Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q2 2021 Update
Summary
- Stanley Druckenmiller’s 13F portfolio value decreased from $3.89B to $3.48B this quarter.
- Duquesne added Netflix & Airbnb and increased Alphabet & Carvana while reducing Sea Limited and dropping Citigroup.
- The top three positions are at ~29% of the portfolio.
Neilson Barnard/Getty Images Entertainment
This article is first in 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 08/16/2021. The 13F portfolio value decreased ~10% from $3.89B to $3.48B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 35 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, Amazon.com, Starbucks, Alphabet, and Freeport-McMoRan. They add up to ~41% of the portfolio.
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:
Netflix (NFLX), Airbnb (ABNB), and Moderna (MRNA): These are medium-sized new stakes established this quarter. The 2.61% of the portfolio NFLX position was purchased at prices between ~$485 and ~$555 and the stock currently trades at ~$613. ABNB is a 2.47% of the portfolio stake established at prices between ~$133 and ~$190 and it is now at ~$173. The 1.50% MRNA position was purchased at prices between ~$130 and ~$235 and it now goes for ~$341.
Smartsheet (SMAR), General Motors (GM), Coupa Software (COUP), and Marriott International (MAR): These are small (less than ~1% of the portfolio each) new stakes established this quarter. Smartsheet is back in the portfolio after a quarter’s gap.
Stake Disposals:
Citigroup (NYSE:C): The large ~4% Citigroup stake was established last quarter at prices between ~$58 and ~$75 and the stock currently trades at $71.18. The entire stake was sold this quarter at prices between ~$68 and ~$80.
Barrick Gold (GOLD): The 1.84% GOLD stake was purchased in Q2 2019 at prices between ~$12 and ~$16. Q4 2020 saw a ~25% selling at prices between ~$22.50 and ~$29. The disposal this quarter was at prices between ~$20.50 and ~$25.30. The stock currently trades at $17.99.
MercadoLibre (MELI): MELI is a frequently traded stock in the portfolio and has seen previous roundtrips. The 1.64% position was purchased in Q2 & Q3 2020 at prices between ~$455 and ~$1200. Last two quarters saw a ~40% selling at prices between ~$1080 and ~$1985. The elimination this quarter was at prices between ~$1297 and ~$1622. The stock is now at $1668.
AbCellera Biologics (ABCL), Alcoa Corp. (AA), Cloudflare Inc. (NET), Coupang (CPNG), First Horizon Corp (FHN), Fidelity National Information Services (FIS), First Solar (FSLR), JPMorgan Chase (JPM), Liberty Media Formula One (FWONK), Linde plc (LIN), Nektar Therapeutics (NKTR), Nuance Communications (NUAN), Sunrun Inc. (RUN), Synchrony Financial (SYF), Taiwan Semi (TSM), Uber Technologies (UBER), and Vale S.A. (VALE): These small (less than ~1.25% of the portfolio each) stakes were disposed this quarter.
Stake Increases:
Amazon.com (AMZN): AMZN is currently the second-largest position at ~9% 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 this quarter at prices between ~$3152 and ~$3505. The stock is now at ~$3283.
Starbucks Corp. (SBUX): SBUX is a large (top three) 7.40% stake built last year at prices between ~$63 and ~$107. Last quarter also saw a ~14% stake increase. The stock is now at ~$113. There was a minor ~2% increase this quarter.
Alphabet Inc. (GOOG) (GOOGL): The 6.38% 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 two quarters at prices between ~$1735 and ~$2545. The stock currently trades at ~$2729.
Carvana (CVNA) and Facebook, Inc. (FB): These two positions saw large increases this quarter. The 3.14% CVNA position saw a ~70% stake increase this quarter at prices between ~$224 and ~$315. The stock is now at ~$303. FB is a 2.72% of the portfolio stake built over the last two quarters at prices between ~$246 and ~$356 and the stock currently trades at ~$343.
