CPNG - Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q2 2023 Update

2023-08-31 23:04:00 ET

Summary

• Duquesne Family Office's 13F portfolio value increased by approximately 25% to $2.87B in Q2 2023.
• The largest five stakes in the portfolio are Nvidia, Coupang, Microsoft, Eli Lilly, and Lamb Weston Holdings, making up around 53% of the portfolio.
• Stanley Druckenmiller's family office made new stakes in General Electric and several other small positions, while disposing of stakes in Alphabet, Freeport-McMoRan, Advanced Micro Devices, Barrick Gold, and Palo Alto Networks.

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 8/14/2023. The 13F portfolio value increased ~25% from $2.31B to $2.87B this quarter. The holdings are concentrated with recent 13F reports showing around 55 positions, many of which are very small. There are 30 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 Lamb Weston Holdings. They add up to ~53% of the portfolio. Please visit our Tracking Stanley Druckenmiller's Duqeusne Portfolio series to get an idea of their investment philosophy and our previous Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio for the fund's moves during Q1 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:

General Electric ( GE ): GE is a 2.81% of the portfolio position purchased this quarter at prices between ~$94 and ~$110 and the stock currently trades just above that range at ~$114.

Builders FirstSource ( BLDR ), Cameco ( CCJ ), Cadence Design ( CDNS ), DoorDash ( DASH ), PTC Inc. ( PTC ), Oracle ( ORCL ), Tempur Sealy Intl. ( TPX ), and Wesco International ( WSC ): These are very small (less than ~1.5% of the portfolio each) stakes established this quarter.

Stake Disposals:

Alphabet ( GOOG ) : GOOG was a fairly large ~4% of the portfolio position purchased last quarter at prices between ~$87 and ~$109. The disposal this quarter was at prices between ~$104 and ~$128. The stock currently trades at ~$137.

Freeport-McMoRan ( FCX ) : FCX was a 1.48% 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 position was sold over the last three quarters at prices between ~$27 and ~$47. The stock currently trades at $39.91.

Advanced Micro Devices ( AMD ), Barrick Gold ( GOLD ), and Palo Alto Networks ( PANW ): These small (less than ~1.5% of the portfolio each) stakes were dropped this quarter.

Stake Increases:

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 last quarter at prices between ~$143 and ~$280. That was followed by a ~20% further increase this quarter at prices between ~$262 and ~$438. The stock currently trades well above those ranges at ~$494.

Coupang Inc. ( CPNG ): CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for ~$19. 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 this quarter.

Microsoft Corp. ( MSFT ): MSFT is a large (top three) ~10% of the portfolio position established last quarter at prices between ~$222 and ~$288 and the stock currently trades at ~$328. There was a ~14% stake increase this quarter.

Lamb Weston Holdings ( LW ): The large (top five) ~9% LW position was built during H2 2022 at prices between ~$73 and ~$90. There was a ~20% increase last quarter at prices between ~$87 and ~$105. That was followed by a minor ~4% increase this quarter. The stock is now at $97.41.

T-Mobile US ( TMUS ) & rights : The ~6% 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 this quarter there was a ~140% stake increase at prices between ~$127 and ~$151. The stock is now at $136.

Teck Resources ( TECK ): TECK is a ~5% 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 last three quarters at prices between ~$26 and ~$44. The stock currently trades at $41.32. This quarter also saw a ~6% further increase.

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.

Option Care Health ( OPCH ) : OPCH is a ~5% of the portfolio position established during Q4 2022 at prices between ~$28 and ~$35. There was a ~50% reduction last quarter at prices between ~$28 and ~$33 while this quarter saw the position rebuilt at prices between ~$27 and ~$33. The stock currently trades at ~$35.

News Corp. ( NWS ): The 3.57% NWS stake was purchased last quarter at prices between ~$16 and ~$22. There was a ~55% stake increase this quarter at prices between ~$17 and ~$20. The stock currently trades at the top end of those ranges at ~$22.

Stake Decreases:

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 last two quarters saw a ~27% reduction at prices between ~$311 and ~$469. The stock currently trades at ~$554.

Amazon.com ( AMZN ), IQVIA Holdings ( IQV ), and Taiwan Semi ( TSM ): The AMZN stake was established last quarter at prices between ~$83 and ~$113. There was a ~75% selling this quarter at prices between ~$98 and ~$130. The stock currently trades at $138 and the stake is now very small at ~1% of the portfolio. IQV is a 1.55% of the portfolio position established last quarter at prices between ~$188 and ~$241 and the stock currently trades at ~$223. There was a ~60% selling this quarter at prices between ~$184 and ~$225. TSM is a 1.71% of the portfolio position established last quarter at prices between ~$74 and ~$98 and it currently trades at ~$94. There was a ~16% trimming this quarter.

KBR ( KBR ): The 1.14% KBR position saw a ~110% stake increase over the four quarters through Q3 2022 at prices between ~$40 and ~$57. The stake was sold down by ~70% this quarter at prices between ~$55 and ~$66. The stock is now at $61.52.

Vertiv Holdings ( VRT ): VRT is a ~1% of the portfolio stake established during H2 2022 at prices between ~$8.25 and ~$15 and it now goes for ~$39. The last two quarters saw a ~80% reduction at prices between ~$12 and ~$25.

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 stock is now at ~$296.

Illumina ( ILMN ), Marvell Technology ( MRVL ), and Skechers U.S.A. ( SKX ): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.

Kept Steady:

Natera, Inc. ( NTRA ): The 1.51% NTRA stake was established over the last three quarters at prices between ~$32 and ~$58 and it is now at $58.73.

Chevron ( 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. The last quarter saw the position sold down by 75% to a small 1.22% portfolio stake at prices between ~$152 and ~$188. The stock currently trades at ~$161.

Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2023:

For further details see: