Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q2 2022 Update

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John Vincent
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Summary

  • Stanley Druckenmiller’s 13F portfolio value decreased from $2.31B to $1.63B this quarter.
  • Duquesne added Eli Lilly and CrowdStrike while reducing Microsoft, Freeport-McMoRan, and Teck Resources. They also dropped Amazon.com.
  • The top three positions are at ~34% of the portfolio.

The New York Times 2015 DealBook Conference

Neilson Barnard

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 8/15/2022. The 13F portfolio value decreased ~29% from $2.31B to $1.63B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 28 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, Microsoft, Chevron, Eli Lilly, and Freeport-McMoRan. They add up to ~46% 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 Q1 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:

Eli Lilly (LLY) and CrowdStrike (CRWD): LLY is a large (top five) 5.91% of the portfolio position purchased this quarter at prices between ~$279 and ~$327 and the stock currently trades at ~$330. The 2.37% of the portfolio CRWD stake was established at prices between ~$137 and ~$240 and it is now at ~$166.

Moderna (MRNA), Datadog (DDOG), and Palo Alto Networks (PANW): MRNA is a 1.82% of the portfolio position purchased at prices between ~$117 and ~$177 and the stock currently trades near the bottom of that range at ~$118. The 1.74% DDOG stake was established at prices between ~$82 and ~$157 and it is now at $87.45. PANW is a 1.56% of the portfolio position purchased at prices between ~$145 and ~$210 and it now goes for ~$166.

Note: PANW is back in the portfolio after a quarter's gap. It was a large 4.63% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. The disposal during the last two quarters was at prices between ~$470 and ~$625. The round-trip realized huge gains.

Edison International (EIX) and Westlake Corp. (WLK): These are small (less than ~1.20% of the portfolio each) new stakes established during the quarter.

Stake Disposals:

Amazon.com (AMZN): AMZN was a large (top-five) 8.62% of the portfolio position. The original stake was built in 2017 at prices between ~$38 and ~$60. Recent activity follows. There was a ~25% stake increase in Q2 2021 at prices between ~$158 and ~$175. Q4 2021 saw a ~42% reduction at prices between ~$160 and ~$185. The disposal this quarter was at prices between ~$102 and ~$168. The stock is now at ~$115.

SPDR S&P 500 Index (SPY) Puts: The 4.69% of the portfolio short position through Puts was established as SPY traded between ~$416 and ~$478. It was eliminated this quarter as the underlying traded between ~$366 and ~$457. It currently trades at ~$363.

New York Times (NYT), Option Care Health (OPCH), PNC Financial Services (PNC), and Zendesk, Inc. (ZEN): These small (less than ~1.20% of the portfolio each) stakes were disposed during the quarter.

Stake Increases:

KBR, Inc. (KBR) and Palantir Technologies (PLTR): The 3.87% KBR position saw a ~40% stake increase over the last two quarters at prices between ~$40 and ~$56. The stock is now at ~$43. This quarter also saw a ~9% stake increase. The 2.37% PLTR position saw a stake doubling last quarter at prices between ~$10.50 and ~$18.50. That was followed with a ~27% increase this quarter at prices between ~$6.70 and ~$14.65. The stock currently trades at $8.08.

Antero Resources (AR): The ~2% of the portfolio stake in AR was built over the last two quarters at prices between ~$17 and ~$48 and the stock currently trades at $30.33.

Stake Decreases:

Microsoft Corporation (MSFT): MSFT is now a top-three ~12% 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. Last quarter saw a ~28% stake increase while this quarter there was a similar reduction. The stock is now at ~$238.

Chevron Inc. (CVX) and WillScot Mobile Mini (WSC): CVX is a 7.38% of the portfolio stake purchased during the last two quarters at prices between ~$102 and ~$171 and the stock currently trades at ~$145. There was a ~14% trimming this quarter. WSC is a 3.25% stake established in the last two quarters at prices between ~$32 and ~$41 and it currently goes for $39.83. This quarter saw a ~8% trimming.

Freeport-McMoRan (FCX): FCX is a large (top five) 5.80% 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 this quarter at prices between ~$29 and ~$51. The stock currently trades at $28.17.

T-Mobile US (TMUS) & rights: The 5.59% 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 this quarter at prices between ~$122 and ~$139. The stock currently trades at ~$135.

Coterra Energy (CTRA): The 2.20% of the portfolio stake in CTRA was established last quarter at prices between ~$19 and ~$29. There was a ~22% selling this quarter at prices between ~$26 and ~$36. The stock is now at ~$26.

Teck Resources (TECK): TECK is a ~2% of the portfolio stake purchased last quarter at prices between ~$29 and ~$42. This quarter saw a ~55% reduction at prices between ~$26 and ~$46. The stock currently trades at $30.64.

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.

Booking Holdings (BKNG): BKNG is a small 0.83% 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 stock is now at ~$1679.

Smartsheet (SMAR): The 2.28% of the portfolio stake in SMAR was built over the last two quarters at prices between ~$43 and ~$80. The stock currently trades below that range at $34.30.

PROCEPT BioRobotics (PRCT): PRCT had an IPO last September. Shares started trading at ~$37.50 and currently goes for $40.49. Druckenmiller's stake goes back to funding rounds prior to the IPO. There was a ~175% stake increase in Q4 2021 at prices between ~$24.60 and ~$46.30. Last quarter saw a one-third selling at prices between ~$17 and ~$36. It was sold down to a minutely small stake this quarter at prices between ~$29 and ~$45.

Cenovus Energy (CVE), Global-e Online (GLBE), and Pioneer Natural Resources (PXD): These small (less than ~1.5% 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 $16.30. 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. Last quarter also saw a ~9% stake increase. It is currently their largest stake at ~15% of the portfolio.

AbCellera Biologics (ABCL), Las Vegas Sands (LVS) Calls, Workday, Inc. (WDAY), : These small (less than ~1% 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), Caribou Biosciences (CRBU), Cazoo Group (CZOO), CCC Intelligent Solutions (CCCS), Compass Inc. (COMP), DISH Network (DISH), EQT Corp (EQT), IHS Holding (IHS), Opendoor Tech. (OPEN), Oscar Health (OSCR), Reata Pharma (RETA), Recursion Pharma (RXRX), Samsara Inc. (IOT), Sensei Biotherapeutics (SNSE), and SolarEdge Technologies (SEDG).

Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2022:

Stanley Druckenmiller - Duquesne Family Office's Q2 2022 13F Report Q/Q Comparison

Stanley Druckenmiller - Duquesne Family Office's Q2 2022 13F Report Q/Q Comparison (John Vincent (author))

This article was written by

John Vincent profile picture
21.95K Followers
Focused on cloning strategies by analyzing 13F reports of a curated set of around fifty super-investors and generating Absolute Returns thru exploiting inefficiency, volatility, and momentum.

Disclosure: I/we have a beneficial long position in the shares of ACAD, AMZN, CPNG 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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