Expedia Group Inc. (EXPE): EXPE is a 2.38% of the portfolio position first purchased in Q3 2020 at prices between ~$80 and ~$103. Next quarter saw a ~15% trimming while last quarter there was a two-thirds increase at prices between ~$123 and ~$185. The stock currently trades at ~$170. This quarter also saw a ~14% stake increase.
KBR, Inc. (KBR), Mastercard (MA), and Visa Inc. (V): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.
Stake Decreases:
Microsoft Corporation (MSFT): MSFT is by far the top position at ~12% of the portfolio. 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. Last quarter also saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~30% reduction this quarter at prices between ~$239 and ~$272. The stock is now at ~$289.
Freeport-McMoRan (FCX): FCX is a top-five ~6% 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 stock currently trades at $32.84. There was a ~11% trimming this quarter.
T-Mobile US (TMUS) & rights: The large 5.36% 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 ~45% selling over the last two quarters at prices between ~$118 and ~$147. The stock currently trades at ~$127.
Palo Alto Networks (PANW): PANW is a medium-sized 4.38% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. The stock is now well above that range at ~$487. There was a ~11% trimming over the last two quarters.
Palantir Technologies (PLTR): PLTR is a ~3% of the portfolio position purchased last quarter at prices between ~$22 and ~$39. There was a one-third selling this quarter at prices between ~$18.40 and ~$27.40. It is now at $24.33.
Reata Pharma (RETA): RETA is a 2.59% of the portfolio position built in Q4 2019 & Q1 2020 at prices between ~$80 and ~$225. Q4 2020 saw another ~40% stake increase at prices between ~$97 and ~$185. The stock is now at ~$104. There was a ~15% trimming this quarter.
Teck Resources (TECK): TECK is 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 last quarter at prices between ~$18 and ~$23.75. The stock currently trades at $26.80. This quarter saw a ~18% trimming.
Sea Ltd. (SE): The 1.13% SE stake was built in the first three quarters of 2019 at prices between ~$12 and ~$38. The next three quarters saw a ~50% selling at prices between ~$30 and ~$115. There was another ~85% reduction over the last three quarters at prices between ~$156 and ~$289. The stock is now at ~$320. They are harvesting gains.
Builders FirstSource (BLDR), Flex Ltd. (FLEX), and ON Semiconductor (ON): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.
Kept Steady:
Booking Holdings (BKNG) and Intuit Inc. (INTU): These two medium-sized stakes established last quarter were kept steady this quarter. BKNG is a 1.88% of the portfolio stake established at prices between ~$1886 and ~$2462 and the stock is now at ~$2456. The 2.47% INTU position was purchased at prices between ~$361 and ~$422 and it is now well above that range at ~$544.
Cummins Inc. (CMI): The 2.27% of the portfolio CMI stake was purchased in Q4 2020 at prices between ~$207 and ~$237. There was a ~50% stake increase last quarter at prices between ~$222 and ~$276. The stock is now at ~$228.
Penn National (PENN): PENN is a ~2% of the portfolio purchased in Q2 & Q3 2020 at prices between ~$10 and ~$70. Next two quarters had seen a ~50% selling at prices between ~$55 and ~$130. The stock currently trades at $78.63.
Caterpillar (CAT), General Electric (GE), Liberty Media Formula One (FWONK), and US Foods Holding (USFD): These small (less than ~1.75% 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 ACADIA Pharma (ACAD), CF Industries Holdings (CF), CCC Intelligent Solutions (CCCS), Decarbonization Plus II (DCRN), DISH Network (DISH), Farfetch (FTCH), Mosaic (MOS), OneMain Holdings (OMF), Option Care Health (OPCH), Roblox (RBLX), Sensei Biotherapeutics (SNSE), SentinelOne (S), and Snowflake Inc. (SNOW).
Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2021:
Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q1 2021 and Q2 2021.
This article was written by
Analyst’s Disclosure: I/we have a beneficial long position in the shares of ACAD, AMZN, CCCS, CPNG, GE either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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