TMUS - Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q3 2023 Update

2023-11-30 19:47:33 ET

Summary

• Duquesne Family Office's 13F portfolio value decreased by 3% to $2.79B in Q3 2023.
• The largest holdings in the portfolio are Nvidia, Coupang, Microsoft, Eli Lilly, and Teck Resources, making up 53% of the portfolio.
• New stakes include Alphabet, Vistra Corp, Seagate Tech, and Broadcom, while stakes in Iqvia Holdings, Meta Platforms, Taiwan Semi, and others were sold.

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 11/14/2023. The 13F portfolio value decreased ~3% from $2.87B to $2.79B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 26 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 Nvidia, Coupang, Microsoft, Eli Lilly, and Teck Resources. They add up to ~53% 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 Q2 2023.

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:

Alphabet ( GOOG ) : GOOG is a ~4% of the portfolio stake established this quarter at prices between ~$117 and ~$139 and the stock currently trades at ~$134.

Note: Alphabet is back in the portfolio after a quarter’s gap.

Vistra Corp ( VST ) : The 2.37% VST position was purchased at prices between ~$26 and ~$34 and the stock currently trades just above that range at $35.41.

Seagate Tech. ( STX ) : STX is a 2.17% stake purchased at prices between ~$57 and ~$73 and the stock currently trades above that range at $79.10.

Broadcom ( AVGO ) : The 1.55% AVGO position was purchased at prices between ~$808 and ~$918 and the stock currently trades above that range at ~$926.

Alibaba Group Holdings (BABA), Danaher (DHR), Transocean (RIG), and Veeva Systems ( VEEV ) : These are small (less than ~1% of the portfolio each) new stakes established this quarter.

Stake Disposals:

IQVIA Holdings ( IQV ) : IQV was a 1.55% of the portfolio position established during Q1 2023 at prices between ~$188 and ~$241 and the stock currently trades at ~$214. There was a ~60% selling last quarter at prices between ~$184 and ~$225. The disposal this quarter was at prices between ~$197 and ~$232.

Meta Platforms ( META ) : A large META stake was built during Q4 2022 at prices between ~$89 and ~$140. The position was sold down by ~95% during the last two quarters at prices between ~$125 and ~$289. The elimination this quarter was at prices between ~$283 and ~$326. The stock is now at ~$327.

Taiwan Semi ( TSM ) : TSM was a 1.71% of the portfolio position established during Q1 2023 at prices between ~$74 and ~$98 and it currently trades at $97.31. There was a ~16% trimming last quarter. The position was sold this quarter was at prices between ~$84 and ~$105.

Arista Networks (ANET), Cadence Design (CDNS), DoorDash (DASH), Marvell Technology (MRVL), Oracle (ORCL), PTC Inc. (PTC), Skechers U.S.A. (SKX), Tempur Sealy Intl. (TPX), and WESCO International (WCC): These very small (less than ~1.5% of the portfolio each) stakes were dropped this quarter.

Stake Increases:

Microsoft Corp ( MSFT ) : MSFT is a large (top three) ~12% of the portfolio position established during Q1 2023 at prices between ~$222 and ~$288 and the stock currently trades well above that range at ~$379. There was a ~14% stake increase last quarter and that was followed by a ~23% increase this quarter at prices between ~$312 and ~$358.

Teck Resources ( TECK ) : TECK is a large (top five) 6.35% of the portfolio stake purchased in Q1 2022 at prices between ~$29 and ~$42. The next quarter saw a ~55% reduction at prices between ~$26 and ~$46. There was a ~200% stake increase in the three quarters through Q1 2023 at prices between ~$26 and ~$44. That was followed by a ~30% increase over the last two quarters. The stock currently trades at $37.65.

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.

News Corp (NWS): The 4.17% NWS stake was purchased during Q1 2023 at prices between ~$16 and ~$22 and it is now at ~$23. There was a ~55% stake increase last quarter at prices between ~$17 and ~$20. This quarter also saw a ~9% further increase.

