George Soros is one of the biggest investors, businessmen, and philanthropists. Soros currently has a net worth of $7.2 billion, as of October 4, according to Forbes. The legendary billionaire investor managed client money between 1969 and 2011. Soros made a fortune after shorting the British pound in 1992, making $1 billion. He has donated over $32 billion to his philanthropic organization, Open Society, of which almost $15 billion has been distributed. You can also read our piece on the best growth stocks to buy according to George Soros.
Soros is the author of multiple books including the very popular The Alchemy of Finance, Soros on Soros: Staying Ahead of the Curve, and The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means. He last wrote a book in 2019 named In Defense of Open Society. The book is a collection of Soros’ writings on various topics including artificial intelligence, machine learning, political philanthropy, and financial markets.
Soros’ View on Artificial Intelligence
According to Soros, AI poses a threat to democracies especially with its extensive surveillance capabilities. He suggests that to distinguish between right and wrong humans must strike a balance between understanding reality and assessing how to change the world in our favor. Artificial intelligence destroys the very essence of reality, creating a disbalance. Soros emphasizes the need for AI to be regulated but for these regulations to work, societies from across the globe must work together. He also added that in an ideal world, standard regulations may have been possible but our countries our run on two distinct ideologies, the open and closed society. Here is what Soros stated:
“AI destroyed this simple schema because it has absolutely nothing to do with reality. AI creates its own reality and when that artificial reality fails to correspond to the real world –which happens quite often — it is discarded as hallucination. This made me almost instinctively opposed to AI and I wholeheartedly agree with the experts who argue that it needs to be regulated. But AI regulations have to be globally enforceable, because the incentive to cheat is too great; those who evade the regulations gain an unfair advantage.”
Adding to this, he suggests that while AI may make closed societies more powerful it may pose a threat to open societies. In addition to that, Soros suggested that repressive regimes like China and Russia are benefitting from the incidence of AI and thus are able to garner greater control over less powerful nations. His primary concern around AI and technology is surveillance and the misuse of data. Soros said the following about the future of AI:
“AI is developing incredibly fast, and it is impossible for ordinary human intelligence to fully understand it. Nobody can predict where it will take us. But we can be sure of one thing: AI helps closed societies and poses a mortal threat to open societies. That’s because AI is particularly good at producing instruments of control that help closed societies to surveil their subjects.”
A Deep Understanding of Soros’s Investment Philosophy
Soros founded the Soros Fund Management LLC, a private investment management firm in 1970. He is known for his contrarian investing philosophy and has made fortunes for himself and investors through his strategies. His hedge fund is based on the idea of making elaborate one-way bets on currency movements, commodity prices, stocks, bonds, and any assets driven by macroeconomic conditions.
Soros is known to have let macroeconomic conditions shape his investment decisions. This is a crucial aspect of his trading strategy referred to as reflexivity. This strategy defies standard economic conditions and emphasizes that market participants have the power to influence market fundamentals, and consequently the financial market. In light of his contrarian investment philosophy, Soros said the following in his book, Staying Ahead of the Curve:
“The prevailing wisdom is that markets are always right. I take the opposition position. I assume that markets are always wrong. Even if my assumption is occasionally wrong, I use it as a working hypothesis. It does not follow that one should always go against the prevailing trend. On the contrary, most of the time the trend prevails; only occasionally are the errors corrected. It is only on those occasions that one should go against the trend. This line of reasoning leads me to look for the flaw in every investment thesis. … I am ahead of the curve. I watch out for telltale signs that a trend may be exhausted. Then I disengage from the herd and look for a different investment thesis. Or, if I think the trend has been carried to excess, I may probe going against it. Most of the time we are punished if we go against the trend. Only at an inflection point are we rewarded.”
Now that we have studied one of Soros’s most important investment philosophies, let’s take a look at the top 10 holdings of George Soros.
George Soros of Soros Fund Management
Our Methodology
We sifted through Soros Fund Management’s Q2 2024 13F filings and picked the fund’s top 10 picks. The stocks are ranked in ascending order of the fund’s stakes in them. We have also mentioned the hedge fund sentiment around each stock.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
George Soros Net Worth and Top 10 Holdings in 2024
10. Accenture plc (NYSE:ACN)
Soros Fund Management’s Stake Value: $60.75 Million
Number of Hedge Fund Holders: 68
Accenture plc (NYSE:ACN) is one of George Soros’s top 10 holdings that makes up 1.1% of his portfolio. Soros increased his position in the stock by 105% in the second quarter of 2024. Accenture plc (NYSE:ACN) is a multinational professional services company that helps entities of all sizes optimize their operations and boost revenue growth.
