Soros Fund Management remained active in markets during the second quarter, filing a 13F that shows the fund opened positions in roughly 100 new companies while closing a similar number. Although George Soros is the founder and public face, Dawn Fitzpatrick has primarily been responsible for portfolio construction for some time; Soros will turn 97 in August.
The April–June period of 2024 was marked by geopolitical tensions related to Iran as well as inflation and interest-rate concerns. Those developments coincided with a 10.7 percent decline in the fund’s value compared with the end of March. The 13F filing shows Soros Fund Management was managing $8.14 billion in assets at mid-year.
Heavy allocation to AI and tech names
The filing indicates a clear tilt toward the technology sector, and specifically companies linked to artificial intelligence. The largest single holdings include Amazon (3.5 percent of the portfolio), Taiwan Semiconductor Manufacturing Company (TSMC) at 3.1 percent, and Alphabet and Nvidia each representing about 2.6 percent.
The fund’s biggest purchase in the quarter was Micron Technology: more than $25 million worth of shares were acquired, and the firm increased its Micron exposure nearly eightfold over three months. That move diverged from several large peers, which trimmed Micron positions—Renaissance Technologies reduced its Micron holdings to one-tenth, Bridgewater substantially wound down its stake, and Appaloosa cut its position by roughly half.
Micron’s stock rose substantially in the second quarter and reached a record high at the end of June. The company also reported an exceptional quarter, with revenue expanding about four‑and‑a‑half times year‑over‑year to $41.5 billion and earnings roughly doubling to exceed $28 billion.
Utilities purchases and S&P 500 reduction
The fund also added positions in less cyclical sectors: allocation to American Electric Power was raised to 1.3 percent of the portfolio, while Entergy Corporation was increased to 1.2 percent. These moves suggest a partial shift toward steadier cash flow businesses alongside the fund’s tech bets.
At the same time, Soros Fund Management reduced its aggregate ownership in S&P 500 index‑tracking U.S. equity funds by about 10 percent. That reduction may indicate less confidence in broad U.S. market upside and a preference for concentrated, idiosyncratic investment stories.
Sharp cut to Interactive Brokers holding
Among the many individual sales during the quarter was Interactive Brokers. The fund sold roughly another 500,000 shares of the discount broker founded by Thomas Peterffy, cutting that position to about one quarter of its prior size. Soros Fund Management now holds approximately 150,000 shares of Interactive Brokers, after having realized gains on the stake over several prior quarters.
Overall, the second-quarter changes show Soros Fund Management increasing allocations to AI-related and large-cap tech names, trimming broad S&P 500 exposure, and adding selected utility stocks while further reducing exposure to some formerly favored individual positions.
Author: summary based on Soros Fund Management’s Q2 2024 13F filing.
