George Soros may like big banks, but his overall view on the stock market remained decidedly negative heading into the new year.

Judging by his moves in the fourth quarter, the head of Soros Fund Management and leading donor to progressive and Democratic causes believed the small- and large-cap stocks were in trouble.

The position was most likely a costly one, as the has rallied 8 percent since Oct. 1. More specifically, the index is up 9.4 percent since the November election of President Donald Trump, whom Soros strongly opposed.

Soros had another big losing bet in the fourth quarter — the $10.6 million he contributed to the campaign of Trump's opponent, Hillary Clinton, according to the Center for Responsive Politics.

Soros' bets against stocks came in the form of puts, or options to sell, on two exchange-traded funds that track broad market indexes.