Soros Fund Management slashes SPY put hedge, trims Amazon, and buys Super Micro debt and AEP in Q2 2026

Soros Fund Management reported significant shifts in its $8.14 billion portfolio for the period ending June 30, 2026. The most prominent changes involved a steep reduction in major put option hedges. The fund cut its SPDR S&P 500 ETF (SPY) put position by 94% down to $56.01 million (from $772.86 million), completely exited a $217.63 million put option in SPDR S&P Oil & Gas (XOP), and trimmed its Energy Select Sector (XLE) put options by 60% to $106.22 million. Additionally, the fund scaled back its equity stake in Amazon.com (AMZN) by 39% to $281.84 million.

On the buying side, the fund initiated several major new stakes, led by Super Micro Computer convertible notes ($111.47 million, 1.4% of reported assets), American Electric Power ($105.07 million, 1.3%), and Nebius Group ($85.61 million, 1.1%). It also established a new $80.04 million put option position against Nvidia (NVDA). Significant capital was directed into utility and data center infrastructure, with Entergy Corp (ETR) expanding by 1,084% to $104.97 million and Digital Realty Trust increasing 840% to $96.90 million.

Among notable exits, the fund completely closed out its holdings in Jazz Investments convertible debt ($158.44 million), Sealed Air Corp ($115.71 million), Amicus Therapeutics ($83.19 million), Honeywell International ($80.93 million), Hologic ($76.61 million), and Salesforce ($67.44 million).

Position changes