Tracking Stanley Druckenmiller’s Duquesne Family Office Portfolio – First Quarter 2024 Update

This article is part of a series that provides ongoing analysis of changes made to Duquesne Family Office’s 13F stock portfolio each quarter. Based on Regulation 13F of Stanley Druckenmiller. form Submitted on May 15, 2024. 13F portfolio value increased from $3.35 billion to $4.39 billion this quarter. The holdings are concentrated, with a recent 13F report showing about 75 positions, many of which are very small. There are 30 securities that are fairly large (each more than ~0.5% of the portfolio) and are the focus of this article. The five largest holdings are Microsoft, Coupang, Teck Resources, Vistra Corp and Natera Inc. These add up to 33% of the portfolio. please visit us Tracking Stanley Druckenmiller’s Duquesne Portfolio Their investment philosophy and our transfer through the series update About fund movements during the fourth quarter of 2023.

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

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

New stakes:

iShares Russell 2K (IWM) currency: IWM call is 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 is currently trading at ~$206.

Coherent Corporation (COHR): The 3.49% COHR stake was set at prices between $40.60 and $66.89 this quarter. The current stock price is ~$57.

Explore Finl Services (DFS): DFS is 1.93% of the portfolio purchased this quarter at prices between $96.45 and $131.09. The stock is currently trading at ~$123.

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

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

Disposal of shares:

UBS Group AG (UBS): UBS held a 2.23% stake for two quarters through Q3 2023 at prices ranging from about $19 to $27, and the stock is currently trading at $31.88. Last quarter saw a stake increase of about 11%. Shares were sold this quarter at prices ranging from $26.36 to $31.11.

Lamb Western Holdings (LW): 1.74% LW position was built in the second half of 2022 at prices between ~$73 and ~$90. Q1 2023 saw a ~20% increase, with prices ranging from ~$87 to ~$105. Last quarter, the original large stake was sold up to ~70% at prices ranging from ~$83 to ~$108. The remaining positions were liquidated this quarter at prices ranging from ~$99 to ~$109. The current stock price is ~$88.

Chevron Corporation (CVX): Purchased large shares of CVX at prices ranging from ~$102 to ~$171 over the two quarters ending in Q1 2022. During the two quarters through Q3 2022, there were ~28% sales at prices between ~$136 and ~$181, and the next quarter saw ~42% share growth at prices between ~$144 and ~$188. In Q1 2023, positions were down 75% at prices between ~$152 and ~$188. The stake was rebuilt in Q3 2023 at a price between ~$151 and ~$171. Entire positions were sold this quarter at prices ranging from ~$139 to ~$156. The stock is currently trading 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) holdings were eliminated during the quarter.

Increase your stake:

Microsoft (MSFT): MSFT is a large-cap (top 3) company representing up to 11% of the established portfolio position in Q1 2023 at prices between ~$222 and ~$288. In the second quarter of 2023, the stake increased by about 14%, followed by an increase of about 23% in the next quarter at prices between $312 and $358. Last quarter saw an increase of ~7%, and this quarter there is a slight increase of ~2%. The stock is currently trading at ~$416.

Vistra Co., Ltd. (VST): A 4.17% VST position was purchased in Q3 2023 at prices between ~$26 and ~$34, and the stock is currently trading at ~$99. Last quarter the stake increased by about 20% and this quarter it has increased by about 10%.

NTRA Co., Ltd.: The ~4% NTRA stake is set to be priced between ~$32 and ~$58 over three quarters through Q1 2023, and is currently at ~$107. Positions increased 116% this quarter at prices between ~$59 and ~$93.

General Electric (GE): GE has a 3.41% portfolio position purchased in Q2 2023 at prices between ~$94 and ~$110, with the stock currently trading at ~$165. Positions increased 16% this quarter at prices between ~$99 and ~$144.

Woodward (WWD): The 3.35% WWD position increased 136% this quarter at prices between ~$132 and ~$155. The current stock price is ~$187.

Arista Networks (ANET): ANET represents 2.83% of the portfolio position and is up 83% this quarter at prices between ~$229 and ~$306. The stock is currently trading at ~$298.

FLEX: The 2.52% FLEX position increased 241% this quarter at prices between $22.13 and $30.64. The current stock price is ~$33.

