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The Ultimate Guide to
George Soros’s
Top Stocks
by
October 4, 2017
x
2Page
Table of contents
by Andy Pai
Founder, finbox.io
1. About George Soros
2. Overview of Holdings
3. Methodology
4. Undervalued Stocks
5. Ranking Tables
A. Appendix
We analyze the listed holdings with our innovative
technology and group them into useful categories
like Most Undervalued, Highest Dividend Yields,
Fastest Growing, Lowest Price / Book and more.
Here are some of the investors we track:
If you’re not using finbox.io Ideas, chances are
you’re leaving money on the table, which clearly
shouldn’t be in your investing strategy!
In this guide, you’ll learn about George Soros's
investing strategy, his top holdings, and more.
Let get started!
There’s a reason why top investors track holdings
of top institutional fund managers to get inspiration
for their portfolios - it actually works!
One of the better-kept secrets in investing is a form
called the 13F-HR that all institutional investors
who manage over $100 million in assets must
submit to the SEC. In the Form 13F, managers have
to disclose their holdings giving intelligent
observers a sneak peek into their strategy and
investments for free!
With thousands of securities trading on U.S.
exchanges alone, it’s a great way for smaller
investors to leverage the time and resources spent
by large institutional managers to guide their
investments.
To make the process simple, finbox.io does all the
heavy lifting of parsing these filings so you can
easily review the listed holdings.
But we don’t stop there.
Joel Greenblatt
Ray Dalio
… and many more
Warren Buffett
3Page
1
Section 1
About George Soros
Firm Soros Fund Management
Investor George Soros
Portfolio $5,622,846,000
Filing Date Aug 14, 2017
Idea https://finbox.io/ideas/george-soros/
Bio
For those new to George Soros’s investing prowess
here’s a quick background.
Soros was born into an upper-middle-class Jewish
family in the Kingdom of Hungary. At age 13
however, his life changed forever when Nazi
Germany occupied Hungary. After various close
encounters with the tribulations of war, Soros
immigrated to England In 1947 to study at the
London School of Economics. After two decades of
stints at banks, trading and securities firms he
eventually founded Soros Fund Management in
1970 which later became the Quantum Fund.
4Page
Page 5
The Man Who Broke The Bank of England
Soros solidified his status in the investing Hall of Fame in 1992 in the trade that gave him the title “the
man who broke the Bank of England”.
So what was this trade and why was it so great?
In the aftermath of World War II, European nations decided that closer economic ties would prevent
devastating wars. The nations also figured, they could compete more effectively with the United States
with they worked collectively. Since constant currency fluctuations are detrimental to international
commerce, the countries agreed to fix their exchange rates with each other in an agreement known as the
European Exchange Rate Mechanism (ERM). Note, the other option would have been to create a singular
currency which they eventually opted to do with the creation of the European Union and the Euro in 1999.
“The worse a situation becomes, the less it takes to turn it around,
and the bigger the upside.”
Page 6
European Exchange Rate Mechanism (ERM) Falls Apart
To combat high inflation, low productivity, and uncompetitively priced exports, Britain decided to enter the
ERM in 1990, obligating the British government to keep the exchange rate within Germany Deutschmark’s
band of 2.78 DM to 3.13 DM.
At the age of 62, with decades of life and investing wisdom behind him, Soros noticed the opportunity.
Soros and team realized that British pound was wildly mispriced and started building a short position
nearing $1.5 billion. But as the saying goes, “Markets can remain irrational a lot longer than you and I can
remain solvent.” To not let this opportunity slip by, while Europe slept on September 17, 1992, Soros’s
Quantum fund turned up the heat by aggressively increasing its position to over $10 billion. By the time
European markets opened, the Bank of England knew it was in trouble. After some desperate final
attempts to salvage the situation, Britain yielded and was forced to float its currency. The pound fell 15%
versus the German Deutschmark and 25% versus the US Dollar netting Mr. Soros and company over a
billion dollars personally.
“The hardest thing to judge is what level of risk is safe.”
Page 7
The Theory of Reflexivity
George Soros has often attributed his investing success
to his Theory of Reflexivity. The key idea behind the theory
this that markets are constantly battling two realities;
Objective Realities and Subjective realities. Markets
reflect beliefs that directly affect the underlying
fundamentals and fundamentals in turn form the basis for
beliefs. This feedback loop sometimes causes prices and
expectations to drastically diverge from reality.
The Open Society Foundation posted a series of lectures
on his theory and its applications in the financial markets
as well as public policy driven philanthropist. You can find
the videos starting here.
“Markets are constantly in a state of uncertainty and flux and money
is made by discounting the obvious and betting on the unexpected.”
George Soros Lecture Series:
General Theory of Reflexivity
Page 8
Now at age 87 and with a net worth around $23 billion, he’s stands as the 19th richest person in the
United States and 29th richest in the world. His philanthropic organization, the Open Society Foundations,
supports democracy and human rights in more than 100 countries.
So what stocks make up George Soros’s portfolio now?
In the next section, we’ll sift through Soros Fund Management LLC’s latest Form 13F filing to get a peek at
the stocks they find most interesting in the current market conditions.
Page 9
2
Section 2
Overview of Holdings
Holdings ($mil)* $4,447,816,000
QoQ Value Change +24.7%
QoQ Turnover 48.7%
Holdings Count 175
Period End June 30, 2017
Stock Portfolio Summary
Latest SEC Filing
Largest stock holdings as of the most recent Form 13F filing.
Ticker Name Holding ($mil) % Total
QQQ POWERSHARES NASDAQ 100 INDEX 1,007.5 22.7%
LBRDK LIBERTY BROADBAND CORP 671.8 15.1%
SPY SPDR S&P 500 ETF TR 477.3 10.7%
IWM ISHARES RUSSELL 2000 INDEX 356.8 8.0%
AABA ALTABA INC 138.7 3.1%
CACQ CAESARS ACQUISITION CO 108.7 2.4%
TIVO TIVO CORP 91.5 2.1%
FB FACEBOOK INC 72.0 1.6%
CHDN CHURCHILL DOWNS INC 71.0 1.6%
EQT EQT CORP 66.8 1.5%
TWX TIME WARNER INC 60.0 1.3%
MDLZ MONDELEZ INTL INC 58.4 1.3%
MMYT MAKEMYTRIP LIMITED MAURITIUS 49.3 1.1%
WMB WILLIAMS COS INC DEL 47.3 1.1%
* Excludes holdings in bonds and delisted or
acquired companies reported in the latest 13F filing.
Page 10
3
Section 3
Methodology
What does it mean to be undervalued?
The Margin of Safety is a key investing principle that suggests an investor should purchase assets below
the intrinsic or “fair” value. Fair value is the value of a stock based the tangible and intangible factors
that contribute to its ability to create value. Put simply, fair value is a stock’s real value. Fair value may or
may not be similar to the current value reflected by the market.
Benjamin Graham, who’s considered the father of value fundamental investing, described the margin of
safety as the difference between a stock price and its fair value.
Fair Value > Current Price = Undervalued
Page 11
Margin of Safety & Upside
Discrepancies between the fair value and
the current market value create
opportunities for investors to purchase
assets that can provide excess returns.
When an asset can be purchased below
fair value, the difference provides a
cushion for errors in the assumptions
underlying an investor’s estimate. The
greater the difference, the greater the
room for error. Since determining fair
value is subjective and prone to biases
and errors, this cushion also reduces the
downside risk on investment.
For brevity, finbox.io refers to the margin
of safety as "Upside, " but the
calculations are equivalent.
Fair Value - Current Stock Price
( )Current Stock Price
Upside Formula
Upside is also known as “Margin of Safety”
- 1
“The three most important words in
investing…Margin of Safety”
Warren Buffett
CEO, Berkshire Hathaway
+$75 Billion Net Worth
Page 12
About finbox.io Fair Value
finbox.io Fair Value is our proprietary
estimate of intrinsic value. Fair value
estimates are calculated from applying
dozens of valuation and risk models to
the subject company. These models
take into account factors such as
credit risk, expected future cash flows,
current valuation multiples, valuations
of peers and more.
The forecasts used in the models are
based on estimates of professional
analysts when available. Any gaps in
estimates are filled with finbox.io’s
algorithmic extrapolations.
finbox.io uses its technology and infrastructure to update
over 100K valuation and risk models every 12 hours to
estimate “fair value” for supported stocks.
For transparency, we make all models used to derive
finbox.io’s fair value estimate available for to you to review,
edit, and download on the finbox.io website. Learn more.
Page 13
4
Section 4
Undervalued Stocks
How we calculate undervalued rankings
We use a “Blended Upside” in this analysis to rank securities in Soros’s portfolio to see which stocks are
most undervalued. The Blended Upside for a holding is calculated by averaging the fair value estimated
using finbox.io's valuation models (finbox.io upside) and price targets set any professional analysts and
banks (analyst upside).
finbox.io Upside + Analyst Upside
( )2
Blended Upside Formula
Page 14
List of Most Undervalued Stocks
Top holdings trading below intrinsic or "fair value". Any average of finbox.io's Fair Value estimates and analyst price targets are used to
compute the blend upside.