The company is home to over 750,000 employees who provide services to over 9,000 clients in 120 countries from across the globe. The technology consulting company helps customers build their cloud, cybersecurity, AI, and enterprise capabilities.
The company recently purchased Excelmax Technologies from India, a semiconductor design services provider to expand its offerings and benefit from the AI wave. The acquisition added another 450 employees to the company in crucial departments including physical design, logic design, and verification. Later in July, Accenture plc (NYSE:ACN) acquired Camelot Management Consultants, a SAP-focused management and consulting firm in Germany, that specializes in supply chain, data, and analytics. In addition to that, in the first week of October, the company not only acquired a healthcare consultancy in Germany but also partnered with NVIDIA to help enterprises across the globe adopt AI faster.
Accenture’s (NYSE:ACN) competitive edge lies in its strong footing in the IT and consulting sector supported by its ability to buy out competition. This explains why 68 hedge funds were bullish on the stock at the end of Q2 2024 with total stakes amounting to $3.7 billion.
Polen Focus Growth Strategy stated the following regarding Accenture plc (NYSE:ACN) in its Q2 2024 investor letter:
“Autodesk and Accenture plc (NYSE:ACN) were also notable absolute detractors in the quarter. For Accenture, the past year has proven to be a weak backdrop for the IT services industry as enterprises rationalize their IT budgets and defer spending on discretionary, shorter-cycle deals. Accenture has not been immune to this broader weakness, as evidenced by slowing growth in recent quarters. However, we would note that later in the quarter, the stock responded very positively to results that showcased AI bookings growing rapidly, though still a small portion of overall bookings. Additionally, as we head into 2025, growth comparisons should ease considerably.”
9. Stericycle, Inc. (NASDAQ:SRCL)
Soros Fund Management’s Stake Value: $63.87 Million
Number of Hedge Fund Holders: 46
Stericycle, Inc. (NASDAQ:SRCL) is a compliance company specializing in disposing of medical waste. It ranks ninth on our list of George Soros’s top 10 holdings. The company collects and disposes of medical waste, sharps, pharmaceuticals, and hazardous waste. It also provides services for expired goods. The stock was added to Soros’ portfolio in the second quarter of 2024.
The company provides a range of solutions including biohazardous waste disposal, sharps waste disposal, pharmaceutical waste disposal, medical compliance solutions, collection kiosks, community solutions, and document shredding. It is to be noted, that the company is not just innovating the disposal domain, but it is also actively engaged in green activities. Stericycle, Inc. (NASDAQ:SRCL) renewed its partnership for the third consecutive year with Arbor Day Foundation to plant nearly 45,000 trees across the United States and Canada.
In the second quarter of 2024, the company logged $661.6 million in revenue, a decline from $669.5 million in Q2 2023. While the company is one of the largest holdings of Soros, it is to be acquired by Waste Management (WM) for $7.2 billion, including $1.4 billion in debt.
The deal is expected to come through in the fourth quarter of 2024 and will help WM expand its healthcare waste services segment. The deal will help WM generate over $125 million in annual run rate synergies and add to its earnings and cash flows within a year of the agreement.
8. Booking Holdings Inc. (NASDAQ:BKNG)
Soros Fund Management’s Stake Value: $64.72 Million
Number of Hedge Fund Holders: 96
Booking Holdings Inc. (NASDAQ:BKNG) ranks eighth on our list of George Soros’s top 10 holdings. The online travel company offers a platform where users can make travel reservations, accommodation reservations, rent cars, and buy vacation packages. The holdings company runs multiple subsidiaries, including Agoda, Booking.com, Priceline.com, and Kayak, among others.
The company provides services in more than 220 countries and is available in more than 40 languages. For the year ended 2023, Booking Holdings Inc. (NASDAQ:BKNG) logged $150.6 billion in travel bookings, up 24% year over year. In addition to that, over 1 billion room nights were booked across all platforms.
In the second quarter of 2024, the company booked over 287 million room nights across all platforms and logged revenue worth $5.9 billion, both up by 7% year-over-year. Air bookings on the other hand increased by 28% year-over-year. The company’s competitive edge is its strong travel ecosystem that offers a complete travel package all under the same roof. Such explains why Booking Holdings Inc. (NASDAQ:BKNG) facilitated 28 million reported accommodation listings, including 6.6 million homes and apartments, in 2023.
Wedgewood Partners stated the following regarding Booking Holdings Inc. (NASDAQ:BKNG) in its Q2 2024 investor letter:
“Booking Holdings Inc. (NASDAQ:BKNG) contributed to performance as travel spending across the U.S. and Europe remains quite healthy, whereas the Company took share in alternative accommodations, and looks set to expand margins after a few years of reinvestment. The Company has also been aggressively reducing its share count at reasonably attractive valuation multiples. Booking should be able to compound earnings at an attractive, double-digit rate for the next few years given these various initiatives.”
7. Alibaba Group Holding Limited (NYSE:BABA)
Soros Fund Management’s Stake Value: $73.80 Million
Number of Hedge Fund Holders: 91
Alibaba Group (NYSE:BABA) is a technology and internet retail company that operates e-commerce sites that serve consumers and small business owners. In addition to e-commerce, Alibaba Group (NYSE:BABA) is also involved in cloud computing, logistics, digital media, and entertainment.
Merchants and small business owners use Alibaba.com to buy products such as clothing items, accessories, and shoes for reselling. AliExpress, on the other hand, is a retail site for mass consumers who can purchase all sorts of items such as appliances, office equipment, home improvement, and sports equipment, to name a few. It has over 150 million users and is present in 190 countries.
Alibaba’s (NYSE:BABA) platforms are used by more than 800 million people worldwide. It has a 40% share in the Chinese e-commerce market, as per estimates by the DBS Bank in Hong Kong. In the fiscal first quarter of 2025, the group reported revenue worth $34.7 billion (RMB 243.3 billion), up 4% year-over-year.
Alibaba Group provides premium customer shopping experiences at the lowest price possible, contributing to its popularity across the globe. Its AliExpress allows shoppers to source products directly from factories, shrinking the supply chain.
Despite macro headwinds and geopolitical turmoil in the country, analysts are bullish on the stock. According to the Insider Monkey database, BABA was held by 91 hedge funds at the close of Q2 2024 with total stakes amounting to $3.81 billion.
O’keefe Stevens Advisory stated the following regarding Alibaba Group Holding Limited (NYSE:BABA) in its Q2 2024 investor letter:
“We initiated two new positions during the quarter: Alibaba Group Holding Limited (NYSE:BABA) and Perrigo (PRGO). Both have seen their stocks decline over 70%+ from their all-time highs.”
6. Liberty Broadband Corporation (NASDAQ:LBRDA)
Soros Fund Management’s Stake Value: $76.19 Million
Number of Hedge Fund Holders: 55
Liberty Broadband Corporation (NASDAQ:LBRDA) is a communications business that specializes in the provision of cable, data, wireless, and other managed services. The stock makes up 1.36% of Soros Fund Management. Liberty Broadband operates and owns multiple communication businesses including Charter Communications and GCI, its subsidiary.
GCI is one of the biggest communications providers in Alaska that provides data, wireless, video, voice, and managed services to consumers and businesses across the globe. Liberty also owns a 26% ownership stake in Charter Communications. Charter Communications is one of the largest cable operators in the United States that provides video, internet, and voice services to residential and commercial clients.
In the second quarter of 2024, Liberty Broadband Corporation (NASDAQ:LBRDA) reported $246 million in revenue, up by 1% year-over-year. Its data segment logged $60 million and its wireless segment reported $47 million in revenue. In the second quarter, its subsidiary, GCI spent $58 million in capital expenditures to enhance its wireless and data networks in Alaska, which explains why the company has a clientele of 158,000 customers for its data segment and 201,900 for its wireless segment.
Analysts are bullish on the stock, and their 1-year median price target of $91 points to an 18% upside from current levels. At the close of Q2 2024, 55 hedge funds were bullish on Liberty Broadband Corporation (NASDAQ:LBRDA), with total stakes amounting to $2.02 billion.
Weitz Investment Management Partners III Opportunity Fund stated the following regarding Liberty Broadband Corporation (NASDAQ:LBRDA) in its Q2 2024 investor letter:
“Liberty Broadband Corporation (NASDAQ:LBRDA) (26% owner of Charter Communications) was the Fund’s top year-to-date detractor. Shares of Charter Communications remain in the penalty box as investors wait to see how the mid-May expiration of the federal Affordable Connectivity Program (ACP) impacts subscriber results. We anticipate Charter will retain many, if not most, of its five million ACP customers, but we acknowledge this uncertainty has created an added overhang on the stock price. Beyond this one-time event, we believe the long-term picture for Charter remains intact.”
