Soros Cut Stake in Big Tech Stocks Before Selloff, Added Peloton

(Bloomberg) — Soros Fund Management reduced its holdings of big tech stocks prior to January’s market tumult, while disclosing a $2 billion stake in electric pickup maker Rivian Automotive Inc.

Most Read from Bloomberg

George Soros’s investment firm slashed its stake in the Invesco QQQ Trust Series 1 (ticker QQQ), the biggest exchange-traded fund tracking the tech-heavy Nasdaq 100. It held just $9.4 million at the end of December, down from $356.2 million at the end of the third quarter, according to a regulatory filing Friday. It also trimmed positions in Amazon.com Inc. and Alphabet Inc.

Read more: Soros Adds Rivian Class A, Exits VICI Properties: 13F

The New York-based firm disclosed it held more than $2 billion in shares of Rivian, which went public in November, and revealed a new $13.3 million holding in Peloton Interactive Inc. The value of its U.S. equity portfolio jumped by $1.2 billion to $6.5 billion, thanks in part to its stake in Cerner Corp. Those shares jumped more than 31% in the fourth quarter after Oracle Corp. agreed to acquire the the medical-records systems provider in December.

The billionaire philanthropist’s investment firm manages more than $28 billion, including public and private equity. Soros, 91, has used his fortune to fund groups promoting justice, democracy, human rights and progressive politics through his Open Society Foundations. He’s poured billions into his philanthropic efforts, and most of his firm’s assets now belong to the foundations rather than to the Soros family. His personal wealth is estimated at $7.5 billion, according to the Bloomberg Billionaires Index.

Money managers overseeing more than $100 million in U.S. equities have to file a 13F form within 45 days of the end of each quarter to list their holdings in stocks that trade on U.S. exchanges. It’s one of the few places to gain insight into how hedge funds and some large family offices invest.