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

Stake reduction:

Coupang Co., Ltd. (CPNG): CPNG had an IPO last March. The stock started trading at ~$49 and is currently trading at $22.74. Druckenmiller held a 10.5 million equity stake going back to the pre-IPO funding round. In Q3 2021, the stake increased by ~50% at prices ranging from ~$28 to ~$44.50. In the fourth quarter of 2021, the stake increased by approximately 15% at prices between ~$26 and ~$31. It is currently the third largest holding at 9.11% of the portfolio. The stake also increased by about 10% last quarter. There was some minor trimming this quarter.

Tech Resources (TECK): TECK is a large (top 5) company with up to 7% of portfolio shares purchased in Q1 2022 at prices between ~$29 and ~$42. The next quarter saw a ~55% decline in prices between ~$26 and ~$46. Over the three quarters through Q1 2023, the stake increased by ~200% at prices ranging from ~$26 to ~$44. This was followed by a further two-third increase over the past three quarters. Shares declined 18% this quarter, with prices ranging from $36.85 to $45.78. The stock is currently trading at ~$52.

Note: TECK has seen recent round trips before. This was 2.47% of the portfolio position built in the fourth quarter of 2020 at prices between ~$12.25 and ~$18.85. Most were sold in the third quarter of 2021 at prices ranging from ~$19.50 to ~$26.80.

Nvidia (NVDA): NVDA currently accounts for 3.62% of the portfolio. It was founded in the fourth quarter of 2022 at prices ranging from ~$112 to ~$181. Q1 2023 saw the stake increase by ~35% at prices between ~$143 and ~$280. This was followed by another ~20% increase the following quarter, with prices ranging from ~$262 to ~$438. Last quarter there was a further ~27% increase in prices between ~$403 and ~$501. This was by far the largest ranking last quarter. Shares declined 84% this quarter, with prices ranging from ~$476 to ~$950. The stock is currently trading at ~$1096.

Seagate technology. (STX): STX purchased a ~3% stake in Q3 2023 at prices ranging from ~$57 to ~$73, and the stock is currently trading at ~$93. Last quarter, the stake increased by ~130% at prices ranging from ~$63 to ~$87. This quarter saw a 32% decrease in positions, with prices ranging from $79.46 to $97.83.

News Corp (NWS): A 2.63% NWS stake was purchased in Q1 2023 at prices ranging from ~$16 to ~$22. The next quarter saw a ~55% stake increase at prices between ~$17 and ~$20. The third quarter of 2023 also saw a further increase of about 9%, while the last quarter saw a trimming of about 12%. There was similar trimming this quarter. The current stock price is ~$28.

Vertiv Holdings (VRT): VRT is a 1.86% portfolio stake set in the second half of 2022, priced at ~$8.25~~$15, and currently priced at ~$98. While the two quarters through Q2 2023 saw a ~80% decline at prices between ~$12 and ~$25, the next quarter saw a ~53% stake increase at prices between ~$24 and ~$40. Last quarter saw a further ~23% increase in prices between ~$35 and ~$49. Shares declined 57% this quarter, with prices ranging from $45.55 to $82.67.

Ellie Lilly (LLY): LLY is currently at ~1% of the portfolio. The sizable position was first purchased in Q2 2022 at prices between ~$279 and ~$327. In the second half of 2022, the stake increased by ~150% at prices ranging from ~$296 to ~$375. During the two quarters through Q2 2023, prices between ~$311 and ~$469 decreased by ~27%. This was followed by a ~15% sale in the following quarter at prices ranging from ~$433 to ~$598. There was also a trimming of ~11% last quarter. Shares are down 85% this quarter, with prices ranging from ~$590 to ~$791. The stock is currently trading at ~$820.

Option Care Health (OPCH): OPCH is 0.52% of the portfolio position established in Q4 2022 and priced at ~$28~~$35. The next quarter saw a ~50% decline at prices between ~$28 and ~$33, and in Q2 2023 the position was rebuilt at prices between ~$27 and ~$33. The next quarter saw ~72% of sales at prices between ~$31 and ~$36. Last quarter saw an increase in shares of about 20%. Shares declined 53% this quarter, with prices ranging from $31.09 to $34.31. The stock is currently trading at ~$30.

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

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

Source: John Vincent. Data organized 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 do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.