Tracking the Stanley Druckenmiller Duquesne Family Office Portfolio – Q1 2024 Update

This article is part of an ongoing series analyzing quarterly changes made to Duquesne Family Office’s 13F equity portfolio, as regulated by Stanley Druckenmiller. 13th floor shape Filed on May 15, 2024. The 13F portfolio value increased from $3.35 billion to $4.39 billion this quarter. Holdings are concentrated, with the recent 13F report showing approximately 75 positions, many of which are very small. There are 30 securities that are sizable (approximately 0.5% or more of the portfolio each) and these are the focus of this article. The five largest stocks are Microsoft, Coupang, Teck Resources, Vistra Corp and Natera Inc. Combined, they represent approximately 33% of the portfolio. For more information, see our Track Stanley Druckenmiller’s Duquesne Portfolio Their investment philosophy and our past update Regarding fund movements in the fourth quarter of 2023.

Stanley Druckenmiller founded his family office in the fourth quarter of 2011 after closing his hedge fund, Duquesne Capital, in 2010. Prior to that, he managed George Soros’ Quantum Fund from 1988 to 2000. He employs a trend-following trading style similar to George Soros.

Notes: – Druckenmiller said he has investments in the top five Argentine ADRs and has seen a significant increase since then. Millay’s Davos 2024 speechArgentina’s main ADRs include YPF SA (YPF), Cressed (Crécy), IRSA (IRS), Group Financiero Galicia (Gal), Edenol (Ed).

New wager:

iShares Russell 2K (International Hydrology) Call: IWM Calls are currently the largest net long position representing 15.14% of the portfolio. This position was established this quarter at prices ranging from about $189 to about $210. The stock is currently trading at about $206.

Coherent Inc.Coal): The 3.49% stake in COHR was acquired this quarter at prices between $40.60 and $66.89. The current share price is around $57.

Finl Svcs details (Dofus): DFS represents 1.93% of the portfolio and was purchased at prices between $96.45 and $131.09 during the quarter. The stock is currently trading at $123.

Kinder Morgan (South Korea): 1.62% KMI position was established at prices between $16.31 and $18.06 this quarter and is currently at $19.49.

Citigroup (C), KeyCorp (key), Madison Square Garden Entrance (MSGE), Meta Platform (Meta), Westinghouse Air Brake Technologies (Wab): These small (less than about 1.5% of the portfolio each) positions were established this quarter.

Stake Disposition:

UBS Group AG (U.S.)UBS acquired a 2.23% stake at prices between about $19 and $27 over the two quarters running through Q3 2023, with the stock currently trading at $31.88. There was an approximately 11% stake increase in the last quarter. The shares were disposed of this quarter at prices between $26.36 and $31.11.

Lamb Weston Holdings (Light): The 1.74% LW position was built in the second half of 2022 at prices between ~$73 and ~$90. It was increased ~20% in Q1 2023 at prices between ~$87 and ~$105. Last quarter the initial large stake was sold down ~70% at prices between ~$83 and ~$108. The remaining position was liquidated this quarter at prices between ~$99 and ~$109. Shares are currently at ~$88.

Chevron Corporation (CVX): In the two quarters ending in Q1 2022, large amounts of CVX shares were purchased at prices ranging from approximately $102 to approximately $171. In the two quarters ending in Q3 2022, there was a ~28% sell-off at prices ranging from approximately $136 to approximately $181, but the following quarter there was a ~42% increase in shares at prices ranging from approximately $144 to approximately $188. In Q1 2023, the position was sold 75% at prices ranging from approximately $152 to approximately $188. Shares were restructured in Q3 2023 at prices ranging from approximately $151 to approximately $171. The entire position was sold this quarter at prices ranging from approximately $139 to approximately $156. Shares are currently trading at approximately $162.

Barrick Gold (Money), Newmont Corporation (Nemu), Pure Storage (Prestige), Tempur Sealy International (TPEX), TKO Group Holdings (TKO), Veeva Systems (VEEV)These very small (less than about 1.2% of the portfolio each) stocks were reduced during the quarter.

Stakes Increase:

Microsoft Corporation (MSFT)MSFT is a large (top 3) stock with about 11% of the portfolio position established in Q1 2023 at prices between about $222 and $288. There was a ~14% increase in shares in Q2 2023, followed by a ~23% increase the following quarter at prices between about $312 and $358. There was a ~7% increase last quarter, followed by a more modest increase of about 2% this quarter. The stock is currently trading at around $416.

Vistra Co., Ltd.VST): The 4.17% VST position was purchased at prices between ~$26 and ~$34 in Q3 2023, with the stock currently trading at ~$99. We saw a ~20% increase in shares last quarter, followed by ~10% growth this quarter.

Natera Inc.NTRA): The ~4% stake in NTRA was acquired at prices between ~$32 and ~$58 over three quarters ending in Q1 2023, and is currently at ~$107. The position grew 116% this quarter at prices between ~$59 and ~$93.

General Electric (GE): GE is a 3.41% portfolio position purchased in Q2 2023 at prices between about $94 and $110, and shares are currently trading at about $165. The position has grown 16% this quarter at prices between about $99 and $144.

Woodward Co. (WWD): 3.35% WWD position increased 136% this quarter and prices ranged between ~$132 and ~$155. Shares are currently at ~$187.

Arista Networks (Annette): ANET represents 2.83% of the portfolio and has increased 83% this quarter with prices ranging from about $229 to about $306. The stock is currently trading at about $298.

Flex Co., Ltd. (flex): 2.52% FLEX position grew 241% this quarter between $22.13 and $30.64. Shares are currently trading at about $33.

Freeport-McMoRan (FCCX), Marvel Technology (MRVR), Palo Alto Networks (Pan W): These small (less than about 1.5% of the portfolio each) stocks were increased this quarter.

Stake Reduction:

Coupan Co., Ltd.CPNG)CPNG had an IPO in March of last year. The stock price started at $49 and is currently at $22.74. Druckenmiller held 10.5 million shares back in a pre-IPO funding round. In Q3 2021, there was a ~50% increase in shares between ~$28 and ~$44.50. In Q4 2021, there was another ~15% increase in shares between ~$26 and ~$31. It now represents 9.11% of the portfolio, making it the third largest holding. There was also a ~10% increase in shares last quarter. There was a slight reduction this quarter.

Tech Resources (Tech): TECK represents about 7% of the portfolio (top 5) purchased in Q1 2022 at prices between about $29 and $42. The next quarter it declined about 55% and traded at prices between about $26 and $46. In the three quarters ending in Q1 2023 there was a roughly 200% increase in shares at prices between about $26 and $44. This was followed by another two-thirds increase over the past three quarters. This quarter shares declined 18% and traded at prices between $36.85 and $45.78. Shares are currently trading at about $52.

Note: TECK has recently experienced a round trip. It was 2.47% of the portfolio position built in Q4 2020 at prices between approximately $12.25 and $18.85. The majority of it was sold in Q3 2021 at prices between approximately $19.50 and $26.80.

NVIDIA Corporation (NVDA): NVDA currently represents 3.62% of the portfolio. Established in Q4 2022 at prices between ~$112 and $181. There was a ~35% increase in shares in Q1 2023 at prices between ~$143 and $280. ​​Then there was a ~20% increase the next quarter at prices between ~$262 and $438. There was another ~27% increase last quarter at prices between ~$403 and $501. It was by far the largest position last quarter. Shares have decreased 84% this quarter at prices between ~$476 and $950. The stock is currently trading at ~$1096.

Seagate Tech (Texas)STX is a ~3% stake purchased in Q3 2023 at prices between ~$57 and $73, with shares currently trading at ~$93. Last quarter there was a ~130% stake increase at prices between ~$63 and $87. This quarter the position was reduced 32% at prices between $79.46 and $97.83.

News Corporation (Northwest): 2.63% NWS shares were purchased in Q1 2023 at prices between about $16 and $22. The next quarter saw a share count increase of about 55% at prices between about $17 and $20. Q3 2023 also saw an increase of about 9%, but last quarter saw a cut of about 12%. This quarter saw a similar cut. The stock is currently at about $28.

Vertive Holdings (Cryptocurrency): VRT is a 1.86% of the portfolio stake established in H2 2022 at prices between about $8.25 and $15, and is currently at about $98. The two quarters through Q2 2023 saw a ~80% decrease at prices between about $12 and $25, but the next quarter saw a ~53% increase in shares at prices between about $24 and $40. The last quarter saw a ~23% increase at prices between about $35 and $49. This quarter shares have decreased 57% at prices between $45.55 and $82.67.

Eli Lilly (Lily): LLY currently represents about 1% of the portfolio. A fairly large position was first purchased in Q2 2022 at prices between about $279 and $327. In H2 2022 there was a roughly 150% increase in shares at prices between about $296 and $375. The two quarters through Q2 2023 saw a roughly 27% decrease at prices between about $311 and $469. Then the next quarter saw a roughly 15% sell-off at prices between about $433 and $598. There was also a roughly 11% reduction in the last quarter. This quarter saw a 85% decrease in shares at prices between about $590 and $791. The stock is currently trading at around $820.

Option Care Health (OPCH): OPCH is 0.52% of the portfolio position established in Q4 2022 at prices between approximately $28 and $35. The next quarter it was reduced by approximately 50% at prices between approximately $28 and $33, but the position was rebuilt in Q2 2023 at prices between approximately $27 and $33. The next quarter approximately 72% was sold at prices between approximately $31 and $36. There was a roughly 20% increase in shares last quarter. This quarter shares were reduced by 53% at prices between $31.09 and $34.31. The stock is currently trading at around $30.

Cameraman (International Labour Organization), KBR Corporation (KBR), Booz Allen Hamilton (B)These smaller (less than about 1.5% of the portfolio each) positions were reduced during the quarter.

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

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

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.