5. ChampionX Corporation (NASDAQ:CHX)
Soros Fund Management’s Stake Value: $81.86 Million
Number of Hedge Fund Holders: 42
ChampionX Corporation (NASDAQ:CHX) is a technology company that makes pumps and pumping equipment, drilling technologies, emissions technologies, and artificial lift solutions. The company is home to over 40 manufacturing locations, more than 400 scientists and technologies, over 7,300 employees, and is present in more than 60 countries.
In the second quarter of 2024, the company reported $893.27 million in revenue, a decline of 3.6% year-over-year. ChampionX Corporation (NASDAQ:CHX) is constantly innovating and expanding. On September 12, the company launched a digital control for plunger lift wells. Earlier in July, the company acquired RMSpumtools to expand its presence in offshore production technologies.
ChampionX Corporation (NASDAQ:CHX) has been acquired by SLB and the transaction is expected to close either in the fourth quarter of 2024 or the first quarter of 2025. SLB is a global technology company in the energy sector. Currently present in 100 countries, SLB’s acquisition of ChampionX will help them expand their position in the production space. The transaction is to be an all-stock transaction. Overall, 42 hedge funds were bullish on the stock at the close of Q2 2024, according to our Insider Monkey database.
4. Axonics, Inc. (NASDAQ:AXNX)
Soros Fund Management’s Stake Value: $119.32 Million
Number of Hedge Fund Holders: 36
Axonics, Inc. (NASDAQ:AXNX) is a medical technology company that ranks fourth on our list of the top holdings by George Soros. The company specializes in the development and sale of novel treatments for patients with bladder and bowel dysfunction. During the second quarter of 2024, Soros increased his position in the stock by 500%.
Its clinically proven treatment has gained momentum from across the globe. 93% of patients saw improvements after two years of treatment and 94% claimed they were satisfied with their therapy and treatment. Over the past few months, the company received regulatory approval in Australia for its proprietary recharge-free SNM system. The implantable neurostimulator (INS) that helps people gain control of their urinary and bowel has an expected life of 15 to 20 years.
In the second quarter of 2024, the company logged $114.57 million in revenue, up by 23.33%, and ahead of market consensus by $2.15 million. In March, the company approved a merger agreement with Boston Scientific, which has yet to come through, for a transaction valuation of $3.4 billion. Overall, Axonics is a promising entity that brings novelty to the market, making it one of the best stocks to invest in. The acquisition will help Boston Scientific deliver a wide range of clinical solutions to physicians and patients. The company will also acquire Axonics product portfolio which complements Boston Scientific’s Urology segment.
3. AerCap Holdings N.V. (NYSE:AER)
Soros Fund Management’s Stake Value: $145.11 Million
Number of Hedge Fund Holders: 64
AerCap Holdings N.V. (NYSE:AER) is the third largest holding of George Soros. The aviation leasing company is headquartered in Dublin, Ireland, and has offices in Amsterdam, Los Angeles, Singapore, Abu Dhabi, and Shangai.
The company is a market leader in aviation leasing. Its primary products include aircraft, engines, and helicopters. As of June 30, AerCap Holdings N.V. (NYSE:AER) had over 1,700 aircraft, 1,000 engines, and 300 helicopters. The company is known to have a loyal customer base which explains its financial results. In the second quarter of 2024, the company logged $448 million in net income and returned nearly $345 million to shareholders, up by 25% year-over-year.
AerCap Holdings N.V. (NYSE:AER) does not shy away from making hefty capital investments. During the second quarter, the company signed an agreement with Airbus to purchase its 36 A320neo Family Aircraft. These aircraft will be leased to Spirit Airlines once the delivery is complete between 2027 and 2028.
With more than 300 customers from across the globe, the company boasts a strong position in the industry. It raised more than $5.3 billion in funding in the second quarter of 2024 and recorded assets worth $71 billion, as of June 30, 2024.
2. Alphabet Inc. (NASDAQ:GOOGL)
Soros Fund Management’s Stake Value: $166.66 Million
Number of Hedge Fund Holders: 216
Alphabet Inc. (NASDAQ:GOOGL) is one of the biggest holdings of George Soros. The company owns a range of products, including Google Search, Google Maps, YouTube, Google Cloud, and Wyamo.
The company is relentlessly working to improve the Gemini experience and is also actively involved in developing AI hardware, having launched its NVIDIA chip rival in May.
