Tracking Stanley Druckenmiller’s Duquesne Family Office Portfolio

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The New York Times 2015 DealBook Conference

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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 regulatory 13F Form filed on 2/14/2022. The 13F portfolio value decreased ~ 11% from $ 3.08B to $ 2.76B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 28 securities that are significantly large (more than ~ 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Coupang, Alphabet, Microsoft, Freeport-McMoRan, and Amazon.com. They add up to ~ 53% of the portfolio. Please visit our Tracking Stanley Druckenmiller’s Duquesne Portfolio series to get an idea of ​​their investment philosophy and our previous update for the fund’s moves during Q3 2021.

Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros’s Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller’s trading style check out Trend Following: Learn to Make Millions in Up or Down Markets.

New Stakes:

Chevron Inc. (CVX), Snap Inc. (SNAP), WillScot Mobile Mini (WSC), and Ingersoll Rand (IR): These are the new positions this quarter. CVX is a 3.51% of the portfolio stake purchased at prices between ~ $ 102 and ~ $ 119 and the stock currently trades well above that range at ~ $ 166. The 2.46% of the portfolio SNAP position was established at prices between ~ $ 44.50 and ~ $ 77 and it is now below the low end of that range at ~ $ 37. WSC is a 2.22% stake purchased at prices between ~ $ 31.50 and ~ $ 41 and it currently goes for $ 39.46. IR is a very small 0.75% of the portfolio position established during the quarter.

Stake Disposals:

Meta Platforms (FB), previously Facebook: FB was a 1.17% of the portfolio stake built in H1 2021 at prices between ~ $ 246 and ~ $ 356. There was a ~ 60% selling last quarter at prices between ~ $ 339 and ~ $ 382. The disposal this quarter was at prices between ~ $ 307 and ~ $ 348. The stock currently trades at ~ $ 220.

Intuit Inc. (INTU): The 2.47% INTU position was purchased in Q1 2021 at prices between ~ $ 361 and ~ $ 422. The position was reduced by ~ 50% last quarter at prices between ~ $ 495 and ~ $ 577. The elimination this quarter was at prices between ~ $ 525 and ~ $ 695. The stock is now at ~ $ 466.

Zoom Video (ZM):. ZM was a ~ 1% of the portfolio position established last quarter at prices between ~ $ 257 and ~ $ 401. The position was sold this quarter at prices between ~ $ 182 and ~ $ 286. The stock currently trades at ~ $ 118.

Modern (MRNA): The ~ 1% MRNA position was purchased in Q2 2021 at prices between ~ $ 130 and ~ $ 235. Last quarter saw a ~ 60% reduction at prices between ~ $ 222 and ~ $ 485. The elimination this quarter was at prices between ~ $ 226 and ~ $ 385. MRNA is now at ~ $ 180.

Teck Resources (TECK): TECK was a 2.47% of the portfolio position built in Q4 2020 at prices between ~ $ 12.25 and ~ $ 18.85. There was a ~ 40% stake increase next quarter at prices between ~ $ 18 and ~ $ 23.75. The position was sold down to a very small 0.84% ​​of the portfolio stake last quarter at prices between ~ $ 19.50 and ~ $ 26.80. The remainder stake was sold during the quarter. The stock currently trades at $ 40.64.

Farfetch (FTCH), Liberty Media Formula One (FWONK), Nektar Therapeutics (NKTR), and Penn National (PENN): These very small (less than ~ 1% of the portfolio each) positions were sold during the quarter.

Stake Increases:

Coupang Inc. (CPNG): CPNG had an IPO in March. Shares started trading at ~ $ 49 and currently goes for $ 18.92. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~ 50% stake increase last quarter at prices between ~ $ 28 and ~ $ 44.50. This quarter saw another ~ 15% stake increase at prices between ~ $ 26 and ~ $ 31. It is currently their largest stake at ~ 19% of the portfolio.