Rank Ticker Name Stock
Price
Fair
Value
FV
Upside
Analyst
Target
Target
Upside
Blend
Upside
Holding
($mil)
1 INVE IDENTIV INC 4.82 7.92 64.3% 8.50 76.3% 70.3% 1.4
2 ICPT INTERCEPT PHARMACEUTICALS IN 68.10 82.83 21.6% 143.18 110.2% 65.9% 0.2
3 CALX CALIX INC 5.35 8.99 68.1% 7.50 40.2% 54.1% 2.5
4 SREV SERVICESOURCE INTL INC 3.46 4.38 26.7% 5.88 69.9% 48.3% 3.9
5 TEVA TEVA PHARMACEUTICAL INDS LTD 16.15 23.38 44.8% 23.91 48.1% 46.5% 19.9
6 EXFO EXFO INC 4.00 5.60 40.0% 5.60 40.0% 40.0% 8.1
7 EXPR EXPRESS INC 6.96 9.78 40.6% 8.63 24.1% 32.3% 0.2
8 QTM QUANTUM CORP 6.14 5.87 -4.5% 10.33 68.2% 31.9% 5.4
9 SAVE SPIRIT AIRLS INC 35.56 51.50 44.8% 39.86 12.1% 28.5% 0.5
10 BBBY BED BATH & BEYOND INC 23.25 34.90 50.1% 24.58 5.7% 27.9% 0.5
11 AIRG AIRGAIN INC 9.38 10.38 10.7% 13.50 43.9% 27.3% 3.0
12 ALK ALASKA AIR GROUP INC 80.67 105.60 30.9% 98.50 22.1% 26.5% 0.3
13 FL FOOT LOCKER INC 33.89 43.37 28.0% 41.78 23.3% 25.6% 0.3
14 HA HAWAIIAN HOLDINGS INC 39.50 49.65 25.7% 49.00 24.1% 24.9% 0.2
15 EAT BRINKER INTL INC 30.50 36.90 21.0% 38.47 26.1% 23.6% 0.4
Page 15
5
Section 5
Ranking Tables
Ranked by Key Dimensions
In this section, we rank or compare holdings in
Soros’s portfolio based on popular fundamental
and technical investment metrics.
The ranks are based on fundamental and market
data available as of September 15, 2017. On the
finbox.io website, you can view live updates to
metrics and data discussed in these rankings.
You can also create you own rank dimensions
with our spreadsheet integrations!
finbox.io/ideas/george-soros
1. Stocks He's Buying
2. Stocks He's Selling
3. Highest Dividend Yields
4. Fastest Growing
5. Lowest Price / EPS Ratio
6. Lowest Price / Book Ratio
7. Best Piotroski Scores
8. Lowest Beta
9. Bullish Analyst Targets
10. Largest Market Caps
11. Top 1 Month Gainers
12. Recent Price Pullbacks
Page 16
1 Stocks He's Buying
This ranking table lists the largest additions
in Soros Fund Management’s portfolio
holdings. We compare the last two filings to
determine the largest new investments and
additions to previous positions.
Ticker Name Buys ($mil) Action
QQQ POWERSHARES NASDAQ 100
INDEX
1,007.5 New
SPY SPDR S&P 500 ETF TR 152.2 Added
AABA ALTABA INC 138.7 New
EQT EQT CORP 66.8 New
MGM MGM RESORTS INTERNATIONAL 42.2 New
VIAV VIAVI SOLUTIONS INC 34.7 Added
PAGP PLAINS GP HLDGS L P 34.0 New
View Soros Idea
Page 17
2 Stocks He's Selling
This ranking table lists the largest reductions
in Soros Fund Management’s portfolio
holdings. We compare the last two filings to
determine the largest exited investments and
reductions in previous positions.
Ticker Name Sells ($mil) Action
IWM ISHARES RUSSELL 2000 INDEX 114.3 Reduced
AGRO ADECOAGRO S A 102.2 Exit
HPE HEWLETT PACKARD ENTERPRISE
C
75.9 Exit
LRCX LAM RESEARCH CORP 58.7 Reduced
SYMC SYMANTEC CORP 36.8 Exit
WMB WILLIAMS COS INC DEL 35.0 Reduced
CJ C&J ENERGY SVCS INC NEW 34.1 Exit
View Soros Idea
Page 18
3 Highest Dividend Yields
This ranking table lists the stocks with the
best dividend yields in Soros Fund
Management’s portfolio.
Dividend stocks usually make cash
payments to stockholders on a quarterly
basis. Investing in dividend stocks can be a
way to earn passive income, improve returns
in bear markets and hedge against inflation.
Dividend per Share
( )Stock Price
Dividend Yield
View in Data Explorer
Ticker Name Dividend Yield Held ($ mil)
PAGP PLAINS GP HLDGS L P 10.1% 34.1
DIN DINEEQUITY INC 8.9% 0.5
CNSL CONSOLIDATED COMM HLDGS
INC
7.7% 1.0
TRGP TARGA RES CORP 7.7% 14.5
TEVA TEVA PHARMACEUTICAL INDS
LTD
5.8% 19.9
ANF ABERCROMBIE & FITCH CO 5.5% 0.2
GES GUESS INC 5.2% 0.3
Page 19
4 Fastest Growing
This ranking table lists the stocks with the
fastest growing in Soros Fund
Management’s portfolio. Stocks are ranked
on the basis of last twelve months (LTM or
TTM) revenue growth.
Revenue - Revenue
( )Revenue
Revenue Growth
-1
LTM LTM -1
LTM -1
View in Data Explorer
Ticker Name Rev Growth Held ($ mil)
ICPT INTERCEPT PHARMACEUTICALS
IN
934.3% 0.2
IONS IONIS PHARMACEUTICALS INC 175.9% 0.5
ALNY ALNYLAM PHARMACEUTICALS
INC
120.5% 0.6
NOMD NOMAD FOODS LTD 86.4% 30.5
COTY COTY INC 75.9% 2.5
DOC PHYSICIANS RLTY TR 72.0% 3.0
REXX REX ENERGY CORPORATION 71.7% 0.0
Page 20
5 Lowest Price / EPS Ratio
This ranking table lists the stocks with the
lowest Price to Earnings per Share (P/E
Ratios) in Soros Fund Management’s
portfolio.
Stocks are ranked on the basis of LTM EPS.
Stocks with negative EPS are excluded from
the rankings.
Stock Price
( )EPS
P/E Ratio
LTM
View in Data Explorer
Ticker Name P/E Ratio Held ($ mil)
I INTELSAT S A 0.7x 0.1
CRC CALIFORNIA RES CORP 0.9x 6.7
LVNTA LIBERTY INTERACTIVE CORP 3.4x 5.2
CACQ CAESARS ACQUISITION CO 5.0x 108.7
BBBY BED BATH & BEYOND INC 5.3x 0.5
FL FOOT LOCKER INC 7.0x 0.3
HA HAWAIIAN HOLDINGS INC 9.1x 0.2
Page 21
6 Lowest Price / Book Ratio
This ranking table lists the stocks with the
lowest Price to Book Value (P/B Ratios) in
Soros Fund Management’s portfolio.
Stocks are ranked using the shareholders’
equity or book value per share at the latest
quarter end. Stocks with negative book
values are excluded from the rankings.
Stock Price
( )Equity per Share
P/B Ratio
FQ
View in Data Explorer
Ticker Name Price / Book Held ($ mil)
GNK GENCO SHIPPING & TRADING LTD 0.4x 0.7
AOI ALLIANCE ONE INTL INC 0.6x 0.5
LVNTA LIBERTY INTERACTIVE CORP 0.7x 5.2
TEVA TEVA PHARMACEUTICAL INDS
LTD
0.7x 19.9
NEWS NEWSTAR FINANCIAL INC 0.8x 11.6
EXPR EXPRESS INC 0.8x 0.2
ANF ABERCROMBIE & FITCH CO 0.8x 0.2
Page 22
7 Best Piotroski Scores
This ranking table lists holdings with the
highest Piotroski Scores.
Piotroski Score
View in Data Explorer
✓ Change in Debt / Total Assets < 0
✓ Change in Current Ratio > 0
✓ Return on Assets > 0
✓ Operating Cash Flow > 0
✓ Change in Return on Assets > 0
✓ Operating Cash Flow > Net Income
✓ Change in Gross Margin > 0
✓ Change in Asset Turnover > 0
✓ Change in Diluted Shares Outstanding < 0
Ticker Name Piotroski
Score
Held ($ mil)
BCR BARD C R INC 9 14.5
STMP STAMPS COM INC 9 0.2
FB FACEBOOK INC 8 72.0
CHDN CHURCHILL DOWNS INC 8 71.0
EPC EDGEWELL PERS CARE CO 8 35.2
NOMD NOMAD FOODS LTD 8 30.5
LRCX LAM RESEARCH CORP 8 20.6
Page 23
8 Lowest Beta
( )
Beta
View in Data Explorer
This ranking table lists the stocks with the
lowest Beta in Soros Fund Management’s
portfolio.