While Google’s tensor processing units (TPU) only account for almost 20% of the market, its advancements promise higher market shares in the future. In addition to that, its six-generation chips are 67% more energy efficient compared to the previous generation of processors. The new chip will be made available to Google Cloud users by the end of 2024.
Alphabet Inc. (NASDAQ:GOOGL) logged revenue worth $85 billion in the fiscal second quarter of 2024, driven by the growing momentum in cloud and search. Additionally, over 60% of generative AI startups and 90% of generative AI unicorns are customers of the Google Cloud. One can infer that the technology giant is well-positioned to exploit the next wave of artificial intelligence and innovation, making it a solid investment.
Analysts are bullish on GOOGL and their 12-month median price target of $205 points to a 26% upside from current levels. Overall, 216 investors held stakes worth $35.31 billion in Alphabet Inc. (NASDAQ:GOOGL). Of those, Fisher Asset Management was the highest stakeholder with a position of $8.86 billion.
Patient Capital Management mentioned Alphabet Inc. (NASDAQ:GOOG) in its Q2 2024 investor letter“
“Alphabet Inc. (GOOGL) was a top contributor in the second quarter, finally catching up to its peers in the Magnificent 7. The company gained 20.8% in the period following strong first quarter earnings, a new $70B repurchase program (3% of shares outstanding) and the initiation of a cash dividend ($0.20 per share; 0.42% yield). We continue to believe the market underappreciates Google’s exposure to AI with its Gemini model being integrated into search results, YouTube advertising and its cloud offering. We continue to think that the cloud players will be the AI winners in the long-term, with Google being well positioned to take advantage. While the company trades at 24x 2024 earnings, if you remove the money-losing and under-earning businesses, you realize that you are paying below a market multiple for the core Google business. We do not believe there are many other AI winners trading at such an attractive multiple.”
1. AstraZeneca PLC (NASDAQ:AZN)
Soros Fund Management’s Stake Value: $191.87 Million
Number of Hedge Fund Holders: 49
AstraZeneca PLC (NASDAQ:AZN) ranks first on our list of the top 10 holdings of George Soros, accounting for 3.43% of his portfolio. Soros increased his position in the stock by 513% from the previous quarter. AstraZeneca PLC (NASDAQ:AZN) is a pharmaceutical company headquartered in Cambridge, United Kingdom.
In the second quarter of 2024, the company logged $25.62 billion in revenue, up by 18%. Of this, product revenue was $24.6 billion, accounting for 96% of total sales. For the fiscal year 2024, AstraZeneca PLC (NASDAQ:AZN) expects revenue to grow by mid-teen percent.
In the first half of 2024, the company spent $799 million in capital expenditures and expects total capex for 2024 to increase by 50% due to increasing capacity and capabilities. After garnering tremendous attention for its COVID-19 vaccine, the company is now racing to find a cure for cancer. Its oncology department is currently focusing on six scientific platforms to find a treatment for cancer with the lowest mortality rate.
AstraZeneca PLC (NASDAQ:AZN) plans to invest another $80 billion by 2030 to accelerate projects in its pipeline and execute new programs. During the same period, the company expects to launch 20 new medicines that will return potentially $5 billion in sales every year. AZN’s consistent performance and foreseeable trajectory to becoming a novel drug maker explains why 49 hedge funds were bullish on the stock at the end of Q2 2024. Based on ratings from 30 analysts, the stock’s price target represents an upside of 16% from its current level.
Baron Funds, an investment management company, released its second-quarter 2024 investor letter where it talked about AstraZeneca PLC (NASDAQ:AZN):
“Performance in pharmaceuticals and health care distributors was bolstered by solid gains from AstraZeneca PLC (NASDAQ:AZN) and McKesson Corporation, respectively. AstraZeneca is a global biopharmaceutical company with a focus on three main therapy areas based on its core competencies: oncology, cardiovascular and metabolic diseases, and respiratory illnesses. AstraZeneca’s shares increased given incremental positive news flow (LAURA, ADRIATIC, and DESTINY-Breast06 clinical trials) surrounding the oncology franchise. The company also published long-term guidance for the first time, projecting $80 billion in revenue by 2030, or 75% higher than 2023’s $45.8 billion. This projection implies an annual growth rate of 8% over seven years, compared with the 5% to 7% targets set by GSK and Johnson & Johnson and the 5% target set by Novartis.”
Overall, AZN ranks first among the top 10 holdings of George Soros. While we acknowledge the potential of healthcare companies, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than AZN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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