George Soros is one of the most successful investors in history. His Soros Fund Management currently manages about $25 billion in assets, and Soros himself has an estimated net worth of $7.2 billion after donating more than $32 billion to philanthropic causes. Soros formerly managed the Quantum Fund, which generated an average annual return of 30% over a 30-year period from 1970 to 2000. Soros also famously made a $1 billion profit in a single day in 1992 by short selling the British pound.
Here are seven of the Soros Fund’s top stock holdings, according to its latest 13F filings with the Securities and Exchange Commission:
Smurfit Westrock PLC (SW)
Smurfit Westrock is the largest global producer of paper and packaging, operating in 40 countries with more than 500 packaging converting operations and 62 paper mills. The company was formed in July 2024 via a merger between Smurfit Kappa and Westrock. Soros may see Smurfit as a strong value play given the stock’s attractive forward earnings multiple of about 15. Soros’ fund purchased about 6.8 million shares of Smurfit Westrock stock in the third quarter, making SW the Soros Fund’s largest single stock holding. Soros’ stake in Smurfit Westrock is worth about $340 million.
Portfolio weight: 4.9%
AstraZeneca PLC (AZN)
AstraZeneca is one of the largest pure-play pharmaceutical companies in the world. Its leading commercial drugs include Tagrisso for lung cancer, Farxiga for type 2 diabetes and Soliris for paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS). Soros first invested in AstraZeneca back in the first quarter of 2024, and the stock is down about 6% year to date. In the third quarter, Soros boosted his AstraZeneca stake by buying another 201,233 shares. Soros Fund Management now holds 2.6 million AstraZeneca shares worth about $206 million, making it the fund’s second-largest stock holding.
Portfolio weight: 2.9%
AerCap Holdings NV (AER)
AerCap leases aircraft to airlines around the world. AerCap was a new position for Soros in the first quarter of 2023, and the billionaire investor purchased about 32,000 additional shares of AER stock in the third quarter. Soros’ fund now holds about 1.5 million shares of AerCap stock worth about $150 million. The stock is attractively valued, trading at just 7.4 times forward earnings. Soros may be anticipating that an ongoing recovery in international business travel will be a tailwind for AerCap. AerCap shares are up 64% since the beginning of 2023.
Portfolio weight: 2.1%
Alibaba Group Holding Ltd. (BABA)
Alibaba is the leading e-commerce platform and enterprise cloud services provider in China. Regulatory crackdowns on U.S.-listed Chinese stocks by both U.S. and Chinese regulators have weighed on Alibaba shares in recent years. While regulatory risk remains, Alibaba’s stock currently trades at just 10 times forward earnings estimates, an extremely attractive valuation. Soros’ Alibaba stake is a clear sign he is bullish on the Chinese economy. Soros Fund Management bought 281,000 shares of BABA stock in the third quarter, bringing its stake up to 1.3 million shares worth about $138 million.
Portfolio weight: 2%
GFL Environmental Inc. (GFL)
GFL Environmental transports, manages, and recycles solid and liquid waste and provides soil remediation services. The solid waste industry is relatively stable, and Soros may see GFL as an attractively valued defensive investment due to its largely recurring revenue and diverse customer base, as well as the essential nature of its business in maintaining public health. After all, the country needs trash removed even during a recession. Soros’ fund purchased about 2.6 million shares of GFL stock in the third quarter. Soros holds about 3.1 million shares of GFL worth about $125 million.
Portfolio weight: 1.8%
JD.com Inc. (JD)
JD.com is a leading Chinese e-commerce and retail infrastructure service provider that specializes in online direct sales of electronics, merchandise and appliances. Like many other billionaires, Soros understands the power of diversification. Instead of betting on China e-commerce by putting all his eggs in one basket, he has mitigated his risk by taking large stakes in both Alibaba and leading competitor JD.com. In the third quarter, the Soros fund more than doubled its stake in JD, buying another 1.4 million shares and bringing its total position up to 2.73 million shares worth about $109 million.
Portfolio weight: 1.5%
Liberty Broadband Corp. (LBRDK)
Liberty Broadband is a cable, broadband and mobile technology company and is the parent of Charter Communications. Soros first invested in Liberty Broadband in the second quarter of 2016, and he paid an average estimated price of around $57.45. Soros may finally be losing his patience with Liberty Broadband after years of underperformance. In the third quarter, the Soros Fund sold 270,000 shares of LBRDK stock, reducing its stake by nearly 20%. The fund still owns more than 1.1 million shares of Liberty Broadband worth about $86.5 million, representing roughly 0.9% ownership of the company.
Portfolio weight: 1.2%