Stocks with low beta have lower correlation
with the performance of the applicable
market benchmark.
Cov(r , r )stock benchmark
Var(r )stock
r = return
Cov = covariance
Var = variance
Ticker Name Beta Held ($ mil)
VRX VALEANT PHARMACEUTICALS
INTL
-1.1 28.5
CAB CABELAS INC -0.77 1.1
TIVO TIVO CORP -0.69 91.5
EAT BRINKER INTL INC -0.43 0.4
ENDP ENDO INTL PLC -0.3 2.8
SAVE SPIRIT AIRLS INC -0.23 0.5
AGYS AGILYSYS INC -0.12 1.3
Page 24
9 Bullish Analyst Targets
This ranking table lists the stocks in Soros’s
portfolio with the highest upside based on
analyst price target.
Target Upside Formula
Price Target - Stock Price
( )Stock Price
- 1
View in Data Explorer
Ticker Name Upside
(Analyst
Held ($ mil)
ICPT INTERCEPT PHARMACEUTICALS
IN
110.2% 0.2
INVE IDENTIV INC 76.3% 1.4
SREV SERVICESOURCE INTL INC 69.9% 3.9
QTM QUANTUM CORP 68.2% 5.4
TEVA TEVA PHARMACEUTICAL INDS
LTD
48.1% 19.9
AIRG AIRGAIN INC 43.9% 3.0
CALX CALIX INC 40.2% 2.5
Page 25
10 Largest Market Caps
This ranking table lists the stocks in Soros’s
portfolio with the largest market
capitalizations.
Market capitalization is a commonly used
proxy for company size, scale, and future
growth potential.
Stock Price * Shares Outstanding
Market Capitalization
View in Data Explorer
Ticker Name Market Cap Held ($ mil)
AAPL APPLE INC 794 B 0.2
MSFT MICROSOFT CORP 577 B 0.3
FB FACEBOOK INC 496 B 72.0
AMZN AMAZON COM INC 462 B 7.3
BABA ALIBABA GROUP HLDG LTD 442 B 27.1
WMT WAL-MART STORES INC 235 B 0.3
VZ VERIZON COMMUNICATIONS INC 202 B 0.3
Page 26
11 Top 1 Month Gainers
This ranking table lists the stocks in Soros’s
portfolio with the biggest stock price gains in
the last 30 days.
These stocks may have the momentum and
credibility behind them to keep going.
Revenue - Revenue
( )Revenue
Revenue Growth
-1
LTM LTM -1
LTM -1
View in Data Explorer
Ticker Name Price 1-mo
Ago
Current Price % Chg 1-mo
EXA EXA CORP 14.12 24.23 71.6%
I INTELSAT S A 3.92 6.50 65.8%
ALNY ALNYLAM
PHARMACEUTICALS
INC
88.91 120.46 35.5%
CRC CALIFORNIA RES CORP 7.74 10.44 34.9%
ABEO ABEONA
THERAPEUTICS INC
13.80 17.45 26.4%
FINL FINISH LINE INC 8.89 11.10 24.9%
OA ORBITAL ATK INC 110.86 134.02 20.9%
Page 27
12 Recent Price Pullbacks
This ranking table lists the stocks in Soros’s
portfolio with the biggest stock price drops
in the last 30 days.
These stocks may be unpopular at the
moment and trading at cheap valuations.
Revenue - Revenue
( )Revenue
Revenue Growth
-1
LTM LTM -1
LTM -1
View in Data Explorer
Ticker Name Price 1-mo
Ago
Current Price % Chg 1-mo
ICPT INTERCEPT
PHARMACEUTICALS IN
118.75 68.10 -42.7%
MMYT MAKEMYTRIP LIMITED
MAURITIUS
35.25 27.85 -21.0%
BBBY BED BATH & BEYOND
INC
27.70 23.25 -16.1%
GNK GENCO SHIPPING &
TRADING LTD
14.00 11.80 -15.7%
AIRG AIRGAIN INC 11.08 9.38 -15.3%
ATHN ATHENAHEALTH INC 141.12 120.35 -14.7%
DDS DILLARDS INC 60.25 53.26 -11.6%
28Page
Appendix
1. Full List of Holdings
L. Disclaimer
Page 29
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
QQQ POWERSHARES NASDAQ 100 INDEX ETF 1,007.5 22.7%
LBRDK LIBERTY BROADBAND CORP Consumer Discretionary 671.8 15.1%
SPY SPDR S&P 500 ETF TR ETF 477.3 10.7%
IWM ISHARES RUSSELL 2000 INDEX ETF 356.8 8.0%
AABA ALTABA INC Information Technology 138.7 3.1%
CACQ CAESARS ACQUISITION CO Consumer Discretionary 108.7 2.4%
TIVO TIVO CORP Information Technology 91.5 2.1%
FB FACEBOOK INC Information Technology 72.0 1.6%
CHDN CHURCHILL DOWNS INC Consumer Discretionary 71.0 1.6%
EQT EQT CORP Energy 66.8 1.5%
TWX TIME WARNER INC Consumer Discretionary 60.0 1.3%
Page 30
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MDLZ MONDELEZ INTL INC Consumer Staples 58.4 1.3%
MMYT MAKEMYTRIP LIMITED MAURITIUS Consumer Discretionary 49.3 1.1%
WMB WILLIAMS COS INC DEL Energy 47.3 1.1%
ZTS ZOETIS INC Healthcare 43.8 1.0%
MGM MGM RESORTS INTERNATIONAL Consumer Discretionary 42.2 0.9%
KHC KRAFT HEINZ CO Consumer Staples 39.5 0.9%
NXPI NXP SEMICONDUCTORS N V Information Technology 39.3 0.9%
VIAV VIAVI SOLUTIONS INC Information Technology 38.6 0.9%
PYPL PAYPAL HLDGS INC Information Technology 38.0 0.9%
CZR CAESARS ENTMT CORP Consumer Discretionary 35.5 0.8%
EPC EDGEWELL PERS CARE CO Consumer Staples 35.2 0.8%
Page 31
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MODN MODEL N INC Information Technology 34.7 0.8%
CNDT CONDUENT INC NA 34.1 0.8%
PAGP PLAINS GP HLDGS L P Energy 34.1 0.8%
NOMD NOMAD FOODS LTD Consumer Staples 30.5 0.7%
ATGE ADTALEM GLOBAL ED INC Consumer Discretionary 29.8 0.7%
VRX VALEANT PHARMACEUTICALS INTL Healthcare 28.5 0.6%
SNAP SNAP INC Information Technology 27.5 0.6%
BABA ALIBABA GROUP HLDG LTD Information Technology 27.1 0.6%
SIGM SIGMA DESIGNS INC Information Technology 26.9 0.6%
ALLT ALLOT COMMUNICATIONS LTD Information Technology 26.6 0.6%
KEG KEY ENERGY SVCS INC DEL Materials 24.0 0.5%
Page 32
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
ATUS ALTICE USA INC NA 22.6 0.5%
LRCX LAM RESEARCH CORP Information Technology 20.6 0.5%
GIS GENERAL MLS INC Consumer Staples 20.2 0.5%
EXA EXA CORP Information Technology 19.9 0.4%
TEVA TEVA PHARMACEUTICAL INDS LTD Healthcare 19.9 0.4%
TMUS T MOBILE US INC
Telecommunication
Services
19.4 0.4%
K KELLOGG CO Consumer Staples 18.9 0.4%
INXN INTERXION HOLDING N.V Information Technology 16.5 0.4%
TTWO TAKE-TWO INTERACTIVE SOFTWAR Information Technology 15.5 0.3%
SBAC SBA COMMUNICATIONS CORP NEW Real Estate 14.8 0.3%
MON MONSANTO CO NEW Materials 14.8 0.3%
Page 33
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
BCR BARD C R INC Healthcare 14.5 0.3%
TRGP TARGA RES CORP Energy 14.5 0.3%
LW LAMB WESTON HLDGS INC Consumer Staples 14.0 0.3%
CARS CARS COM INC NA 12.9 0.3%
NEP NEXTERA ENERGY PARTNERS LP Utilities 12.8 0.3%
TRIP TRIPADVISOR INC Consumer Discretionary 11.7 0.3%
NEWS NEWSTAR FINANCIAL INC Financials 11.6 0.3%
BDXA BECTON DICKINSON & CO NA 11.0 0.2%
CL COLGATE PALMOLIVE CO Consumer Staples 10.4 0.2%
EMB ISHARES JPM EMER MKT BND FD NA 9.9 0.2%
COMM COMMSCOPE HLDG CO INC Information Technology 9.5 0.2%
Page 34
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
CCI CROWN CASTLE INTL CORP NEW Real Estate 9.5 0.2%
EXFO EXFO INC Information Technology 8.1 0.2%
XOP SPDR SERIES TRUST NA 7.8 0.2%
LVLT LEVEL 3 COMMUNICATIONS INC
Telecommunication
Services
7.8 0.2%
MBBYF MOBILEYE N V AMSTELVEEN NA 7.8 0.2%
XLE SELECT SECTOR SPDR TR NA 7.6 0.2%
AMZN AMAZON COM INC Consumer Discretionary 7.3 0.2%
CRC CALIFORNIA RES CORP Energy 6.7 0.1%
AMLP ALPS ETF TR NA 6.6 0.1%
CACC CREDIT ACCEP CORP MICH Financials 6.6 0.1%
BV BAZAARVOICE INC Information Technology 6.5 0.1%
Page 35
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
AWK AMERICAN WTR WKS CO INC NEW Utilities 6.0 0.1%
ABEO ABEONA THERAPEUTICS INC Healthcare 5.7 0.1%
QTM QUANTUM CORP Information Technology 5.4 0.1%
NOW SERVICENOW INC Information Technology 5.3 0.1%
LVNTA LIBERTY INTERACTIVE CORP Consumer Discretionary 5.2 0.1%
ATVI ACTIVISION BLIZZARD INC Information Technology 4.8 0.1%
BTU PEABODY ENERGY CORP NEW Energy 4.5 0.1%
TOL TOLL BROTHERS INC Consumer Discretionary 4.3 0.1%
RPD RAPID7 INC Information Technology 4.3 0.1%
LBTYA LIBERTY GLOBAL PLC Consumer Discretionary 4.0 0.1%
SREV SERVICESOURCE INTL INC Information Technology 3.9 0.1%
Page 36
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
CME CME GROUP INC Financials 3.8 0.1%
SWP STANLEY BLACK & DECKER INC NA 3.6 0.1%
DOC PHYSICIANS RLTY TR Real Estate 3.0 0.1%
