Tracking 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 regulatory 13F Form filed on 5/15/2024. The 13F portfolio value increased from $3.35B to $4.39B this quarter. The holdings are concentrated, with recent 13F reports showing around 75 positions, many of which are very small. There are 30 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 Microsoft, Coupang, Teck Resources, Vistra Corp, and Natera Inc. They add up to ~33% 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 Q4 2023.

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.

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

New Stakes:

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

Coherent Corp. (COHR): The 3.49% COHR stake was established this quarter at prices between $40.60 and $66.89. The stock is now at ~$57.

Discover Finl Svcs (DFS): DFS is a 1.93% of the portfolio purchased this quarter at prices between $96.45 and $131.09. The stock currently trades at ~$123.

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

Citigroup (C), KeyCorp (KEY), Madison Square Garden Ent. (MSGE), Meta Platforms (META), and Westinghouse Air Brake Technologies (WAB): These small (less than ~1.5% of the portfolio each) positions were established this quarter.

Stake Disposals:

UBS Group AG (UBS): UBS was a 2.23% stake built during the two quarters through Q3 2023 at prices between ~$19 and ~$27 and the stock currently trades at $31.88. There was an ~11% stake increase in the last quarter. The stake was disposed this quarter at prices between $26.36 and $31.11.

Lamb Weston Holdings (LW): The 1.74% LW position was built during H2 2022 at prices between ~$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 sold down by ~70% at prices between ~$83 and ~$108. The remaining position was disposed this quarter at prices between ~$99 and ~$109. The stock is now at ~$88.

Chevron Inc. (CVX): A large CVX stake was purchased during the two quarters through Q1 2022 at prices between ~$102 and ~$171. There was a ~28% selling in the two quarters through Q3 2022 at prices between ~$136 and ~$181 while the next quarter saw a ~42% stake increase at prices between ~$144 and ~$188. Q1 2023 saw the position sold down by 75% at prices between ~$152 and ~$188. The stake was rebuilt during Q3 2023 at prices between ~$151 and ~$171. The whole position was sold this quarter at prices between ~$139 and ~$156. The stock currently trades at ~$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 (less than ~1.2% of the portfolio each) stakes were dropped during the quarter.

Stake Increases:

Microsoft Corp. (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% stake increase during Q2 2023 and that was followed by a ~23% increase in the next quarter at prices between ~$312 and ~$358. The last quarter saw a ~7% increase, and that was followed by a minor ~2% increase this quarter. The stock currently trades at ~$416.

Vistra Corp. (VST): The 4.17% VST position was purchased during Q3 2023 at prices between ~$26 and ~$34 and the stock currently trades at ~$99. The last quarter saw a ~20% stake increase, and that was followed with a ~10% increase this quarter.

Natera, Inc. (NTRA): The ~4% NTRA stake was established over the three quarters through Q1 2023 at prices between ~$32 and ~$58, and it is now at ~$107. The position was increased by 116% this quarter at prices between ~$59 and ~$93.

General Electric (GE): GE is a 3.41% of the portfolio position purchased during Q2 2023 at prices between ~$94 and ~$110 and the stock currently trades at ~$165. The position was increased by 16% this quarter at prices between ~$99 and ~$144.

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

Arista Networks (ANET): ANET is a 2.83% of the portfolio position that was increased by 83% this quarter at prices between ~$229 and ~$306. The stock currently trades at ~$298.

Flex Ltd. (FLEX): The 2.52% FLEX position was increased by 241% this quarter at prices between $22.13 and $30.64. The stock is now at ~$33.

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

Stake Decreases:

Coupang Inc. (CPNG): CPNG had an IPO last March. Shares started trading at ~$49 and currently go for $22.74. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase in Q3 2021 at prices between ~$28 and ~$44.50. Q4 2021 saw another ~15% stake increase at prices between ~$26 and ~$31. It is currently their third-largest stake at 9.11% of the portfolio. The last quarter also saw a ~10% stake increase. There was marginal trimming this quarter.

Teck Resources (TECK): TECK is a large (top five) ~7% of the portfolio stake purchased in Q1 2022 at prices between ~$29 and ~$42. The next quarter saw a ~55% reduction at prices between ~$26 and ~$46. There was a ~200% stake increase in the three quarters through Q1 2023 at prices between ~$26 and ~$44. That was followed by a two-thirds further increase over the last three quarters. The stake was decreased by 18% this quarter at prices between $36.85 and $45.78. The stock currently trades at ~$52.

Note: TECK has seen a previous recent roundtrip. It was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. The bulk of it was sold in Q3 2021 at prices between ~$19.50 and ~$26.80.

NVIDIA Corp. (NVDA): NVDA is currently at 3.62% of the portfolio. It was established during Q4 2022 at prices between ~$112 and ~$181. There was a ~35% stake increase during Q1 2023 at prices between ~$143 and ~$280. That was followed by a ~20% further increase next 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 largest position last quarter. The stake was decreased by 84% this quarter at prices between ~$476 and ~$950. The stock currently trades at ~$1096.

Seagate Tech. (STX): STX is a ~3% stake purchased during Q3 2023 at prices between ~$57 and ~$73 and the stock currently trades at ~$93. The last quarter saw a ~130% stake increase at prices between ~$63 and ~$87. The position was decreased by 32% this quarter at prices between $79.46 and $97.83.

News Corp. (NWS): The 2.63% NWS stake was purchased during Q1 2023 at prices between ~$16 and ~$22. There was a ~55% stake increase in the next quarter at prices between ~$17 and ~$20. Q3 2023 also saw a ~9% further increase, while in the last quarter there was ~12% trimming. This quarter also saw similar trimming. The stock is now at ~$28.

Vertiv Holdings (VRT): VRT is a 1.86% of the portfolio stake established during H2 2022 at prices between ~$8.25 and ~$15, and it now goes for ~$98. The two quarters through Q2 2023 saw a ~80% reduction at prices between ~$12 and ~$25 while the next quarter saw a ~53% stake increase at prices between ~$24 and ~$40. The last quarter saw a ~23% further increase at prices between ~$35 and ~$49. The stake was decreased by 57% this quarter at prices between $45.55 and $82.67.

Eli Lilly (LLY): LLY is now at ~1% of the portfolio. A fairly large position was first purchased during Q2 2022 at prices between ~$279 and ~$327. There was a ~150% stake increase during H2 2022 at prices between ~$296 and ~$375. The two quarters through Q2 2023 saw a ~27% reduction at prices between ~$311 and ~$469. That was followed by a ~15% selling in the next quarter at prices between ~$433 and ~$598. The last quarter also saw an ~11% trimming. The stake was decreased by 85% this quarter at prices between ~$590 and ~$791. The stock currently trades at ~$820.

Option Care Health (OPCH): OPCH is a 0.52% of the portfolio position established during Q4 2022 at prices between ~$28 and ~$35. There was a ~50% reduction in the next quarter at prices between ~$28 and ~$33 while Q2 2023 saw the position rebuilt at prices between ~$27 and ~$33. The next quarter saw a ~72% selling at prices between ~$31 and ~$36. There was a ~20% stake increase in the last quarter. The stake was decreased by 53% this quarter at prices between $31.09 and $34.31. The stock currently trades at ~$30.

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

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

Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q4 2023 and Q1 2024.

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