The deadline for institutional investors to file their third quarter 13F has passed, meaning that the public is now able to view institutional positions as of Sept. 30.
Billionaire George Soros has been a popular investor to track. His fund, Soros Fund Management, had 13F assets under management (AUM) of $7.04 billion as of Q3, up from $6.41 billion during Q2. According to WhaleWisdom, Soros returned an estimated 10.46% during the second quarter, bringing his one-year performance to 5.47%.
Soros also made a move that doesn’t exactly resonate with Rivian (NASDAQ:RIVN) stock supporters. He sold off his entire stake of 4.18 million shares after holding the position for several years.
George Soros Sells Off RIVN Stock
Soros first disclosed a Rivian position during Q4 2021 by acquiring a 19.83 million share stake. From Q2 2022 to Q1 2023, the fund manager then proceeded to shave off shares every quarter. However, he shifted the trend when he purchased 608,583 shares during Q2 of this year, only to sell his entire position during Q3.
Soros also previously held call options against RIVN stock. He acquired call options against 6.04 million shares during Q1 2022 only to sell it all during the following quarter. During Q1 of this year, he reentered his call position against 1 million shares and then proceeded to sell it all the next quarter.
Shares of RIVN stock had previously accounted for 1.09% of Soros’ 13F portfolio, so it wasn’t a massive position. As of Q3, he held 209 13F positions.
While Soros sold Rivian, he was busy buying shares of another automotive company. During the quarter, the investor acquired 163,300 shares of General Motors (NYSE:GM), bringing his total stake to 613,100 shares. That’s equivalent to a 0.29% portfolio weight. At the same time, he also picked up put options against 500,000 shares of GM stock.
Soros carries an average 13F holding period of 3.43 quarters. For his top 10 positions, he has an average holding period of just 1.1 quarters. His top 10 positions include puts against Invesco QQQ Trust (NASDAQ:QQQ) and the iShares Russell 2000 ETF (NYSEARCA:IWM).
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
