Billionaire investor George Soros’ family office made several changes to its portfolio holdings in the first quarter, according to 13F filed by the fund on Friday.
EVs Out Of Favor: Soros Fund Management sold its entire holding of Tesla, Inc. TSLA in the first quarter and disposed of a chunk of shares in Tesla’s peer and electric vehicle startup Rivian Automotive, Inc. RIVN.
From the 132,046 shares held at the end of the fourth quarter, the fund’s Tesla stake went to zero in the first quarter. Incidentally, Tesla stock rebounded in the first quarter after a forgetful performance in 2022.
Soros also reduced his Rivian holdings by over 75% and held merely 3.58 million shares at the end of the first quarter.
The billionaire’s fund also sold all of the 500,000 shares it held in Chinese EV startup Nio, Inc. NIO.
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Soros’ Fresh Buys: Soros’ fund took new positions in streaming giant Netflix, Inc. NFLX, retail giant Walmart, Inc. WMT, Chinese e-commerce retailer JD.com, Inc. JD and railroad operators CSX Corp. CSX and Norfolk Southern Corp. NSC.
The number of shares held in each of the above companies is as follows:
Walmart: 5.06 million
JD: 8.78 million
Norfolk Southern: 27,075
Other Major Changes: Soros’ fund took down its Amazon, Inc. AMZN exposure by 21.62% to 706,561 shares. Amid the banking crisis, the fund also cut its stake in First Horizon Bancorp FHN by 14.37% to 7.31 million shares.
Walt Disney Co. DIS stake was cut by three-fourths to 46,400 shares from the 189,609 shares held at the end of the fourth quarter.
The fund increased its exposure to Qualcomm, Inc. QCOM and Nike, Inc. NKE, lifting it by over 50% and 162%, respectively, to 104,350 and 166,720 shares.