Stanley Druckenmiller, former portfolio manager at George Soros's Quantum fund, and current Chief Investment Officer at his Duquesne family office, acquired ~$250m worth of energy stocks during Q1. Unlike many fund managers, Druckenmiller is known for managing money with a "top down" macro-economic approach, focused on asset classes rather than individual business cases. During an interview in January 2020, Druckenmiller said, "We don't own energy, probably should, I just think the demand outlook is so challenged long term."
During Q1 2022, Druckenmiller initiated positions in Coterra (CTRA), Pioneer (PXD), Cenovus (CVE), Antero (AR), and Phillips 66 (PSX), while adding to Chevron (CVX). He also initiated a position in Teck (TECK), a diversified mining business with exposure to met coal and oil, amongst other commodities. The fund's largest natural resource position remains Freeport (FCX), though he did not buy or sell any shares during the quarter.
The varied acquisitions do not point to a particularly bullish stance on any one energy sub-sector. Phillips 66 (PSX) is largely a refiner, while Chevron (CVX) and Cenovus (CVE) are integrated producers. Coterra (CTRA), Pioneer (PXD) and Antero (AR) are purely upstream operators, with a mix of oil (USO) and natural gas (UNG) production.
Given prior comments about long-term demand, it could be that Druckenmiller is bullish on energy for supply reasons. The pandemic-induced economic downturn removed hundreds of billions of dollars of capital investment from the energy sector globally. This absence of capital investment led Goldman's commodities strategist to flag energy shortages in January of this year. Goldman's view was formed well before war in Ukraine removed large pieces of energy supply from the global economy. Given Druckenmiller's Q1 purchases, it's possible he now shares Goldman's view.