Vertiv Holdings ( VRT ) : VRT is a 2.52% of the portfolio stake established during H2 2022 at prices between ~$8.25 and ~$15 and it now goes for $43.66. The last two quarters saw a ~80% reduction at prices between ~$12 and ~$25 while this quarter saw a ~53% stake increase at prices between ~$24 and ~$40.

Chevron Inc. ( CVX ) : A large CVX stake was purchased during the two quarters through Q1 2022 at prices between ~$102 and ~$171. There was a ~28% selling in the two quarters through Q3 2022 at prices between ~$136 and ~$181 while the next quarter saw a ~42% stake increase at prices between ~$144 and ~$188. Q1 2023 saw the position sold down by 75% at prices between ~$152 and ~$188. The stake was rebuilt this quarter at prices between ~$151 and ~$171. The stock currently trades at ~$144.

Builders FirstSource (BLDR): The ~2% BLDR position was purchased in the last two quarters at prices between ~$86 and ~$152. The stock is now at ~$134.

UBS Group AG ( UBS ) : UBS is a 1.94% stake built during the last two quarters at prices between ~$19 and ~$27 and the stock currently trades at $28.25.

Stake Decreases:

Nvidia Corp ( NVDA ) : NVDA is currently the largest 13F stake at ~14% of the portfolio. It was established during Q4 2022 at prices between ~$112 and ~$181. There was a ~35% stake increase during Q1 2023 at prices between ~$143 and ~$280. That was followed by a ~20% further increase last quarter at prices between ~$262 and ~$438. The stock currently trades well above those ranges at ~$468. This quarter saw a ~8% trimming.

Eli Lilly ( LLY ) : LLY is a large (top five) ~9% of the portfolio position purchased during Q2 2022 at prices between ~$279 and ~$327. There was a ~150% stake increase during H2 2022 at prices between ~$296 and ~$375. The stock currently trades at ~$591. The last two quarters saw a ~27% reduction at prices between ~$311 and ~$469. That was followed by a ~15% selling this quarter at prices between ~$433 and ~$598.

Lamb Weston Holdings ( LW ) : The large ~6% LW position was built during H2 2022 at prices between ~$73 and ~$90 and it is now at ~$100. There was a ~20% increase during Q1 2023 at prices between ~$87 and ~$105. This quarter saw a ~11% trimming.

T-Mobile US ( TMUS ) : The ~4% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. The position has wavered. Recent activity follows. Q4 2022 saw a ~37% selling at prices between ~$132 and ~$152 while last quarter there was a ~140% stake increase at prices between ~$127 and ~$151. There was a ~35% reduction this quarter at prices between ~$133 and ~$143. The stock is now at ~$151.

Option Care Health ( OPCH ) : OPCH is a 1.40% of the portfolio position established during Q4 2022 at prices between ~$28 and ~$35. There was a ~50% reduction in the next quarter at prices between ~$28 and ~$33 while the last quarter saw the position rebuilt at prices between ~$27 and ~$33. This quarter saw a ~72% selling at prices between ~$31 and ~$36. The stock currently trades at $29.75.

Amazon.com ( AMZN ) : The very small 0.62% stake in AMZN was reduced by ~37% during the quarter.

Kept Steady:

Coupang Inc. ( CPNG ) : CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for $15.28. 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. It is currently their second largest stake at ~13% of the portfolio. There was a minor ~3% increase last quarter.

General Electric ( GE ) : GE is a 2.92% of the portfolio position purchased last quarter at prices between ~$94 and ~$110 and the stock currently trades at ~$122.

Natera Inc. ( NTRA ) : The 1.42% NTRA stake was established over the three quarters through Q1 2023 at prices between ~$32 and ~$58 and it is now at ~$56.

Cameco (CCJ), and KBR Inc. ( KBR ) : These very small (less than ~1.25% 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 2023:

Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q2 2023 and Q3 2023.

For further details see: