Soros Fund Q1: Added NVIDIA, completely sold out of Advanced Micro Devices, increased holdings in electric power stocks, bought S&P and sold Russell 2000

The Soros Fund made defensive adjustments in the first quarter, increasing its holdings in the S&P 500 index while completely liquidating its position in the Russell 2000 small-cap index.

The latest 13F report released on Thursday shows that as of the first quarter of this year, the Soros Fund increased its holdings in the S&P 500 ETF while also adding to its positions in utility stocks. Additionally, it liquidated its positions in the Russell 2000 ETF, Alibaba, and TSMC, and significantly reduced its holdings in Google and JD.com. Data indicates that at the end of the first quarter, the Soros Fund's holdings were primarily concentrated in cyclical consumer, technology, financial services, and defensive consumer sectors.

In the context of slowing economic growth and high interest rates, small businesses often face greater operational pressures than large enterprises. Soros' strategy of "buying large caps and selling small caps," while allocating to utilities and stable income assets, may indicate that it is preparing for a more turbulent market environment.

Notably, the Soros Fund made significant adjustments to its technology sector in the first quarter. On one hand, Soros completely liquidated its positions in the outstanding performers this year, AMD and TSMC. On the other hand, Soros opened a new position in chip giant NVIDIA.

Below are the top 10 holdings of the Soros Fund in the first quarter:

Increased Allocation to Utilities and Financial Sectors

In the first quarter, the Soros Fund added a total of 97 new stocks, with the most notable being a significant allocation to the utilities and financial sectors:

• The largest new holding was American Electric Power, purchasing 878,960 shares valued at $96.044 million, accounting for 1.9% of the portfolio;
• The second largest new holding was Entergy Corp, purchasing 1,095,279 shares valued at $93.635 million, accounting for 1.85% of the portfolio;
• The third largest new holding was JP Morgan, acquiring 230,963 shares, accounting for 1.12% of the portfolio, with a total value of approximately $56.66 million;
• In addition, in the first quarter, new positions were opened in satellite manufacturer AST SpaceMobile— a competitor of SpaceX, and Bitcoin miner Cipher Mining.

In terms of increasing holdings, Soros Fund in the first quarter:

• Significantly increased its position in Amazon by about 30%;

• Compared to the fourth quarter, the shareholding ratio of FedEx increased by over 270%, and the holding of First Solar was significantly increased nearly 9 times through a combination of stocks and options;

• At the same time, Soros also more than doubled its position in UnitedHealth Group (UNH), although it has been reported that the company is currently facing a criminal investigation for insurance fraud.

Analysts point out that this adjustment indicates that Soros is increasing its allocation to utilities and stable income assets, possibly preparing for a more turbulent market environment.

Major Liquidation: Some Tech Stocks and Chinese Concept Stocks Sold Off

In the first quarter, Soros Fund completely liquidated 78 stocks and reduced holdings in 45 stocks.

In addition to the previously mentioned small-cap stocks, AMD, and TSMC, Soros Fund also completely liquidated: all 300,000 shares of insurance company Arthur J. Gallagher, all holdings in Airbnb, Alibaba, and Boeing.

In terms of reducing holdings, Soros Fund reduced its holdings in 38 stocks. The most significant changes include:

• 833,923 shares of Google's parent company Alphabet, with a reduction of 62.64%, impacting the portfolio by -3.24%.

• At the same time, it significantly reduced its holdings in JD by 2,561,320 shares, with a reduction rate of 93.6%, resulting in an impact of -1.83% on the investment portfolio.