AIRG AIRGAIN INC Information Technology 3.0 0.1%
ENDP ENDO INTL PLC Healthcare 2.8 0.1%
CALX CALIX INC Information Technology 2.5 0.1%
COTY COTY INC Consumer Staples 2.5 0.1%
GOOS CANADA GOOSE HOLDINGS INC NA 2.5 0.1%
SPLS STAPLES INC Consumer Discretionary 2.0 0.0%
GUID GUIDANCE SOFTWARE INC Information Technology 1.9 0.0%
DVMT DELL TECHNOLOGIES INC Information Technology 1.4 0.0%
Page 37
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
INVE IDENTIV INC Information Technology 1.4 0.0%
AGYS AGILYSYS INC Information Technology 1.3 0.0%
LPI LAREDO PETROLEUM INC Energy 1.3 0.0%
CAB CABELAS INC Consumer Discretionary 1.1 0.0%
CNSL CONSOLIDATED COMM HLDGS INC
Telecommunication
Services 1.0 0.0%
ABEOW ABEONA THERAPEUTICS INC NA 0.9 0.0%
GNK GENCO SHIPPING & TRADING LTD Industrials 0.7 0.0%
AMT AMERICAN TOWER CORP NEW Real Estate 0.6 0.0%
PZZA PAPA JOHNS INTL INC Consumer Discretionary 0.6 0.0%
ALNY ALNYLAM PHARMACEUTICALS INC Healthcare 0.6 0.0%
BRKR BRUKER CORP Healthcare 0.6 0.0%
Page 38
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
EW EDWARDS LIFESCIENCES CORP Healthcare 0.5 0.0%
IONS IONIS PHARMACEUTICALS INC Healthcare 0.5 0.0%
NATI NATIONAL INSTRS CORP Information Technology 0.5 0.0%
VAR VARIAN MED SYS INC Healthcare 0.5 0.0%
G GENPACT LIMITED Information Technology 0.5 0.0%
SAVE SPIRIT AIRLS INC Industrials 0.5 0.0%
AOI ALLIANCE ONE INTL INC Consumer Staples 0.5 0.0%
NEWR NEW RELIC INC Information Technology 0.5 0.0%
ATHN ATHENAHEALTH INC Healthcare 0.5 0.0%
OA ORBITAL ATK INC Industrials 0.5 0.0%
DIN DINEEQUITY INC Consumer Discretionary 0.5 0.0%
Page 39
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MSTR MICROSTRATEGY INC Information Technology 0.5 0.0%
ETSY ETSY INC Information Technology 0.5 0.0%
DDS DILLARDS INC Consumer Discretionary 0.5 0.0%
BBBY BED BATH & BEYOND INC Consumer Discretionary 0.5 0.0%
FINL FINISH LINE INC Consumer Discretionary 0.4 0.0%
HDP HORTONWORKS INC Information Technology 0.4 0.0%
TWTR TWITTER INC Information Technology 0.4 0.0%
DSPG DSP GROUP INC Information Technology 0.4 0.0%
WEN WENDYS CO Consumer Discretionary 0.4 0.0%
BWLD BUFFALO WILD WINGS INC Consumer Discretionary 0.4 0.0%
ZAYO ZAYO GROUP HLDGS INC
Telecommunication
Services
0.4 0.0%
Page 40
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
EAT BRINKER INTL INC Consumer Discretionary 0.4 0.0%
IAC IAC INTERACTIVECORP Information Technology 0.4 0.0%
CCOI COGENT COMMUNICATIONS HLDGS
Telecommunication
Services
0.4 0.0%
CC CHEMOURS CO Materials 0.4 0.0%
YELP YELP INC Information Technology 0.4 0.0%
GES GUESS INC Consumer Discretionary 0.3 0.0%
OZRK BANK OF THE OZARKS INC Financials 0.3 0.0%
ALK ALASKA AIR GROUP INC Industrials 0.3 0.0%
DATA TABLEAU SOFTWARE INC Information Technology 0.3 0.0%
HUBS HUBSPOT INC Information Technology 0.3 0.0%
ORLY O REILLY AUTOMOTIVE INC NEW Consumer Discretionary 0.3 0.0%
Page 41
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
AMCX AMC NETWORKS INC Consumer Discretionary 0.3 0.0%
CSGP COSTAR GROUP INC Information Technology 0.3 0.0%
JNPR JUNIPER NETWORKS INC Information Technology 0.3 0.0%
WBMD WEBMD HEALTH CORP Information Technology 0.3 0.0%
WMT WAL-MART STORES INC Consumer Staples 0.3 0.0%
JWN NORDSTROM INC Consumer Discretionary 0.3 0.0%
FL FOOT LOCKER INC Consumer Discretionary 0.3 0.0%
LUV SOUTHWEST AIRLS CO Industrials 0.3 0.0%
VZ VERIZON COMMUNICATIONS INC
Telecommunication
Services 0.3 0.0%
NKE NIKE INC Consumer Discretionary 0.3 0.0%
XYL XYLEM INC Industrials 0.3 0.0%
Page 42
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MSFT MICROSOFT CORP Information Technology 0.3 0.0%
SNI SCRIPPS NETWORKS INTERACT IN Consumer Discretionary 0.3 0.0%
MMM 3M CO Industrials 0.3 0.0%
GRPN GROUPON INC Consumer Discretionary 0.3 0.0%
HRI HERC HLDGS INC Industrials 0.3 0.0%
FTV FORTIVE CORP Industrials 0.3 0.0%
WAB WABTEC CORP Industrials 0.3 0.0%
EMR EMERSON ELEC CO Industrials 0.3 0.0%
ACN ACCENTURE PLC IRELAND Information Technology 0.3 0.0%
MAR MARRIOTT INTL INC NEW Consumer Discretionary 0.3 0.0%
AAPL APPLE INC Information Technology 0.2 0.0%
Page 43
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
MNST MONSTER BEVERAGE CORP NEW Consumer Staples 0.2 0.0%
TECH BIO TECHNE CORP Healthcare 0.2 0.0%
AKAM AKAMAI TECHNOLOGIES INC Information Technology 0.2 0.0%
LVS LAS VEGAS SANDS CORP Consumer Discretionary 0.2 0.0%
USFD US FOODS HLDG CORP Consumer Staples 0.2 0.0%
BMRN BIOMARIN PHARMACEUTICAL INC Healthcare 0.2 0.0%
ADBE ADOBE SYS INC Information Technology 0.2 0.0%
NBIX NEUROCRINE BIOSCIENCES INC Healthcare 0.2 0.0%
KODK EASTMAN KODAK CO Information Technology 0.2 0.0%
ICPT INTERCEPT PHARMACEUTICALS IN Healthcare 0.2 0.0%
HA HAWAIIAN HOLDINGS INC Industrials 0.2 0.0%
Page 44
1 Full List of Holdings
Full list of holdings sorted by holding value
Ticker Name Sector Holding ($mil) % of Total
STMP STAMPS COM INC Information Technology 0.2 0.0%
GLUU GLU MOBILE INC Information Technology 0.2 0.0%
EXPR EXPRESS INC Consumer Discretionary 0.2 0.0%
ANF ABERCROMBIE & FITCH CO Consumer Discretionary 0.2 0.0%
AEO AMERICAN EAGLE OUTFITTERS NE Consumer Discretionary 0.1 0.0%
I INTELSAT S A
Telecommunication
Services
0.1 0.0%
FEYE FIREEYE INC Information Technology 0.1 0.0%
REXX REX ENERGY CORPORATION Energy 0.0 0.0%
KODK/WS EASTMAN KODAK CO NA 0.0 0.0%
KODK/WS/A EASTMAN KODAK CO NA 0.0 0.0%
Page 45
L
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Ultimate Guide To George Soros’s Top Stocks [Q2 2017]

  • 1. The Ultimate Guide to George Soros’s Top Stocks by October 4, 2017 x
  • 2. 2Page Table of contents by Andy Pai Founder, finbox.io 1. About George Soros 2. Overview of Holdings 3. Methodology 4. Undervalued Stocks 5. Ranking Tables A. Appendix
  • 3. We analyze the listed holdings with our innovative technology and group them into useful categories like Most Undervalued, Highest Dividend Yields, Fastest Growing, Lowest Price / Book and more. Here are some of the investors we track: If you’re not using finbox.io Ideas, chances are you’re leaving money on the table, which clearly shouldn’t be in your investing strategy! In this guide, you’ll learn about George Soros's investing strategy, his top holdings, and more. Let get started! There’s a reason why top investors track holdings of top institutional fund managers to get inspiration for their portfolios - it actually works! One of the better-kept secrets in investing is a form called the 13F-HR that all institutional investors who manage over $100 million in assets must submit to the SEC. In the Form 13F, managers have to disclose their holdings giving intelligent observers a sneak peek into their strategy and investments for free! With thousands of securities trading on U.S. exchanges alone, it’s a great way for smaller investors to leverage the time and resources spent by large institutional managers to guide their investments. To make the process simple, finbox.io does all the heavy lifting of parsing these filings so you can easily review the listed holdings. But we don’t stop there. Joel Greenblatt Ray Dalio … and many more Warren Buffett 3Page
