Soros Pivots to Energy & AI Infrastructure — Q4 2025 Portfolio Surges 23% to $8.6 Billion

George Soros's family office just revealed one of its most aggressive quarterly pivots in years. The Soros Fund Management Q4 2025 13F filing — filed February 13, 2026 — shows the legendary macro trader's fund surging 23% to $8.6 billion in a single quarter, fueled by a dramatic rotation into energy hedges, AI infrastructure plays, and a web of convertible bonds that screams vintage Soros: asymmetric risk, maximum optionality.

This isn't a fund playing defense. With 115 new positions opened and 61 complete exits in a single quarter, Soros is reshaping the portfolio at a pace we haven't seen since the post-COVID recovery trades.

TL;DR — Soros Q4 2025 by the Numbers

• AUM: $8.6B (up from $7.0B in Q3, +22.9%)
• Total Holdings: 244 assets (237 equities, options, and debt instruments)
• New Positions: 115 opened | 61 fully exited
• Largest Position: Amazon (AMZN) at $614M (7.1% of portfolio)
• Biggest New Bet: Microsoft (MSFT) at $127M, CoreWeave (CRWV) at $123M
• Bold Moves: $415M in XOP puts (bearish energy hedge), $163M in XLE (energy sector)
• Asset Mix: 64.5% Equities, 13.6% Options, 21.4% Debt, 0.5% Other
• Performance: Fund -5.8% trailing year vs S&P 500 +12% — but Soros is playing a different game

Top 10 Holdings — Amazon Still Dominates

Amazon remains Soros's largest conviction bet at $614 million, with the fund adding another 283,000 shares (+11.9%) during Q4. But the real story is what surrounds it.

Notice the pattern: four of the top 10 positions are convertible bonds (Spotify, Rivian, Global Payments, Jazz Pharma, Confluent). This is classic Soros — using converts to capture equity upside while maintaining bond-floor protection. If the underlying stocks surge, he participates. If they crash, he still collects coupon payments and gets his principal back. It's the kind of asymmetric setup that made him famous.

The XOP position deserves special attention: $415 million in SPDR Oil & Gas ETF puts. This isn't a bullish energy bet — it's a hedge, a bearish wager that energy prices could fall. Combined with the new $163M XLE position, Soros appears to be playing both sides of the energy trade: long the sector broadly while hedging against a sharp downside move. It's volatility positioning, not directional conviction.

The AI Infrastructure Bet — CoreWeave, Kodiak, and the Full Stack

Soros isn't just buying AI software companies. He's building a position across the entire AI infrastructure stack:

• CoreWeave (CRWV): $123M — Pure-play GPU cloud provider, 1.72M shares. This is a direct bet on AI compute demand.
• Kodiak AI (KDK): $109M — Autonomous trucking company, 9.97M shares. AI applied to real-world logistics.
• Microsoft (MSFT): $127M — 263K shares. The OpenAI partner and Azure AI cloud leader.
• TSMC (TSM): $106M — 350K shares. The foundry that manufactures AI chips for NVIDIA, Apple, and everyone else.
• NVIDIA (NVDA): $124M — 666K shares, up 21.5% from Q3. The AI chip king.
• Broadcom (AVGO): ~$35M — 102K shares. Custom AI chip designer for hyperscalers.
• Tesla (TSLA): ~$26M — 57K shares. The AI/robotics and autonomous driving play.

Combined, Soros's AI-related positions total over $650 million — roughly 7.5% of the portfolio dedicated to the AI infrastructure thesis. From chips (NVDA, AVGO, TSM) to cloud (CRWV, MSFT) to applications (KDK, TSLA), he's covering the full stack.

Portfolio Growth — The V-Shaped Recovery

After a steady drawdown from $7.6B in Q4 2023 to a trough of $6.6B in Q4 2024, Soros has staged a remarkable recovery. The fund bottomed out, then surged to $8.0B in Q2 2025 before pulling back to $7.0B in Q3. Now at $8.6B, it's at a two-year high.

The pattern suggests Soros deployed aggressively in Q2 2025, took profits in Q3, then re-deployed even more capital in Q4 — a classic macro trader rhythm of build, harvest, rebuild bigger.

Major Moves — What Soros Bought and Sold

Biggest Buys

• Microsoft (MSFT): New $127M position — Azure AI and Copilot ecosystem
• CoreWeave (CRWV): New $123M position — GPU cloud infrastructure
• Kodiak AI (KDK): New $109M position — autonomous trucking
• TSMC (TSM): New $106M position — AI chip manufacturing
• Dayforce (DAY): New $103M position — workforce management SaaS
• Exact Sciences (EXAS): New $88M position — precision diagnostics
• New Gold (NGD): New $84M position — gold mining, macro hedge

Biggest Sells and Exits

• Smurfit Westrock (SW): Cut 69% of position (-$207M) — largest single reduction
• RSP (Invesco Equal Weight): Full exit (-$139M) — shifting away from passive broad exposure
• Ford Convertible: Full exit (-$138M) — auto sector rotation complete
• Aramark (ARMK): Reduced (-$87M) — trimming food services
• Flutter Entertainment (FLUT): Reduced (-$85M) — scaling back gaming/betting
• Cloudflare: Fully exited — moved on from cybersecurity
• Airbnb: Fully exited — travel sector rotation
• Rivian (equity): Fully exited — but kept the convertible bond (asymmetric play preserved)

The Rivian move is telling: Soros exited the equity (which has unlimited downside) but kept the convertible bond (which has floor protection). He still believes in Rivian's upside potential, but he's not willing to take the equity risk. That's the Soros playbook in one trade.

The Convertible Bond Strategy — Soros's Signature Move

Convertible bonds are the backbone of this portfolio. With 21.4% of assets in debt instruments — mostly convertibles — Soros is running one of the most sophisticated institutional convertible strategies we track on 13F Insight.

Why convertibles? They offer:

• Downside protection: Bond floor means you get your money back even if the stock tanks
• Equity upside: Conversion feature captures stock appreciation
• Income: Coupon payments while you wait
• Lower volatility: Less portfolio whipsaw than pure equity

Key convertible positions include Spotify (0% coupon — pure equity optionality), Rivian (4.625% — meaningful income), Jazz Pharma (2%), Global Payments (1.5%), and Confluent (0% — equity-like upside). The Confluent position grew 73.6% this quarter, signaling massive conviction in data streaming infrastructure.

The Energy Hedge — Not What It Looks Like

The $415M XOP and $163M XLE positions might suggest Soros is bullish on energy. He's not — or at least, not straightforwardly.

The XOP position is in puts — options that profit if the SPDR Oil & Gas ETF falls. This is a classic Soros macro hedge: position for energy sector volatility and potential downside while maintaining broad portfolio exposure elsewhere.

Combined with the SPY position ($199M) and the gold mining bet (NGD, $84M), Soros is constructing a portfolio that can profit in multiple scenarios: AI growth, energy correction, gold as a safe haven, and convertible bonds as a steady anchor. It's multi-scenario positioning, not a single directional bet.

Performance Context

Soros Fund Management trailed the S&P 500 over the past year (-5.8% vs +12% for the index). But context matters: this is a macro fund, not an index-tracking equity fund. The heavy options book, convertible bonds, and hedging positions reduce volatility and provide non-correlated returns. The 23% portfolio surge in Q4 alone shows the strategy can deliver explosive returns when Soros's macro views play out.

George Soros — famous for "breaking the Bank of England" in 1992 with a $1 billion bet against the British pound — has always prioritized being right when it matters most over consistent benchmark-beating. The Q4 2025 filing suggests he's setting up for another such moment.

Frequently Asked Questions

What did Soros buy in Q4 2025?

Soros Fund Management opened 115 new positions in Q4 2025. The largest new buys by dollar value were Microsoft (MSFT) at $127M, CoreWeave (CRWV) at $123M, Kodiak AI (KDK) at $109M, TSMC (TSM) at $106M, and Dayforce (DAY) at $103M. Amazon (AMZN) remains the largest overall position at $614M.

Did Soros invest in AI stocks?

Yes. Soros made significant AI infrastructure investments in Q4 2025 totaling over $650M. Key AI positions include NVIDIA (NVDA) at $124M (+21.5%), CoreWeave (CRWV) at $123M (new), Microsoft (MSFT) at $127M (new), TSMC (TSM) at $106M (new), Kodiak AI at $109M (new), and Broadcom (AVGO) at $35M (new).

What is Soros's energy position?

Soros holds $415M in XOP (SPDR Oil & Gas ETF) puts — this is a bearish/hedging position that profits if energy prices decline. He also opened a $163M position in XLE (Energy Select Sector ETF). The combination suggests Soros is positioning for energy sector volatility rather than making a purely directional bet.

How big is Soros Fund Management's portfolio?

As of Q4 2025 (December 31, 2025), Soros Fund Management's 13F portfolio was valued at $8.6 billion, up 22.9% from $7.0 billion in Q3 2025. The portfolio holds 244 total assets including 237 equity positions, options, and debt instruments.

What did Soros sell in Q4 2025?

The largest reduction was Smurfit Westrock, cut by 69% (-$207M). Soros fully exited RSP (Invesco Equal Weight ETF, -$139M), Ford convertible bonds (-$138M), Cloudflare, Airbnb, and Rivian equity. He also reduced Aramark (-$87M) and Flutter Entertainment (-$85M).

Does Soros use convertible bonds?

Yes — convertible bonds are a signature Soros strategy. In Q4 2025, 21.4% of the portfolio is in debt instruments, mostly convertibles. Major convertible positions include Spotify ($221M, 0% coupon), Rivian ($180M, 4.625%), Global Payments ($176M, 1.5%), Jazz Pharma ($173M, 2%), and Confluent ($161M, 0%). Convertibles offer equity upside with bond-floor downside protection.

Bottom Line

The Q4 2025 filing reveals a Soros Fund Management that is aggressively repositioning for what it sees as the next macro regime. The thesis is clear: AI infrastructure is a generational build-out worth owning across the full stack, energy markets face potential disruption, and convertible bonds offer the best risk-adjusted way to play high-conviction themes.

With 115 new positions, 61 exits, and a 23% portfolio surge in a single quarter, this is one of the most active 13F filings we've seen from any major institutional investor in Q4 2025. Whether you agree with Soros's positioning or not, the scale and speed of the rotation demands attention.

Track Soros Fund Management's full portfolio and get alerts on future filing changes on 13F Insight.

Data sourced from SEC 13F-HR filing, accession 0000950123-26-002206, filed 2026-02-13 for the quarter ending December 31, 2025. Holdings reflect positions as of the report date and may have changed since filing.