. (NASDAQ:AMZN) in its fourth-quarter 2022 investor letter:
“Amazon.com, Inc. (NASDAQ:AMZN): Amazon was the top detractor for the quarter on mixed 3Q results and disappointing 4Q guidance. For 3Q22, the company reported revenue of $127 billion, up 15% year over year. Operating income, however, declined 48% year over year on higher energy costs and some onetime items. AWS operating income continues to grow from cloud computing adoption, up 11% year over year to $5 billion. 4Q guidance includes slowing AWS growth and lower-thanexpected operating income guidance, as the company continues to face inflationary headwinds (including energy, labor and freight).
With its ability to continue its market share gains in three leading businesses (e-commerce, web services and online advertising), plus a multi-year operating margin expansion opportunity (from improved e-commerce margins and greater contribution from the faster growing, higher margin AWS and advertising segments), we believe Amazon remains one of the best-positioned global growth companies in the world. AMZN shares trade at a 10-year trough EPS multiple, despite what we believe to be currently depressed margins and earnings.”
10. Signify Health, Inc. (NYSE:SGFY)
Soros Fund Management’s Stake Value: $80,977,856
Percentage of Soros Fund Management’s 13F Portfolio: 1.11%
Signify Health, Inc. (NYSE:SGFY) is a healthcare services provider based in Dallas, Texas. The company provides a healthcare platform that brings together analytics, tech and healthcare provider networks in the United States. Signify Health, Inc. (NYSE:SGFY) operates through two segments: Home & Community Services and Episodes of Care Services.
Shares of Signify Health, Inc. (NYSE:SGFY) have returned 119.57% to investors over the past 12 months, as of February 14.
As of December 31, Soros Fund Management owns over 2.8 million shares of Signify Health, Inc. (NYSE:SGFY) and has a stake worth $80.9 million in the company. The investment covers 1.11% of George Soros’ 13F portfolio.
9. Salesforce, Inc. (NYSE:CRM)
Soros Fund Management’s Stake Value: $85,400,556
Percentage of Soros Fund Management’s 13F Portfolio: 1.17%
Salesforce, Inc. (NYSE:CRM) is the leading provider of CRM software and is one of George Soros’ top stock picks. According to the company’s balance sheet, Salesforce, Inc. (NYSE:CRM) has free cash flows of $5.55 billion and its net income sits at $278 million.
As of the close of Q4 2022, Soros Fund Management’s stake in Salesforce, Inc. (NYSE:CRM) is valued at $85.4 million. The investment covers 1.17% of George Soros’ 13F portfolio.
On February 13, BofA analyst Brad Sills raised his price target on Salesforce, Inc. (NYSE:CRM) to $200 from $180 and maintained a Buy rating on the shares. The analyst noted that the company “is emerging as the next quality GARP stock in software.” Over the past 3 months, Salesforce, Inc. (NYSE:CRM) has received 25 Buy ratings 10 Hold ratings from Wall Street analysts and has a consensus Buy rating.
Here is what Aristotle Atlantic Partners, LLC had to say about Salesforce, Inc. (NYSE:CRM) in its third-quarter 2022 investor letter:
“We sold Salesforce, Inc. (NYSE:CRM) to reduce our weighting in the Information Technology sector. Salesforce held their investor day, and the company reiterated their organic Fiscal Year 2026 revenue target of $50 billion. This target remains more back-end loaded based on current slowing macroeconomic conditions and requires new annual contract growth well ahead of what the company has been averaging for the past few years. We are skeptical that the company will be able to achieve this revenue target organically and see Merger & Acquisitions (M&A) being key to achieving the growth. While we believe Salesforce has shown good success in growing its non-CRM clouds, we do see more competitive pressures emerging for the Marketing and Customer Service Clouds, specifically on the pricing side during a global economic slowdown.”
8. Liberty Broadband Corporation (NASDAQ:LBRDA)
Soros Fund Management’s Stake Value: $106,007,139
Percentage of Soros Fund Management’s 13F Portfolio: 1.46%
Liberty Broadband Corporation (NASDAQ:LBRDA) is a leading American media company and provider of cable, data, wireless, video, and voice services. As of December 31, Soros Fund Management owns over 1.38 million shares of Liberty Broadband Corporation (NASDAQ:LBRDA). The fund’s stake in the company is valued at roughly $106 million.
Liberty Broadband Corporation (NASDAQ:LBRDA) is currently trading at a compelling valuation. As of February 14, the stock is trading at a PE multiple of 10x and has returned over 19% to investors, year to date.
As of December 12, 2022, Benchmark analyst Matthew Harrigan has a $156 price target and Buy rating on Liberty Broadband Corporation (NASDAQ:LBRDA). Over the past 3 months the stock has received 2 Buy ratings and has an average price target of $143.50, which represents an upside of 56.13% from current levels.
Here is what Longleaf Partners had to say about Liberty Broadband Corporation (NASDAQ:LBRDA) in its fourth-quarter 2022 investor letter:
“Liberty Broadband Corporation (NASDAQ:LBRDA) – Cable and media holding company Liberty Broadband declined amid worsening sentiment for its underlying cable business Charter. We believe the Liberty management team will successfully close the valuation gap at both underlying holding Charter and holdco Liberty Broadband, as we have seen sentiment on cable stocks shift many times over our decades at Southeastern. This remains a good business run by great partners.”
7. Bowlero Corp. (NYSE:BOWL)
Soros Fund Management’s Stake Value: $109,920,004
Percentage of Soros Fund Management’s 13F Portfolio: 1.51%
Bowlero Corp. (NYSE:BOWL) operates as a bowling centers company. The company operates roughly 325 bowling centers and is one of the largest bowling center operators in the world. Bowlero Corp. (NYSE:BOWL) is one of George Soros’ top stock picks.
Over the past 3 months, Bowlero Corp. (NYSE:BOWL) has received 2 Buy ratings from Wall Street analysts and has an average price target of $16.50. The stock’s average price target represents an upside of 13.87% from current levels. As of February 14, the stock has gained 64.59% over the past 12 months.
As of December 31, Soros Fund Management’s stake in Bowlero Corp. (NYSE:BOWL) is valued at $109.9 million. The investment covers 1.51% of George Soros’ 13F portfolio.
6. Altra Industrial Motion Corp. (NASDAQ:AIMC)
Soros Fund Management’s Stake Value: $119,500,060
Percentage of Soros Fund Management’s 13F Portfolio: 1.64%
Altra Industrial Motion Corp. (NASDAQ:AIMC) is a leading American manufacturer of electromechanical power transmission products. The stock is one of George Soros’ top stock picks.
As of December 31, Soros Fund Management owns roughly 2 million shares of Altra Industrial Motion Corp. (NASDAQ:AIMC). The fund’s position is valued at $119.5 million and the investment covers 1.64% of George Soros’ 13F portfolio.
As of December 20, BMO Capital analyst John Joyner has a Market Perform rating and $62 price target on Altra Industrial Motion Corp. (NASDAQ:AIMC). As of February 14, the stock has gained 37.76% over the past 6 months.
In addition to Altra Industrial Motion Corp. (NASDAQ:AIMC), George Soros also has hefty stakes in Alphabet Inc. (NASDAQ:GOOG), First Horizon National Corporation (NYSE:FHN), and Rivian Automotive, Inc. (NASDAQ:RIVN).
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Disclosure: None. George Soros’ Top 15 Holdings is originally published on Insider Monkey.
