--- title: "Soros Q1 2026: An Opportunistic Macro Book in Motion" type: research slug: soros-fund-management-q1-2026-macro-book-spy-tsm-energy canonical_url: https://13finsight.com/research/soros-fund-management-q1-2026-macro-book-spy-tsm-energy published_at: 2026-05-23T11:41:49.490Z updated_at: 2026-05-23T11:41:53.074Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 764 locale: en source: 13F Insight --- # Soros Q1 2026: An Opportunistic Macro Book in Motion > Soros Fund Management raised its S&P 500 ETF 316%, Taiwan Semiconductor 156%, and CoreWeave 91% in Q1 2026 while rotating energy ETFs - a flexible macro book across stocks, ETFs, and credit. The Soros Fund Management 13F is a tour of an opportunistic macro book — eclectic, fast-moving, and unbothered by style consistency. In the first quarter of 2026, the family office of George Soros's firm raised its S&P 500 ETF position more than fourfold, more than doubled Taiwan Semiconductor, nearly doubled a CoreWeave stake, and added 125% to Electronic Arts — while trimming Amazon and slashing an oil-exploration ETF. The reported value rose 5.7% to $9.12 billion across 255 positions, but the headline number matters less than the breadth of the moves: this is a portfolio that ranges freely across index exposure, single stocks, convertibles, and sector ETFs. That flexibility is the point. Unlike a style-box manager, a macro family office expresses views wherever it finds them — broad market exposure one quarter, a tactical semiconductor bet the next, a credit position alongside. The Q1 filing reads as a series of opportunistic adjustments rather than a single coherent thesis, which is exactly what you would expect from this kind of book. A fourfold move into broad market exposure The largest single change is at the top: the firm's S&P 500 ETF position jumped 316% in share-count terms to $789.1 million (8.65%), making it the biggest holding. For a macro book, a large index-ETF position is a tool — a fast way to dial up net market exposure — rather than a stock pick, and a fourfold increase suggests the firm wanted materially more beta heading into the quarter. The single-stock moves lean toward technology and AI. Taiwan Semiconductor was raised 156% to $303.2 million, AI-cloud company CoreWeave was boosted 91%, and a Nvidia position rounds out the tech tilt. Against those adds, Amazon was trimmed 27% — a reshuffling within the technology complex rather than a wholesale bet on or against it. Energy rotation and credit positions The energy book shows a clear rotation. The firm raised a broad energy-sector ETF by 36% while cutting an oil-and-gas-exploration ETF by 64% — moving from the more volatile exploration segment toward broader energy exposure. Notably, the portfolio also carries sizable convertible-bond and credit positions — including a Global Payments convertible and a Bill.com note — that sit among the top holdings. This blend of equities, ETFs, and credit is characteristic of a multi-asset macro book that does not confine itself to common stock. Electronic Arts, raised 125%, adds a consumer/gaming bet to the mix. The diversity of instruments is itself the signal: Soros expresses conviction through whatever vehicle fits the trade. A recovering, opportunistic book The reported value history reflects the book's tactical nature. The reported 13F value has swung from about $5.57 billion in mid-2024 to $9.12 billion, with an anomalous dip near $4.65 billion in one quarter that likely reflects an incomplete filing. The growth and the volatility together fit an opportunistic manager that sizes exposure up and down with its views, and whose top ten holdings make up only about a third of a broad, ever-shifting book. The position count rising from 237 to 255 underscores the breadth. What it signals For investors who track institutional positioning, Soros Fund Management's first-quarter filing is a window into flexible macro thinking rather than a stock-picking template. The fourfold S&P 500 ETF add signals more market exposure; the Taiwan Semiconductor, CoreWeave, and Nvidia moves point to an AI-and-semis tilt; and the energy ETF rotation plus credit positions show a manager working across asset classes. The actionable read is the breadth itself — this is a book to study for how a macro investor expresses views, not for a single conviction call to copy. FAQ What did Soros Fund Management change in Q1 2026?It raised its S&P 500 ETF position 316%, Taiwan Semiconductor 156%, CoreWeave 91%, and Electronic Arts 125%, while trimming Amazon 27% and cutting an oil-exploration ETF 64%. Reported value rose 5.7% to $9.12 billion. Why did Soros add so much to an S&P 500 ETF?For a macro book, a large index-ETF position is a tool to quickly dial up net market exposure rather than a stock pick. The 316% increase suggests the firm wanted materially more market beta heading into the quarter. Does Soros Fund Management hold more than stocks?Yes. Its top holdings include convertible-bond and credit positions alongside equities and ETFs — characteristic of a multi-asset macro book that expresses views through whatever instrument fits the trade. What is the energy rotation in Soros's filing?The firm raised a broad energy-sector ETF by 36% while cutting an oil-and-gas-exploration ETF by 64% — shifting from the more volatile exploration segment toward broader, less concentrated energy exposure. ## FAQ ### What did Soros Fund Management change in Q1 2026? It raised its S&P 500 ETF position 316%, Taiwan Semiconductor 156%, CoreWeave 91%, and Electronic Arts 125%, while trimming Amazon 27% and cutting an oil-exploration ETF 64%. Reported value rose 5.7% to $9.12 billion. ### Why did Soros add so much to an S&P 500 ETF? For a macro book, a large index-ETF position is a tool to quickly dial up net market exposure rather than a stock pick. The 316% increase suggests the firm wanted materially more market beta heading into the quarter. ### Does Soros Fund Management hold more than stocks? Yes. Its top holdings include convertible-bond and credit positions alongside equities and ETFs - characteristic of a multi-asset macro book that expresses views through whatever instrument fits the trade. ### What is the energy rotation in Soros's filing? The firm raised a broad energy-sector ETF by 36% while cutting an oil-and-gas-exploration ETF by 64% - shifting from the more volatile exploration segment toward broader, less concentrated energy exposure. --- Source: 13F Insight — https://13finsight.com/research/soros-fund-management-q1-2026-macro-book-spy-tsm-energy Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-23T11:41:53.074Z