META - Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q4 2022 Update

2023-03-30 22:50:07 ET

Summary

• Stanley Druckenmiller’s 13F portfolio value increased from $1.76B to $2.02B this quarter.
• Duquesne added NVIDIA and increased Eli Lilly, Chevron, Lamb Weston Holdings, and Meta Platforms while decreasing T-Mobile, Datadog, and WillScot Mobile. They also dropped Amazon, Workday, and Microsoft.
• The top three positions are at ~37% of the portfolio.

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 2/14/2023. The 13F portfolio value increased ~15% from $1.76B to $2.02B 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, Chevron, Lamb Weston Holdings, and Meta Platforms. They add up to ~50% 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 Q3 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:

NVIDIA Corp. ( NVDA ): NVDA is a fairly large 4.22% of the portfolio stake purchased this quarter at prices between ~$112 and ~$181 and the stock currently trades at ~$274.

Option Care Health ( OPCH ), Lennar Corp. ( LEN ), and Deere & Co. ( DE ): OPCH is a 2.27% of the portfolio position established at prices between ~$28 and ~$35 and the stock currently trades at $31.46. The ~2% LEN stake was purchased at prices between ~$71 and ~$94 and it is now at ~$103. DE is a 1.55% of the portfolio position established at prices between ~$334 and ~$446 and it now goes for ~$404.

Occidental Petroleum ( OXY ), AT&T Inc. ( T ), Ovintiv Inc. ( OVV ), Advanced Micro Devices ( AMD ), Parker-Hannifin ( PH ), Vale SA ( VALE ), Cameco Corp ( CCJ ), Caterpillar Inc. ( CAT ), Phillips 66 ( PSX ), D. R. Horton ( DHI ), and Samsara Inc. ( IOT ): These are small (less than ~1.5% of the portfolio each) new stakes established during the quarter.

Stake Disposals:

Amazon.com ( AMZN ): AMZN was a top three 5.81% of the portfolio stake established last quarter at prices between ~$106 and ~$145. The disposal this quarter was at prices between ~$82 and ~$121. The stock is now at ~$102.

Microsoft Corporation (MSFT) : MSFT was a 2.56% of the portfolio position built in 2017 at prices between ~$60 and ~$90. 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 last quarter at prices between ~$233 and ~$294. The elimination this quarter was at prices between ~$214 and ~$257. The stock is now at ~$284.

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 position was sold out this quarter at prices between ~$24 and ~$31. The stock is now at ~$24.

CrowdStrike ( CRWD ): The 1.43% of the portfolio CRWD stake was established during Q2 2022 at prices between ~$137 and ~$240 and it is now at ~$132. There was a one-third reduction last quarter at prices between ~$159 and ~$203. The disposal this quarter was at prices between ~$100 and ~$178.

Builders FirstSource ( BLDR ), Cloudflare, Inc. ( NET ), Edison International ( EIX ), GameStop ( GME ) Puts, New Fortress Energy ( NFE ), PPG Industries ( PPG ), Sea Limited ( SE ), Shopify Inc. ( SHOP ), and Workday Inc. ( WDAY ): These small (less than ~2.10% of the portfolio each) stakes were sold during the quarter.

Stake Increases:

Coupang, Inc. ( CPNG ): CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for $15.70. 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. The last few quarters have also seen minor increases. It is currently their largest stake at ~15% of the portfolio.

Eli Lilly ( LLY ): LLY is a large (top three) 13.36% of the portfolio position purchased during Q2 2022 at prices between ~$279 and ~$327 and the stock currently trades at ~$341. There was a ~150% stake increase in the last two quarters at prices between ~$296 and ~$375.

Chevron Corp. ( CVX ): CVX is a large (top three) 8.74% of the portfolio stake purchased during the two quarters through Q1 2022 at prices between ~$102 and ~$171 and the stock currently trades at ~$162. There was a ~28% selling in the last two quarters at prices between ~$136 and ~$181 while this quarter saw a ~42% stake increase at prices between ~$144 and ~$188.

Lamb Weston Holdings ( LW ), and Vertiv Holdings ( VRT ): The large (top five) 7.33% LW position was built during the last two quarters at prices between ~$73 and ~$90 and it is now at ~$103. VRT is a ~4% of the portfolio stake established last quarter at prices between ~$8.25 and ~$13.50 and it now goes for ~$13.80. There was a ~20% stake increase this quarter at prices between ~$10 and ~$15.

Meta Platforms ( META ): The 5.37% stake in META was primarily built this quarter at prices between ~$89 and ~$140. The stock is now at ~$208.

Teck Resources ( TECK ): TECK is a 3.33% 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 ~75% stake increase in the last two quarters at prices between ~$25.75 and ~$39.40. The stock currently trades at $36.19.

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.

Cenovus Energy ( CVE ): CVE is a 2.60% of the portfolio position that saw a ~220% stake increase this quarter at prices between ~$15.50 and ~$21.50. The stock currently trades at $17.33.

Natera, Inc. ( NTRA ): The very small 1.28% stake in NTRA was increased substantially during the quarter.

Stake Decreases:

KBR, Inc. ( KBR ): The 4.41% KBR position saw a ~110% stake increase over the last four quarters at prices between ~$40 and ~$57. The stock is now at $54.38. This quarter saw a ~7% trimming.

T-Mobile US (TMUS) & rights : The 3.15% 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 during Q2 2022 at prices between ~$122 and ~$139. This quarter saw another ~37% selling at prices between ~$132 and ~$152. The stock currently trades at ~$145.

Freeport-McMoRan ( FCX ) : FCX is a 1.58% 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 during Q2 2022 at prices between ~$29 and ~$51. The last two quarters saw another ~75% selling at prices between ~$25 and ~$40. The stock currently trades at $40.20.

Datadog ( DDOG ) and Palo Alto Networks ( PANW ): The 1.21% DDOG stake was established during Q2 2022 at prices between ~$82 and ~$157. The last quarter saw a ~165% stake increase at prices between ~$86 and ~$118 while this quarter there was a ~58% selling at prices between ~$67 and ~$95. The stock is now at $67.91. PANW is a 0.75% of the portfolio position purchased in Q2 2022 at prices between ~$147 and ~$210 and it now goes for ~$194. This quarter saw a ~30% reduction at prices between ~$137 and ~$178.

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

WillScot Mobile Mini ( WSC ): WSC is a 0.69% stake established in the two quarters through Q1 2022 at prices between ~$32 and ~$41 and it currently goes for $46.29. The last three quarters saw a ~85% reduction at prices between ~$31 and ~$48.50.

Palantir Technologies ( PLTR ): The 0.40% 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. The last two quarters saw a ~70% selling at prices between ~$6 and ~$11.50. The stock currently trades at ~$8.15.

Alpha Metallurgical Resources I ( AMR ), Arch Resources ( ARCH ), and Pioneer Natural Resources ( PXD ): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.

Kept Steady:

Moderna ( MRNA ): MRNA stake was purchased during Q2 2022 at prices between ~$117 and ~$177. Last quarter saw the position reduced to a very small 0.20% stake at prices between ~$118 and ~$194. The stock currently trades at ~$147.

Alnylam Pharma ( ALNY ), Las Vegas Sands ( LVS ) Calls, and Recursion Pharma ( RXRX ): 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 Q4 2022:

For further details see: