Stanley Druckenmiller’s Duquesne Family Office Portfolio – Q3 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 11/14/2022. The 13F portfolio value increased ~28% from $1.38B to $1.76B this quarter. The holdings are concentrated with recent 13F reports showing around 60 positions, many of which are very small. There are 38 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, Eli Lilly, Amazon.com, Chevron, and T-Mobile US. They add up to ~44% of the portfolio. Please visit our Tracking Stanley Druckenmiller’s Duqeusne Portfolio series to get an idea of their investment philosophy and our previous update for the fund’s moves during Q2 2022.

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:

Amazon.com (AMZN), Lamb Weston Holdings (LW), and Vertiv Holdings (VRT): AMZN is a top three 5.81% of the portfolio stake established this quarter at prices between ~$106 and ~$145 and the stock currently trades well below that range at $88.45. The 4.15% LW position was purchased at prices between ~$72 and ~$83 and it is now above that range at $86.15. VRT is a 2.72% of the portfolio stake established at prices between ~$8.25 and ~$13.50 and it now goes for $13.25.

Sea Limited (SE), PPG Industries (PPG), Meta Platforms (META), Alpha Metallurgical Resources I (AMR), Natera Inc. (NTRA), and Alnylam Pharma (ALNY): These are small (less than ~2% of the portfolio each) new stakes established during the quarter.

Arch Resources (ARCH), New Fortress Energy (NFE), GameStop (GME) Puts, Cloudflare Inc. (NET), Shopify Inc. (SHOP), and Builders FirstSource (BLDR): These are very small (less than ~1% of the portfolio each) new stakes established during the quarter.

Stake Disposals:

Booking Holdings (BKNG): BKNG was a small ~1% of the portfolio stake established in Q1 2021 at prices between ~$1886 and ~$2462. There was a ~45% stake increase in Q3 2021 at prices between ~$2068 and ~$2491. Last two quarters saw a ~80% selling at prices between ~$1749 and ~$2703. The disposal this quarter was at prices between ~$1643 and ~$2151. The stock is now at ~$1966.

PROCEPT BioRobotics (PRCT): PRCT had an IPO last September. Shares started trading at ~$37.50 and currently goes for $42.24. Druckenmiller’s stake was from funding rounds prior to the IPO. There was a ~175% stake increase in Q4 2021 at prices between ~$24.60 and ~$46.30. Next quarter saw a one-third selling at prices between ~$17 and ~$36. It was sold down to a minutely small stake last quarter at prices between ~$29 and ~$45. The remainder stake was disposed this quarter.

Global-e Online (GLBE), Phillips 66 (PSX), and Westlake Corp. (WLK): These small (less than ~1% of the portfolio each) stakes were dropped during the quarter.

Stake Increases:

Eli Lilly (LLY): LLY is a large (top three) ~9% of the portfolio position purchased last quarter at prices between ~$279 and ~$327 and the stock currently trades at ~$360. There was a ~63% stake increase this quarter at prices between ~$296 and ~$334.

T-Mobile US (TMUS) & rights: The large (top five) 5.47% 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 next three quarters at prices between ~$118 and ~$149. That was followed with a ~25% reduction last quarter at prices between ~$122 and ~$139. The stock currently trades at ~$140. There was a ~6% stake increase this quarter.

KBR Inc. (KBR): The 4.45% KBR position saw a ~110% stake increase over the last four quarters at prices between ~$40 and ~$57. The stock is now at $50.68.

DataDog (DDOG) and Palo Alto Networks (PANW): The ~4% DDOG stake was established last quarter at prices between ~$82 and ~$157 and it is now below that range at $78.31. This quarter saw a ~165% stake increase at prices between ~$86 and ~$118. PANW is a 1.44% of the portfolio position purchased last quarter at prices between ~$147 and ~$210 and it now goes for ~$153. There was a marginal increase this quarter.

Note: the prices quoted above for PANW is adjusted for the 3-for-1 stock split in September.

Teck Resources (TECK): TECK is a 2.36% of the portfolio stake purchased in Q1 2022 at prices between ~$29 and ~$42. Last quarter saw a ~55% reduction at prices between ~$26 and ~$46. There was a ~30% stake increase this quarter at prices between ~$25.75 and ~$36.75. The stock currently trades at $37.12.

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.

Pioneer Natural Resources (PXD), Recursion Pharma (RXRX), and Workday Inc. (WDAY): These small (less than ~2.10% of the portfolio each) stakes were increased this quarter.

Stake Decreases:

Chevron Inc. (CVX) and WilScot Mobile Mini (WSC): CVX is a large (top five) 5.62% of the portfolio stake purchased during the two quarters through Q1 2022 at prices between ~$102 and ~$171 and the stock currently trades at ~$171. There was a ~28% selling in the last two quarters at prices between ~$136 and ~$181. WSC is a 2.24% stake established in the two quarters through Q1 2022 at prices between ~$32 and ~$41 and it currently goes for $46.05. Last two quarters saw a ~50% reduction at prices between ~$31 and ~$44.

Microsoft Corporation (MSFT): MSFT is now a 2.56% 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. Q1 2021 saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~63% reduction over the next two quarters at prices between ~$236 and ~$305. That was followed with a ~75% selling this quarter at prices between ~$233 and ~$294. The stock is now at ~$249.

Freeport McMoRan (FCX): FCX is a 1.81% 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. The two quarters through Q3 2021 had seen a ~25% selling at prices between ~$30 and ~$45. That was followed with a one-third reduction last quarter at prices between ~$29 and ~$51. This quarter saw another two-thirds selling at prices between ~$25 and ~$33. The stock currently trades at $38.15.

Coterra Energy (CTRA): The 1.65% of the portfolio stake in CTRA was established in Q1 2022 at prices between ~$19 and ~$29. There was a ~38% selling in the last two quarters at prices between ~$25 and ~$36. The stock is now at $25.33.

CrowdStrike (CRWD): The 1.43% of the portfolio CRWD stake was established last quarter at prices between ~$137 and ~$240 and it is now below that range at ~$115. There was a one-third reduction this quarter at prices between ~$159 and ~$203.

Palantir Technologies (PLTR): The 1.12% PLTR position saw a stake doubling in Q1 2022 at prices between ~$10.50 and ~$18.50. That was followed with a ~27% increase last quarter at prices between ~$6.70 and ~$14.65. This quarter saw a ~43% selling at prices between ~$7.25 and ~$11.45. The stock currently trades at ~$7.

Moderna (MRNA): MRNA stake was purchased last quarter at prices between ~$117 and ~$177. This quarter saw the position reduced to a very small 0.15% stake at prices between ~$118 and ~$194. The stock currently trades at ~$207.

Antero Resources (AR) and Cenovus Energy (CVE): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.

Kept Steady:

Coupang Inc. (CPNG): CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for $16.29. 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. Q1 2022 also saw a ~9% stake increase. It is currently their largest stake at ~18% of the portfolio.

AbCellera Biologics (ABCL) and Las Vegas Sands (LVS) Calls: These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.

Below is a spreadsheet that highlights the changes to Stanley Druckenmiller’s Duquesne Family Office 13F stock portfolio as of Q3 2022:

Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q2 2022 and Q3 2022.