  • 4. 1 Section 1 About George Soros Firm Soros Fund Management Investor George Soros Portfolio $5,622,846,000 Filing Date Aug 14, 2017 Idea https://finbox.io/ideas/george-soros/ Bio For those new to George Soros’s investing prowess here’s a quick background. Soros was born into an upper-middle-class Jewish family in the Kingdom of Hungary. At age 13 however, his life changed forever when Nazi Germany occupied Hungary. After various close encounters with the tribulations of war, Soros immigrated to England In 1947 to study at the London School of Economics. After two decades of stints at banks, trading and securities firms he eventually founded Soros Fund Management in 1970 which later became the Quantum Fund. 4Page
  • 5. Page 5 The Man Who Broke The Bank of England Soros solidified his status in the investing Hall of Fame in 1992 in the trade that gave him the title “the man who broke the Bank of England”. So what was this trade and why was it so great? In the aftermath of World War II, European nations decided that closer economic ties would prevent devastating wars. The nations also figured, they could compete more effectively with the United States with they worked collectively. Since constant currency fluctuations are detrimental to international commerce, the countries agreed to fix their exchange rates with each other in an agreement known as the European Exchange Rate Mechanism (ERM). Note, the other option would have been to create a singular currency which they eventually opted to do with the creation of the European Union and the Euro in 1999. “The worse a situation becomes, the less it takes to turn it around, and the bigger the upside.”
  • 6. Page 6 European Exchange Rate Mechanism (ERM) Falls Apart To combat high inflation, low productivity, and uncompetitively priced exports, Britain decided to enter the ERM in 1990, obligating the British government to keep the exchange rate within Germany Deutschmark’s band of 2.78 DM to 3.13 DM. At the age of 62, with decades of life and investing wisdom behind him, Soros noticed the opportunity. Soros and team realized that British pound was wildly mispriced and started building a short position nearing $1.5 billion. But as the saying goes, “Markets can remain irrational a lot longer than you and I can remain solvent.” To not let this opportunity slip by, while Europe slept on September 17, 1992, Soros’s Quantum fund turned up the heat by aggressively increasing its position to over $10 billion. By the time European markets opened, the Bank of England knew it was in trouble. After some desperate final attempts to salvage the situation, Britain yielded and was forced to float its currency. The pound fell 15% versus the German Deutschmark and 25% versus the US Dollar netting Mr. Soros and company over a billion dollars personally. “The hardest thing to judge is what level of risk is safe.”
  • 7. Page 7 The Theory of Reflexivity George Soros has often attributed his investing success to his Theory of Reflexivity. The key idea behind the theory this that markets are constantly battling two realities; Objective Realities and Subjective realities. Markets reflect beliefs that directly affect the underlying fundamentals and fundamentals in turn form the basis for beliefs. This feedback loop sometimes causes prices and expectations to drastically diverge from reality. The Open Society Foundation posted a series of lectures on his theory and its applications in the financial markets as well as public policy driven philanthropist. You can find the videos starting here. “Markets are constantly in a state of uncertainty and flux and money is made by discounting the obvious and betting on the unexpected.” George Soros Lecture Series: General Theory of Reflexivity
  • 8. Page 8 Now at age 87 and with a net worth around $23 billion, he’s stands as the 19th richest person in the United States and 29th richest in the world. His philanthropic organization, the Open Society Foundations, supports democracy and human rights in more than 100 countries. So what stocks make up George Soros’s portfolio now? In the next section, we’ll sift through Soros Fund Management LLC’s latest Form 13F filing to get a peek at the stocks they find most interesting in the current market conditions.
  • 9. Page 9 2 Section 2 Overview of Holdings Holdings ($mil)* $4,447,816,000 QoQ Value Change +24.7% QoQ Turnover 48.7% Holdings Count 175 Period End June 30, 2017 Stock Portfolio Summary Latest SEC Filing Largest stock holdings as of the most recent Form 13F filing. Ticker Name Holding ($mil) % Total QQQ POWERSHARES NASDAQ 100 INDEX 1,007.5 22.7% LBRDK LIBERTY BROADBAND CORP 671.8 15.1% SPY SPDR S&P 500 ETF TR 477.3 10.7% IWM ISHARES RUSSELL 2000 INDEX 356.8 8.0% AABA ALTABA INC 138.7 3.1% CACQ CAESARS ACQUISITION CO 108.7 2.4% TIVO TIVO CORP 91.5 2.1% FB FACEBOOK INC 72.0 1.6% CHDN CHURCHILL DOWNS INC 71.0 1.6% EQT EQT CORP 66.8 1.5% TWX TIME WARNER INC 60.0 1.3% MDLZ MONDELEZ INTL INC 58.4 1.3% MMYT MAKEMYTRIP LIMITED MAURITIUS 49.3 1.1% WMB WILLIAMS COS INC DEL 47.3 1.1% * Excludes holdings in bonds and delisted or acquired companies reported in the latest 13F filing.
  • 10. Page 10 3 Section 3 Methodology What does it mean to be undervalued? The Margin of Safety is a key investing principle that suggests an investor should purchase assets below the intrinsic or “fair” value. Fair value is the value of a stock based the tangible and intangible factors that contribute to its ability to create value. Put simply, fair value is a stock’s real value. Fair value may or may not be similar to the current value reflected by the market. Benjamin Graham, who’s considered the father of value fundamental investing, described the margin of safety as the difference between a stock price and its fair value. Fair Value > Current Price = Undervalued
  • 11. Page 11 Margin of Safety & Upside Discrepancies between the fair value and the current market value create opportunities for investors to purchase assets that can provide excess returns. When an asset can be purchased below fair value, the difference provides a cushion for errors in the assumptions underlying an investor’s estimate. The greater the difference, the greater the room for error. Since determining fair value is subjective and prone to biases and errors, this cushion also reduces the downside risk on investment. For brevity, finbox.io refers to the margin of safety as "Upside, " but the calculations are equivalent. Fair Value - Current Stock Price ( )Current Stock Price Upside Formula Upside is also known as “Margin of Safety” - 1 “The three most important words in investing…Margin of Safety” Warren Buffett CEO, Berkshire Hathaway +$75 Billion Net Worth
  • 12. Page 12 About finbox.io Fair Value finbox.io Fair Value is our proprietary estimate of intrinsic value. Fair value estimates are calculated from applying dozens of valuation and risk models to the subject company. These models take into account factors such as credit risk, expected future cash flows, current valuation multiples, valuations of peers and more. The forecasts used in the models are based on estimates of professional analysts when available. Any gaps in estimates are filled with finbox.io’s algorithmic extrapolations. finbox.io uses its technology and infrastructure to update over 100K valuation and risk models every 12 hours to estimate “fair value” for supported stocks. For transparency, we make all models used to derive finbox.io’s fair value estimate available for to you to review, edit, and download on the finbox.io website. Learn more.
