Track Stanley Druckenmiller’s Duquesne Family Office Portfolio – Q1 2024 Update

This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s 13F regulation Form Submitted on 5/15/2024. The value of the 13F portfolio increased from $3.35 billion to $4.39 billion this quarter. The holdings are concentrated, with recent 13F reports showing about 75 sites, many of which are very small. There are 30 very large securities (more than 0.5% of the portfolio each) that are the focus of this article. The five largest holdings are Microsoft, Coupang, Teck Resources, Vistra Corp, and Natera Inc. It adds up to 33% of the portfolio. Please visit our website Track Stanley Druckenmiller’s Duquesne portfolio series to get an idea of ​​their investment philosophy and our precedent to update For the fund’s movements during the fourth quarter of 2023.

Stanley Druckenmiller started the family office in the fourth quarter of 2011 after closing his hedge fund Duquesne Capital in 2010. Before that, he managed George Soros’s Quantum Fund between 1988 and 2000. He follows a trend-following trading style similar to that of George Soros.

Note: – Druckenmiller said he has invested in the top five Argentine ADRs and has increased the position significantly since hearing Milei’s Davos 2024 speech. Top Argentine ADRs include YPF SA (YPF), Cresud (CRESY), IRSA (IRS), and Grupo Financiero Galicia (GGAL). ), and Edenor (EDN).

New classes:

iShares Russell 2K (IWM) calls.: IWM Calls are currently the largest net long at 15.14% of the portfolio. The position was established this quarter at prices between ~$189 and ~$210. The stock is currently trading at around $206.

Cohesive Company (COHR): COHR’s ​​3.49% stake was established this quarter at prices between $40.60 and $66.89. The stock is now at roughly $57.

Discover Finl Svcs (DFS): DFS represents 1.93% of the portfolio bought this quarter at prices between $96.45 and $131.09. The stock is currently trading at around $123.

Kinder Morgan (KMI): The 1.62% KMI position was established this quarter at prices between $16.31 and $18.06, and is now at $19.49.

Citigroup (C), Key Corp (KEY), Madison Square Garden Int. (MSGE), Meta-Platforms (META), and Westinghouse Air Brake Technologies (WAB): These small positions (roughly less than 1.5% of the portfolio) were created this quarter.

Disposal of stake:

UBS Group AG (UBS): UBS had a 2.23% stake built over the two quarters through Q3 2023 at prices between roughly $19 and $27 and the stock currently trades at $31.88. There was an increase of approximately 11% last quarter. The share was sold this quarter at prices between $26.36 and $31.11.

Lamb Weston Holdings (LW): The 1.74% LW position was established during the second half of 2022 at prices between approximately $73 and $90. There was a ~20% increase during Q1 2023 at prices between ~$87 and ~$105. The last quarter saw the original large stake of ~70% sold at prices between ~$83 and ~$108. The remaining position was disposed of this quarter at prices between ~$99 and ~$109. The stock is now at roughly $88.

Chevron Corporation (CVX): A significant stake in CVX was purchased during the two quarters through Q1 2022 at prices between approximately $102 and $171. There was ~28% selling in the two quarters through Q3 2022 at prices between ~$136 and ~$181, while the following quarter saw ~42% increase in share at prices between ~$144 and ~$188. Q1 2023 saw the position decline by 75% at prices between approximately $152 and $188. The stake was rebuilt during Q3 2023 at prices between approximately $151 and $171. The position was sold out this quarter at prices between approximately $139 and $156. The stock is currently trading at approximately $162.

Barrick Gold (GOLD), Newmont Corp. (NEM), Pure Storage (PSTG), Tempur Sealy Intl. (TPX), TKO Group Holdings (TKO), and Veeva Systems (VEEV): These very small stakes (roughly less than 1.2% of the portfolio) were dropped during the quarter.

Increase stake:

Microsoft Corporation (MSFT): MSFT is a large (top three) ~11% of the portfolio position established during Q1 2023 at prices between ~$222 and ~$288. There was a ~14% increase in stake during Q2 2023, followed by a ~23% increase the following quarter at prices between ~$312 and ~$358. The last quarter saw an increase of approximately 7%, and this was followed by a slight increase of approximately 2% this quarter. The stock is currently trading at approximately $416.

Vistra Corporation (VST): The 4.17% VST position was purchased during Q3 2023 at prices between approximately $26 and $34, and the stock currently trades at approximately $99. The last quarter saw a share increase of approximately 20%, and this was followed by an increase of approximately 10% this quarter.

Natera Company (National Telecommunications Regulatory Authority): The NTRA stake was built approximately 4% over the three quarters through Q1 2023 at prices between $32 and $58, and is now at approximately $107. The position was increased 116% this quarter at prices between approximately $59 and $93.

General Electric (General Electric): GE represents 3.41% of the portfolio position purchased during Q2 2023 at prices between approximately $94 and $110, with the stock currently trading at approximately $165. The position was increased by 16% in the quarter at prices between approximately $99 and $144.

Woodward Corporation (WWD): The WWD, 3.35% position was increased 136% this quarter at prices between approximately $132 and $155. The stock is now at approximately $187.

