Soros Fund Management 13F Portfolio · George Soros

The additions cluster with unusual precision around one physical bottleneck — getting power to compute.

• American Electric Power: brand new, $105.1M, 1.38% of the book.
• Entergy: share count up 1084.2% to $105.0M, 1.38%.
• Digital Realty: shares up 839.8% to $96.9M, 1.27%.
• Itron: up 46.4% to $98.5M, a metering and grid-edge name filed under Industrials.
• Forgent Power Solutions: up 515.6% to $35.1M, electrical gear for data centers.
• Nebius Group: new at $85.6M, carried at a 895.9% gain versus average cost.

The pattern is coherent rather than scattered. AEP and Entergy are regulated rate-base utilities with data-center interconnection pipelines; Digital Realty and DigitalBridge own the physical floor space; Forgent and Itron sell the transformers and meters. Nebius is the one name that pays off if the AI cloud demand underpinning all of it is real. Health care is the quieter second cluster, with new stakes in Apogee Therapeutics and Bio-Techne plus adds to Nuvalent and Madline.

Selling Amazon into a 24.1% gain versus average cost is a portfolio construction decision, not a bearish call. The -39.2% cut freed roughly $181.9M, which maps almost exactly onto the utility and REIT adds. Amazon is still the top holding at 3.7%.

• Amazon: -39.2%, about -$181.9M, still the largest position.
• Smurfit Westrock: -40.0%, a packaging name filed under Consumer Discretionary.
• Chart Industries: -11.5%, the industrial gas equipment sleeve cooling.
• Microsoft: -10.4%, against a -1.4% gain versus average cost.
• Kenvue: -13.0%, a staples business the screener labels discretionary.

The flat lines matter as much. TSMC was unchanged at -0.0% and Nvidia slipped only 0.8%, so the semiconductor core was held, not liquidated. That is the signature of reallocation — trimming the consumer and software sleeves while funding electrification, rather than abandoning the AI complex.

The sector shift is large enough to be a strategy statement. Consumer discretionary fell from 30.85% to 21.1%, utilities rose from 10.88% to 14.7%, real estate exploded from 0.31% to 5.26%, and health care nearly tripled from 2.74% to 6.2%. Technology dipped only modestly, from 32.78% to 30.31%, which confirms this is a barbell rather than a wholesale exit from growth.

Read the labels carefully before drawing conclusions. Kenvue is a consumer staples business and Smurfit Westrock is packaging, so the genuine discretionary reduction is mostly one Amazon trade. DoorDash is filed as Technology but is really consumer discretionary, and Tesla — filed under Industrials — sits in the discretionary bucket in the real world. Adjust for all three and the "consumer cut" is narrower, while the utility and data-center build is even more pronounced.

Finance ticked up from 7.38% to 7.9%, with bigger weights in Webster Financial and S&P Global, and Energy went from 0.17% to 0.88% on Forgent alone.

The forward bet is that power is the next scarce asset and that regulated utilities are the cleanest way to own it. Data-center demand does not get metered by a software license; it gets metered by a rate base, and rate-base growth is a slower, more durable compounding story than another software multiple expansion.

That shapes what to watch. If interconnection queues keep lengthening, the AEP, Entergy, and Itron positions are early rather than late. If AI capital spending decelerates, Nebius and Digital Realty carry the most downside, since both are levered to the same demand curve from opposite ends.

The health care build — Apogee, Bio-Techne, Nuvalent, Madline, UL Solutions — looks like the fund's second attempt at uncorrelated growth now that consumer names have been harvested. And the persistent 23.3% top-10 concentration says the manager wants many small shots at this theme, not one heroic position. For a book with a -7.47% five-year annualized record, spreading the electrification bet broadly is the more defensible construction.