  • 13. Page 13 4 Section 4 Undervalued Stocks How we calculate undervalued rankings We use a “Blended Upside” in this analysis to rank securities in Soros’s portfolio to see which stocks are most undervalued. The Blended Upside for a holding is calculated by averaging the fair value estimated using finbox.io's valuation models (finbox.io upside) and price targets set any professional analysts and banks (analyst upside). finbox.io Upside + Analyst Upside ( )2 Blended Upside Formula
  • 14. Page 14 List of Most Undervalued Stocks Top holdings trading below intrinsic or "fair value". Any average of finbox.io's Fair Value estimates and analyst price targets are used to compute the blend upside. Rank Ticker Name Stock Price Fair Value FV Upside Analyst Target Target Upside Blend Upside Holding ($mil) 1 INVE IDENTIV INC 4.82 7.92 64.3% 8.50 76.3% 70.3% 1.4 2 ICPT INTERCEPT PHARMACEUTICALS IN 68.10 82.83 21.6% 143.18 110.2% 65.9% 0.2 3 CALX CALIX INC 5.35 8.99 68.1% 7.50 40.2% 54.1% 2.5 4 SREV SERVICESOURCE INTL INC 3.46 4.38 26.7% 5.88 69.9% 48.3% 3.9 5 TEVA TEVA PHARMACEUTICAL INDS LTD 16.15 23.38 44.8% 23.91 48.1% 46.5% 19.9 6 EXFO EXFO INC 4.00 5.60 40.0% 5.60 40.0% 40.0% 8.1 7 EXPR EXPRESS INC 6.96 9.78 40.6% 8.63 24.1% 32.3% 0.2 8 QTM QUANTUM CORP 6.14 5.87 -4.5% 10.33 68.2% 31.9% 5.4 9 SAVE SPIRIT AIRLS INC 35.56 51.50 44.8% 39.86 12.1% 28.5% 0.5 10 BBBY BED BATH & BEYOND INC 23.25 34.90 50.1% 24.58 5.7% 27.9% 0.5 11 AIRG AIRGAIN INC 9.38 10.38 10.7% 13.50 43.9% 27.3% 3.0 12 ALK ALASKA AIR GROUP INC 80.67 105.60 30.9% 98.50 22.1% 26.5% 0.3 13 FL FOOT LOCKER INC 33.89 43.37 28.0% 41.78 23.3% 25.6% 0.3 14 HA HAWAIIAN HOLDINGS INC 39.50 49.65 25.7% 49.00 24.1% 24.9% 0.2 15 EAT BRINKER INTL INC 30.50 36.90 21.0% 38.47 26.1% 23.6% 0.4
  • 15. Page 15 5 Section 5 Ranking Tables Ranked by Key Dimensions In this section, we rank or compare holdings in Soros’s portfolio based on popular fundamental and technical investment metrics. The ranks are based on fundamental and market data available as of September 15, 2017. On the finbox.io website, you can view live updates to metrics and data discussed in these rankings. You can also create you own rank dimensions with our spreadsheet integrations! finbox.io/ideas/george-soros 1. Stocks He's Buying 2. Stocks He's Selling 3. Highest Dividend Yields 4. Fastest Growing 5. Lowest Price / EPS Ratio 6. Lowest Price / Book Ratio 7. Best Piotroski Scores 8. Lowest Beta 9. Bullish Analyst Targets 10. Largest Market Caps 11. Top 1 Month Gainers 12. Recent Price Pullbacks
  • 16. Page 16 1 Stocks He's Buying This ranking table lists the largest additions in Soros Fund Management’s portfolio holdings. We compare the last two filings to determine the largest new investments and additions to previous positions. Ticker Name Buys ($mil) Action QQQ POWERSHARES NASDAQ 100 INDEX 1,007.5 New SPY SPDR S&P 500 ETF TR 152.2 Added AABA ALTABA INC 138.7 New EQT EQT CORP 66.8 New MGM MGM RESORTS INTERNATIONAL 42.2 New VIAV VIAVI SOLUTIONS INC 34.7 Added PAGP PLAINS GP HLDGS L P 34.0 New View Soros Idea
  • 17. Page 17 2 Stocks He's Selling This ranking table lists the largest reductions in Soros Fund Management’s portfolio holdings. We compare the last two filings to determine the largest exited investments and reductions in previous positions. Ticker Name Sells ($mil) Action IWM ISHARES RUSSELL 2000 INDEX 114.3 Reduced AGRO ADECOAGRO S A 102.2 Exit HPE HEWLETT PACKARD ENTERPRISE C 75.9 Exit LRCX LAM RESEARCH CORP 58.7 Reduced SYMC SYMANTEC CORP 36.8 Exit WMB WILLIAMS COS INC DEL 35.0 Reduced CJ C&J ENERGY SVCS INC NEW 34.1 Exit View Soros Idea
  • 18. Page 18 3 Highest Dividend Yields This ranking table lists the stocks with the best dividend yields in Soros Fund Management’s portfolio. Dividend stocks usually make cash payments to stockholders on a quarterly basis. Investing in dividend stocks can be a way to earn passive income, improve returns in bear markets and hedge against inflation. Dividend per Share ( )Stock Price Dividend Yield View in Data Explorer Ticker Name Dividend Yield Held ($ mil) PAGP PLAINS GP HLDGS L P 10.1% 34.1 DIN DINEEQUITY INC 8.9% 0.5 CNSL CONSOLIDATED COMM HLDGS INC 7.7% 1.0 TRGP TARGA RES CORP 7.7% 14.5 TEVA TEVA PHARMACEUTICAL INDS LTD 5.8% 19.9 ANF ABERCROMBIE & FITCH CO 5.5% 0.2 GES GUESS INC 5.2% 0.3
  • 19. Page 19 4 Fastest Growing This ranking table lists the stocks with the fastest growing in Soros Fund Management’s portfolio. Stocks are ranked on the basis of last twelve months (LTM or TTM) revenue growth. Revenue - Revenue ( )Revenue Revenue Growth -1 LTM LTM -1 LTM -1 View in Data Explorer Ticker Name Rev Growth Held ($ mil) ICPT INTERCEPT PHARMACEUTICALS IN 934.3% 0.2 IONS IONIS PHARMACEUTICALS INC 175.9% 0.5 ALNY ALNYLAM PHARMACEUTICALS INC 120.5% 0.6 NOMD NOMAD FOODS LTD 86.4% 30.5 COTY COTY INC 75.9% 2.5 DOC PHYSICIANS RLTY TR 72.0% 3.0 REXX REX ENERGY CORPORATION 71.7% 0.0
  • 20. Page 20 5 Lowest Price / EPS Ratio This ranking table lists the stocks with the lowest Price to Earnings per Share (P/E Ratios) in Soros Fund Management’s portfolio. Stocks are ranked on the basis of LTM EPS. Stocks with negative EPS are excluded from the rankings. Stock Price ( )EPS P/E Ratio LTM View in Data Explorer Ticker Name P/E Ratio Held ($ mil) I INTELSAT S A 0.7x 0.1 CRC CALIFORNIA RES CORP 0.9x 6.7 LVNTA LIBERTY INTERACTIVE CORP 3.4x 5.2 CACQ CAESARS ACQUISITION CO 5.0x 108.7 BBBY BED BATH & BEYOND INC 5.3x 0.5 FL FOOT LOCKER INC 7.0x 0.3 HA HAWAIIAN HOLDINGS INC 9.1x 0.2
  • 21. Page 21 6 Lowest Price / Book Ratio This ranking table lists the stocks with the lowest Price to Book Value (P/B Ratios) in Soros Fund Management’s portfolio. Stocks are ranked using the shareholders’ equity or book value per share at the latest quarter end. Stocks with negative book values are excluded from the rankings. Stock Price ( )Equity per Share P/B Ratio FQ View in Data Explorer Ticker Name Price / Book Held ($ mil) GNK GENCO SHIPPING & TRADING LTD 0.4x 0.7 AOI ALLIANCE ONE INTL INC 0.6x 0.5 LVNTA LIBERTY INTERACTIVE CORP 0.7x 5.2 TEVA TEVA PHARMACEUTICAL INDS LTD 0.7x 19.9 NEWS NEWSTAR FINANCIAL INC 0.8x 11.6 EXPR EXPRESS INC 0.8x 0.2 ANF ABERCROMBIE & FITCH CO 0.8x 0.2
  • 22. Page 22 7 Best Piotroski Scores This ranking table lists holdings with the highest Piotroski Scores. Piotroski Score View in Data Explorer ✓ Change in Debt / Total Assets < 0 ✓ Change in Current Ratio > 0 ✓ Return on Assets > 0 ✓ Operating Cash Flow > 0 ✓ Change in Return on Assets > 0 ✓ Operating Cash Flow > Net Income ✓ Change in Gross Margin > 0 ✓ Change in Asset Turnover > 0 ✓ Change in Diluted Shares Outstanding < 0 Ticker Name Piotroski Score Held ($ mil) BCR BARD C R INC 9 14.5 STMP STAMPS COM INC 9 0.2 FB FACEBOOK INC 8 72.0 CHDN CHURCHILL DOWNS INC 8 71.0 EPC EDGEWELL PERS CARE CO 8 35.2 NOMD NOMAD FOODS LTD 8 30.5 LRCX LAM RESEARCH CORP 8 20.6