Arista Networks (ANET): ANET represents 2.83% of the portfolio position which was increased 83% this quarter at prices between approximately $229 and $306. The stock currently trades at approximately $298.

Flex Ltd (Flex): The FLEX, +2.52% position rose 241% during the quarter at prices between $22.13 and $30.64. The stock is now at roughly $33.

Freeport-McMoRan (FCX), Marvell Technology (MRVL), and Palo Alto Networks (PANW): These small stakes (roughly less than 1.5% of the portfolio) were increased this quarter.

Low stake:

Coupang Corporation (CPNG): CPNG had an IPO last March. Shares started trading at around $49 and are currently at $22.74. Druckenmiller had a stake of 10.5 million shares returned in pre-IPO financing rounds. There was a ~50% increase in stake in Q3 2021 at prices between ~$28 and ~$44.50. Q4 2021 saw another 15% increase in stake at prices between approximately $26 and $31. It is currently their third largest stake at 9.11% of the portfolio. The last quarter also saw a nearly 10% increase in share. There was marginal trimming in this quarter.

TECK Resources: TECK is a large cap (top 5) with ~7% portfolio share purchased in Q1 2022 at prices between ~$29 and ~$42. The following quarter saw a ~55% decline at prices between ~$26 and ~$46. There was a ~200% increase in stake in the three quarters to Q1 2023 at prices between ~$26 and ~$44. This was followed by a further two-thirds increase over the last three quarters. The share is down 18% this quarter at prices between $36.85 and $45.78. The stock is currently trading at around $52.

NOTE: TECK has seen a bit of a back and forth recently. It was 2.47% of the portfolio position established in Q4 2020 at prices between approximately $12.25 and $18.85. The bulk of it was sold in Q3 2021 at prices between approximately $19.50 and $26.80.

NVDA (NVDA): NVDA currently stands at 3.62% of the portfolio. It was established during Q4 2022 at prices between approximately $112 and $181. There was a ~35% increase in stake during Q1 2023 at prices between ~$143 and ~$280. This was followed by an additional ~20% increase in the following quarter at prices between ~$262 and ~$438. The last quarter saw another ~27% increase at prices between ~$403 and ~$501. It was by far the biggest position in the last quarter. The stake was down 84% in the quarter at prices between approximately $476 and $950. The stock is currently trading at approximately $1,096.

Seagate Technology. (STX): STX is a ~3% stake purchased during Q3 2023 at prices between ~$57 and ~$73, with the stock currently trading at ~$93. Q4 saw a 130% increase in stake at prices between approximately $63 and $87. The position is down 32% this quarter at prices between $79.46 and $97.83.

News Corp (NWS): NWS’s 2.63% stake was purchased during the first quarter of 2023 at prices between approximately $16 and $22. There was a ~55% increase in stake in the following quarter at prices between ~$17 and ~$20. The third quarter of 2023 also saw an additional increase of approximately 9%, while there was a trim of approximately 12% in the last quarter. This quarter also saw similar trimming. The stock is now at roughly $28.

Vertif Holdings (VRT): VRT represents 1.86% of the wallet share created during the second half of 2022 at prices between ~$8.25 and ~$15, now reaching ~$98. The two quarters through Q2 2023 saw a ~80% decline at prices between ~$12 and ~$25, while the following quarter saw a ~53% increase in share at prices between $24 and ~$40. Last quarter saw an additional ~23% increase at prices between ~$35 and ~$49. The stake was down 57% this quarter at prices between $45.55 and $82.67.

Eli Lilly (LLY): LLY is now about 1% of the portfolio. A fairly large position was first purchased during Q2 2022 at prices between approximately $279 and $327. There was a ~150% increase in stake during the second half of 2022 at prices between ~$296 and ~$375. The two quarters through Q2 2023 saw a ~27% decline at prices between ~$311 and ~$469. This was followed by a ~15% sell-off in the following quarter at prices between ~$433 and ~$598. The most recent quarter also saw trimming of approximately 11%. The stake was down 85% in the quarter at prices between approximately $590 and $791. The stock is currently trading at around $820.

Option Care Health (OPCH): OPCH represents 0.52% of the portfolio position established during Q4 2022 at prices between approximately $28 and $35. There was a ~50% decline the following quarter at prices between ~$28 and ~$33, while Q2 2023 saw the position rebuild at prices between $27 and ~$33. The following quarter saw ~72% selling at prices between ~$31 and ~$36. There was an increase of almost 20% last quarter. The share was down 53% this quarter at prices between $31.09 and $34.31. The stock is currently trading at around $30.

Cameco (CCJ), KBR, Inc. (KBR), Booz Allen Hamilton (BAH): These small positions (roughly less than 1.5% of the portfolio) were reduced during the quarter.

Below is a spreadsheet highlighting changes to Stanley Druckenmiller’s Duquesne Family Office 13F stock portfolio as of Q1 2024:

Source: John Vincent. Data generated from Duquesne’s 13F filings for the fourth quarter of 2023 and the first quarter of 2024.

Editor’s Note: This article discusses one or more securities that are not traded on a major U.S. exchange. Please be aware of the risks associated with these stocks.