Microsoft Corporation (MSFT): MSFT is now a top-three ~ 10% of the portfolio position. It is a frequently traded stake and has seen previous roundtrips. The current position was built in 2017 at prices between ~ $ 60 and ~ $ 90. The stake has wavered. Recent activity follows. The three quarters through Q1 2020 saw a ~ 80% selling at prices between ~ $ 133 and ~ $ 185. The next three quarters saw a ~ 140% stake increase at prices between ~ $ 150 and ~ $ 232. Q1 2021 also saw a ~ 20% stake increase at prices between ~ $ 213 and ~ $ 245. There was a ~ 63% reduction over the last two quarters at prices between ~ $ 236 and ~ $ 305. The stock is now at $ 304. This quarter saw a minor ~ 3% stake increase.

Carvana (CVNA): The 4.39% CVNA position saw a ~ 70% stake increase in H2 2021 at prices between ~ $ 224 and ~ $ 315. The position was sold down by ~ 60% last quarter at prices between ~ $ 302 and ~ $ 370. It was rebuilt this quarter at prices between ~ $ 204 and ~ $ 303. The stock is now at ~ $ 149.

Procept BioRobotics (PRCT): PRCT had an IPO last September. Shares started trading at ~ $ 37.50 and currently goes for $ 35.74. Druckenmiller’s small 0.74% of the portfolio stake goes back to funding rounds prior to the IPO. There was a ~ 175% stake increase this quarter at prices between ~ $ 24.60 and ~ $ 46.30.

Smartsheet (SMAR): The small 1,105 of the portfolio stake in SMAR saw a ~ 500% stake increase this quarter at prices between ~ $ 59.50 and ~ $ 80. The stock currently trades below that range at $ 56.24.

Dish Network (DISH), Flex Ltd. (FLEX), KBR Inc. (KBR), Option Care Health (OPCH), and Sea Ltd. (SAY): These are very small (less than ~ 1% of the portfolio each) stakes that were increased this quarter.

Stake Decreases:

Alphabet Inc. (GOOG): The large (top three) ~ 10% GOOG stake was established in Q4 2019 & Q1 2020 at prices between ~ $ 1215 and ~ $ 1521. The next three quarters had seen the position reduced by ~ 85% at prices between ~ $ 1100 and ~ $ 1830. The position was rebuilt over the last three quarters at prices between ~ $ 1735 and ~ $ 2917. This quarter saw a ~ 20% reduction at prices between ~ $ 2665 and ~ $ 3014. The stock currently trades at ~ $ 2826.

Amazon.com (AMZN): AMZN is currently a top-five position at 6.88% of the portfolio. The original stake was built in 2017 at prices between ~ $ 750 and ~ $ 1190. The stake has wavered. Recent activity follows. Q4 2019 saw a ~ 85% reduction at prices between ~ $ 1740 and ~ $ 1870. The stake was rebuilt over the next two quarters at prices between ~ $ 1780 and ~ $ 2880. There was a ~ 25% stake increase in Q2 2021 at prices between ~ $ 3152 and ~ $ 3505. This quarter saw a ~ 42% reduction at prices between ~ $ 3190 and ~ $ 3696. The stock is now at ~ $ 3273.

Palo Alto Networks (PANW): PANW is a large 4.63% of the portfolio position established in H2 2020 at prices between ~ $ 163 and ~ $ 238. The stock is now well above that range at ~ $ 622. There was a ~ 15% trimming over the last three quarters. That was followed with a ~ 43% selling this quarter at prices between ~ $ 470 and ~ $ 568.

Booking Holdings (BKNG): BKNG is a 3.73% of the portfolio stake established in Q1 2021 at prices between ~ $ 1886 and ~ $ 2462 and the stock is now at ~ $ 2262. There was a ~ 45% stake increase last quarter at prices between ~ $ 2068 and ~ $ 2491. This quarter saw marginal trimming.