  • 23. Page 23 8 Lowest Beta ( ) Beta View in Data Explorer This ranking table lists the stocks with the lowest Beta in Soros Fund Management’s portfolio. Stocks with low beta have lower correlation with the performance of the applicable market benchmark. Cov(r , r )stock benchmark Var(r )stock r = return Cov = covariance Var = variance Ticker Name Beta Held ($ mil) VRX VALEANT PHARMACEUTICALS INTL -1.1 28.5 CAB CABELAS INC -0.77 1.1 TIVO TIVO CORP -0.69 91.5 EAT BRINKER INTL INC -0.43 0.4 ENDP ENDO INTL PLC -0.3 2.8 SAVE SPIRIT AIRLS INC -0.23 0.5 AGYS AGILYSYS INC -0.12 1.3
  • 24. Page 24 9 Bullish Analyst Targets This ranking table lists the stocks in Soros’s portfolio with the highest upside based on analyst price target. Target Upside Formula Price Target - Stock Price ( )Stock Price - 1 View in Data Explorer Ticker Name Upside (Analyst Held ($ mil) ICPT INTERCEPT PHARMACEUTICALS IN 110.2% 0.2 INVE IDENTIV INC 76.3% 1.4 SREV SERVICESOURCE INTL INC 69.9% 3.9 QTM QUANTUM CORP 68.2% 5.4 TEVA TEVA PHARMACEUTICAL INDS LTD 48.1% 19.9 AIRG AIRGAIN INC 43.9% 3.0 CALX CALIX INC 40.2% 2.5
  • 25. Page 25 10 Largest Market Caps This ranking table lists the stocks in Soros’s portfolio with the largest market capitalizations. Market capitalization is a commonly used proxy for company size, scale, and future growth potential. Stock Price * Shares Outstanding Market Capitalization View in Data Explorer Ticker Name Market Cap Held ($ mil) AAPL APPLE INC 794 B 0.2 MSFT MICROSOFT CORP 577 B 0.3 FB FACEBOOK INC 496 B 72.0 AMZN AMAZON COM INC 462 B 7.3 BABA ALIBABA GROUP HLDG LTD 442 B 27.1 WMT WAL-MART STORES INC 235 B 0.3 VZ VERIZON COMMUNICATIONS INC 202 B 0.3
  • 26. Page 26 11 Top 1 Month Gainers This ranking table lists the stocks in Soros’s portfolio with the biggest stock price gains in the last 30 days. These stocks may have the momentum and credibility behind them to keep going. Revenue - Revenue ( )Revenue Revenue Growth -1 LTM LTM -1 LTM -1 View in Data Explorer Ticker Name Price 1-mo Ago Current Price % Chg 1-mo EXA EXA CORP 14.12 24.23 71.6% I INTELSAT S A 3.92 6.50 65.8% ALNY ALNYLAM PHARMACEUTICALS INC 88.91 120.46 35.5% CRC CALIFORNIA RES CORP 7.74 10.44 34.9% ABEO ABEONA THERAPEUTICS INC 13.80 17.45 26.4% FINL FINISH LINE INC 8.89 11.10 24.9% OA ORBITAL ATK INC 110.86 134.02 20.9%
  • 27. Page 27 12 Recent Price Pullbacks This ranking table lists the stocks in Soros’s portfolio with the biggest stock price drops in the last 30 days. These stocks may be unpopular at the moment and trading at cheap valuations. Revenue - Revenue ( )Revenue Revenue Growth -1 LTM LTM -1 LTM -1 View in Data Explorer Ticker Name Price 1-mo Ago Current Price % Chg 1-mo ICPT INTERCEPT PHARMACEUTICALS IN 118.75 68.10 -42.7% MMYT MAKEMYTRIP LIMITED MAURITIUS 35.25 27.85 -21.0% BBBY BED BATH & BEYOND INC 27.70 23.25 -16.1% GNK GENCO SHIPPING & TRADING LTD 14.00 11.80 -15.7% AIRG AIRGAIN INC 11.08 9.38 -15.3% ATHN ATHENAHEALTH INC 141.12 120.35 -14.7% DDS DILLARDS INC 60.25 53.26 -11.6%
  • 28. 28Page Appendix 1. Full List of Holdings L. Disclaimer
  • 29. Page 29 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total QQQ POWERSHARES NASDAQ 100 INDEX ETF 1,007.5 22.7% LBRDK LIBERTY BROADBAND CORP Consumer Discretionary 671.8 15.1% SPY SPDR S&P 500 ETF TR ETF 477.3 10.7% IWM ISHARES RUSSELL 2000 INDEX ETF 356.8 8.0% AABA ALTABA INC Information Technology 138.7 3.1% CACQ CAESARS ACQUISITION CO Consumer Discretionary 108.7 2.4% TIVO TIVO CORP Information Technology 91.5 2.1% FB FACEBOOK INC Information Technology 72.0 1.6% CHDN CHURCHILL DOWNS INC Consumer Discretionary 71.0 1.6% EQT EQT CORP Energy 66.8 1.5% TWX TIME WARNER INC Consumer Discretionary 60.0 1.3%
  • 30. Page 30 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total MDLZ MONDELEZ INTL INC Consumer Staples 58.4 1.3% MMYT MAKEMYTRIP LIMITED MAURITIUS Consumer Discretionary 49.3 1.1% WMB WILLIAMS COS INC DEL Energy 47.3 1.1% ZTS ZOETIS INC Healthcare 43.8 1.0% MGM MGM RESORTS INTERNATIONAL Consumer Discretionary 42.2 0.9% KHC KRAFT HEINZ CO Consumer Staples 39.5 0.9% NXPI NXP SEMICONDUCTORS N V Information Technology 39.3 0.9% VIAV VIAVI SOLUTIONS INC Information Technology 38.6 0.9% PYPL PAYPAL HLDGS INC Information Technology 38.0 0.9% CZR CAESARS ENTMT CORP Consumer Discretionary 35.5 0.8% EPC EDGEWELL PERS CARE CO Consumer Staples 35.2 0.8%
  • 31. Page 31 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total MODN MODEL N INC Information Technology 34.7 0.8% CNDT CONDUENT INC NA 34.1 0.8% PAGP PLAINS GP HLDGS L P Energy 34.1 0.8% NOMD NOMAD FOODS LTD Consumer Staples 30.5 0.7% ATGE ADTALEM GLOBAL ED INC Consumer Discretionary 29.8 0.7% VRX VALEANT PHARMACEUTICALS INTL Healthcare 28.5 0.6% SNAP SNAP INC Information Technology 27.5 0.6% BABA ALIBABA GROUP HLDG LTD Information Technology 27.1 0.6% SIGM SIGMA DESIGNS INC Information Technology 26.9 0.6% ALLT ALLOT COMMUNICATIONS LTD Information Technology 26.6 0.6% KEG KEY ENERGY SVCS INC DEL Materials 24.0 0.5%
  • 32. Page 32 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total ATUS ALTICE USA INC NA 22.6 0.5% LRCX LAM RESEARCH CORP Information Technology 20.6 0.5% GIS GENERAL MLS INC Consumer Staples 20.2 0.5% EXA EXA CORP Information Technology 19.9 0.4% TEVA TEVA PHARMACEUTICAL INDS LTD Healthcare 19.9 0.4% TMUS T MOBILE US INC Telecommunication Services 19.4 0.4% K KELLOGG CO Consumer Staples 18.9 0.4% INXN INTERXION HOLDING N.V Information Technology 16.5 0.4% TTWO TAKE-TWO INTERACTIVE SOFTWAR Information Technology 15.5 0.3% SBAC SBA COMMUNICATIONS CORP NEW Real Estate 14.8 0.3% MON MONSANTO CO NEW Materials 14.8 0.3%
  • 33. Page 33 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total BCR BARD C R INC Healthcare 14.5 0.3% TRGP TARGA RES CORP Energy 14.5 0.3% LW LAMB WESTON HLDGS INC Consumer Staples 14.0 0.3% CARS CARS COM INC NA 12.9 0.3% NEP NEXTERA ENERGY PARTNERS LP Utilities 12.8 0.3% TRIP TRIPADVISOR INC Consumer Discretionary 11.7 0.3% NEWS NEWSTAR FINANCIAL INC Financials 11.6 0.3% BDXA BECTON DICKINSON & CO NA 11.0 0.2% CL COLGATE PALMOLIVE CO Consumer Staples 10.4 0.2% EMB ISHARES JPM EMER MKT BND FD NA 9.9 0.2% COMM COMMSCOPE HLDG CO INC Information Technology 9.5 0.2%
  • 34. Page 34 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total CCI CROWN CASTLE INTL CORP NEW Real Estate 9.5 0.2% EXFO EXFO INC Information Technology 8.1 0.2% XOP SPDR SERIES TRUST NA 7.8 0.2% LVLT LEVEL 3 COMMUNICATIONS INC Telecommunication Services 7.8 0.2% MBBYF MOBILEYE N V AMSTELVEEN NA 7.8 0.2% XLE SELECT SECTOR SPDR TR NA 7.6 0.2% AMZN AMAZON COM INC Consumer Discretionary 7.3 0.2% CRC CALIFORNIA RES CORP Energy 6.7 0.1% AMLP ALPS ETF TR NA 6.6 0.1% CACC CREDIT ACCEP CORP MICH Financials 6.6 0.1% BV BAZAARVOICE INC Information Technology 6.5 0.1%
  • 35. Page 35 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total AWK AMERICAN WTR WKS CO INC NEW Utilities 6.0 0.1% ABEO ABEONA THERAPEUTICS INC Healthcare 5.7 0.1% QTM QUANTUM CORP Information Technology 5.4 0.1% NOW SERVICENOW INC Information Technology 5.3 0.1% LVNTA LIBERTY INTERACTIVE CORP Consumer Discretionary 5.2 0.1% ATVI ACTIVISION BLIZZARD INC Information Technology 4.8 0.1% BTU PEABODY ENERGY CORP NEW Energy 4.5 0.1% TOL TOLL BROTHERS INC Consumer Discretionary 4.3 0.1% RPD RAPID7 INC Information Technology 4.3 0.1% LBTYA LIBERTY GLOBAL PLC Consumer Discretionary 4.0 0.1% SREV SERVICESOURCE INTL INC Information Technology 3.9 0.1%
  • 36. Page 36 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total CME CME GROUP INC Financials 3.8 0.1% SWP STANLEY BLACK & DECKER INC NA 3.6 0.1% DOC PHYSICIANS RLTY TR Real Estate 3.0 0.1% AIRG AIRGAIN INC Information Technology 3.0 0.1% ENDP ENDO INTL PLC Healthcare 2.8 0.1% CALX CALIX INC Information Technology 2.5 0.1% COTY COTY INC Consumer Staples 2.5 0.1% GOOS CANADA GOOSE HOLDINGS INC NA 2.5 0.1% SPLS STAPLES INC Consumer Discretionary 2.0 0.0% GUID GUIDANCE SOFTWARE INC Information Technology 1.9 0.0% DVMT DELL TECHNOLOGIES INC Information Technology 1.4 0.0%
  • 37. Page 37 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total INVE IDENTIV INC Information Technology 1.4 0.0% AGYS AGILYSYS INC Information Technology 1.3 0.0% LPI LAREDO PETROLEUM INC Energy 1.3 0.0% CAB CABELAS INC Consumer Discretionary 1.1 0.0% CNSL CONSOLIDATED COMM HLDGS INC Telecommunication Services 1.0 0.0% ABEOW ABEONA THERAPEUTICS INC NA 0.9 0.0% GNK GENCO SHIPPING & TRADING LTD Industrials 0.7 0.0% AMT AMERICAN TOWER CORP NEW Real Estate 0.6 0.0% PZZA PAPA JOHNS INTL INC Consumer Discretionary 0.6 0.0% ALNY ALNYLAM PHARMACEUTICALS INC Healthcare 0.6 0.0% BRKR BRUKER CORP Healthcare 0.6 0.0%
  • 38. Page 38 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total EW EDWARDS LIFESCIENCES CORP Healthcare 0.5 0.0% IONS IONIS PHARMACEUTICALS INC Healthcare 0.5 0.0% NATI NATIONAL INSTRS CORP Information Technology 0.5 0.0% VAR VARIAN MED SYS INC Healthcare 0.5 0.0% G GENPACT LIMITED Information Technology 0.5 0.0% SAVE SPIRIT AIRLS INC Industrials 0.5 0.0% AOI ALLIANCE ONE INTL INC Consumer Staples 0.5 0.0% NEWR NEW RELIC INC Information Technology 0.5 0.0% ATHN ATHENAHEALTH INC Healthcare 0.5 0.0% OA ORBITAL ATK INC Industrials 0.5 0.0% DIN DINEEQUITY INC Consumer Discretionary 0.5 0.0%
  • 39. Page 39 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total MSTR MICROSTRATEGY INC Information Technology 0.5 0.0% ETSY ETSY INC Information Technology 0.5 0.0% DDS DILLARDS INC Consumer Discretionary 0.5 0.0% BBBY BED BATH & BEYOND INC Consumer Discretionary 0.5 0.0% FINL FINISH LINE INC Consumer Discretionary 0.4 0.0% HDP HORTONWORKS INC Information Technology 0.4 0.0% TWTR TWITTER INC Information Technology 0.4 0.0% DSPG DSP GROUP INC Information Technology 0.4 0.0% WEN WENDYS CO Consumer Discretionary 0.4 0.0% BWLD BUFFALO WILD WINGS INC Consumer Discretionary 0.4 0.0% ZAYO ZAYO GROUP HLDGS INC Telecommunication Services 0.4 0.0%
  • 40. Page 40 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total EAT BRINKER INTL INC Consumer Discretionary 0.4 0.0% IAC IAC INTERACTIVECORP Information Technology 0.4 0.0% CCOI COGENT COMMUNICATIONS HLDGS Telecommunication Services 0.4 0.0% CC CHEMOURS CO Materials 0.4 0.0% YELP YELP INC Information Technology 0.4 0.0% GES GUESS INC Consumer Discretionary 0.3 0.0% OZRK BANK OF THE OZARKS INC Financials 0.3 0.0% ALK ALASKA AIR GROUP INC Industrials 0.3 0.0% DATA TABLEAU SOFTWARE INC Information Technology 0.3 0.0% HUBS HUBSPOT INC Information Technology 0.3 0.0% ORLY O REILLY AUTOMOTIVE INC NEW Consumer Discretionary 0.3 0.0%
  • 41. Page 41 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total AMCX AMC NETWORKS INC Consumer Discretionary 0.3 0.0% CSGP COSTAR GROUP INC Information Technology 0.3 0.0% JNPR JUNIPER NETWORKS INC Information Technology 0.3 0.0% WBMD WEBMD HEALTH CORP Information Technology 0.3 0.0% WMT WAL-MART STORES INC Consumer Staples 0.3 0.0% JWN NORDSTROM INC Consumer Discretionary 0.3 0.0% FL FOOT LOCKER INC Consumer Discretionary 0.3 0.0% LUV SOUTHWEST AIRLS CO Industrials 0.3 0.0% VZ VERIZON COMMUNICATIONS INC Telecommunication Services 0.3 0.0% NKE NIKE INC Consumer Discretionary 0.3 0.0% XYL XYLEM INC Industrials 0.3 0.0%
  • 42. Page 42 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total MSFT MICROSOFT CORP Information Technology 0.3 0.0% SNI SCRIPPS NETWORKS INTERACT IN Consumer Discretionary 0.3 0.0% MMM 3M CO Industrials 0.3 0.0% GRPN GROUPON INC Consumer Discretionary 0.3 0.0% HRI HERC HLDGS INC Industrials 0.3 0.0% FTV FORTIVE CORP Industrials 0.3 0.0% WAB WABTEC CORP Industrials 0.3 0.0% EMR EMERSON ELEC CO Industrials 0.3 0.0% ACN ACCENTURE PLC IRELAND Information Technology 0.3 0.0% MAR MARRIOTT INTL INC NEW Consumer Discretionary 0.3 0.0% AAPL APPLE INC Information Technology 0.2 0.0%
  • 43. Page 43 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total MNST MONSTER BEVERAGE CORP NEW Consumer Staples 0.2 0.0% TECH BIO TECHNE CORP Healthcare 0.2 0.0% AKAM AKAMAI TECHNOLOGIES INC Information Technology 0.2 0.0% LVS LAS VEGAS SANDS CORP Consumer Discretionary 0.2 0.0% USFD US FOODS HLDG CORP Consumer Staples 0.2 0.0% BMRN BIOMARIN PHARMACEUTICAL INC Healthcare 0.2 0.0% ADBE ADOBE SYS INC Information Technology 0.2 0.0% NBIX NEUROCRINE BIOSCIENCES INC Healthcare 0.2 0.0% KODK EASTMAN KODAK CO Information Technology 0.2 0.0% ICPT INTERCEPT PHARMACEUTICALS IN Healthcare 0.2 0.0% HA HAWAIIAN HOLDINGS INC Industrials 0.2 0.0%
  • 44. Page 44 1 Full List of Holdings Full list of holdings sorted by holding value Ticker Name Sector Holding ($mil) % of Total STMP STAMPS COM INC Information Technology 0.2 0.0% GLUU GLU MOBILE INC Information Technology 0.2 0.0% EXPR EXPRESS INC Consumer Discretionary 0.2 0.0% ANF ABERCROMBIE & FITCH CO Consumer Discretionary 0.2 0.0% AEO AMERICAN EAGLE OUTFITTERS NE Consumer Discretionary 0.1 0.0% I INTELSAT S A Telecommunication Services 0.1 0.0% FEYE FIREEYE INC Information Technology 0.1 0.0% REXX REX ENERGY CORPORATION Energy 0.0 0.0% KODK/WS EASTMAN KODAK CO NA 0.0 0.0% KODK/WS/A EASTMAN KODAK CO NA 0.0 0.0%
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