T-Mobile US (TMUS) & rights: The 3.35% TMUS stake was established in Q2 2020 at prices between ~ $ 82 and ~ $ 107. Next quarter saw a ~ 20% stake increase while in Q4 2020 there was a similar reduction. There was a ~ 63% selling over the last three quarters at prices between ~ $ 118 and ~ $ 149. The stock currently trades at ~ $ 126. There was a ~ 7% trimming this quarter.

Airbnb (ABNB): ABNB is a ~ 3% of the portfolio stake established in Q2 2021 at prices between ~ $ 133 and ~ $ 190 and it is now at ~ $ 171. There was a ~ 10% trimming last quarter and a marginal reduction this quarter.

Starbucks Corp. (SBUX): SBUX is a 1.54% stake built in 2020 at prices between ~ $ 63 and ~ $ 107. Q1 2021 also saw a ~ 14% stake increase. This quarter saw the position sold down by ~ 80% at prices between ~ $ 106 and ~ $ 117. The stock is now at ~ $ 87.

Live Nation Entertainment (LYV): The 1.27% of the portfolio LYV stake was purchased last quarter at prices between ~ $ 75 and ~ $ 94 and the stock currently trades well above that range at ~ $ 118. There was a ~ 43% selling this quarter at prices between ~ $ 91 and ~ $ 124.

Expedia (EXPE): EXPE is a ~ 1% of the portfolio position first purchased in Q3 2020 at prices between ~ $ 80 and ~ $ 103. Next quarter saw a ~ 15% trimming while in Q1 2021 there was a two-thirds increase at prices between ~ $ 123 and ~ $ 185. Last two quarters had seen a stake doubling at prices between ~ $ 138 and ~ $ 178. This quarter saw the position sold down by ~ 80% at prices between ~ $ 154 and ~ $ 188. The stock currently trades at ~ $ 195.

Coupa Software (COUP) and Reata Pharma (RETA): These two small (less than ~ 0.75% of the portfolio each) stakes were reduced this quarter.

Kept Steady:

Freeport-McMoRan (FCX): FCX is a large (top five) 7.32% of the portfolio position purchased in Q4 2019 at prices between ~ $ 10 and ~ $ 13.50. Next quarter saw a ~ 70% selling at prices between ~ $ 5.50 and ~ $ 12.90. Q2 2020 saw the stake rebuilt at prices between ~ $ 6.25 and ~ $ 10.90. Last two quarters had seen a ~ 25% selling at prices between ~ $ 30 and ~ $ 45. The stock currently trades at $ 51.45.

Oscar Health (OSCR) and Palantir Technologies (PLTR):These very small (less than ~ 1% of the portfolio each) stakes were kept steady this quarter.

The rest of the stakes are minutely small (less than ~ 0.5% of the portfolio each). They are AbCellera Biologics (ABCL), Acadia Pharma (ACAD), British American Tobacco (BTI), Caribou Biosciences (CRBU), Cazoo Group (CZOO), CCC Intelligent Solutions (CCCS), Fastly, Inc. (FSLY), Guidewire (GWRE), IHS Holding (IHS), Las Vegas Sands (LVS) Calls, Lithia Motors (LAD), Lockheed Martin (LMT), Ollie’s Bargain (OLLI), Opendoor Tech. (OPEN), OneMain Holdings (OMF), Overstock.com, Inc. (OSTK), Recursion Pharma (RXRX), Samsara Inc. (IoT), Sensei Biotherapeutics (SNSE), SentinelOne (S), Sunrun Inc. (RUN), and TaskUs (TASK).

Below is a spreadsheet that highlights the changes to Stanley Druckenmiller’s Duquesne Family Office 13F stock portfolio as of Q4 2021:

Stanley Druckenmiller - Duquesne Family Office

Stanley Druckenmiller – Duquesne Family Office’s Q4 2021 13F Report Q / Q Comparison (John Vincent (author))



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