- Stanley Druckenmiller’s 13F portfolio value increased ~30% from $870M to $1.13B this quarter.
- The huge ~11% of portfolio Halliburton stake was disposed of this quarter.
- Duquesne Family Office portfolio has 41 positions with the top three accounting for around 28% of the portfolio.
Stanley Druckenmiller’s portfolio increased 29.88% this
quarter from $870M to $1.13B. 12 of the 31 positions as of last quarter were
dropped and 22 news one added during the quarter. The nimble trading is typical
of the trend-following style. To know more about Druckenmiller's trading style
check out Trend Following: Learn to Make
Millions in Up or Down Markets.
Below is a summary of the major stakes:
AbbVie Inc. (ABBV):
ABBV is a large (top three) 7.39% portfolio stake established last quarter at
prices between $57 and $65. The stock is now at $62.22. ABBV is a 2013 spinoff
from Abbot Labs (ABT).
Abbott Labs (ABT):
Druckenmiller has had several previous roundtrips on ABT and he established a
small position last quarter as well. The stake was increased by over 170% this
quarter at prices between $39.31 and $45.29 and the stock is now at $38.10. The
stake is now fairly large at ~4%.
Facebook Inc. (FB):
FB was the largest individual stock position at 12.24% of the portfolio as of
last quarter. The stake was first purchased in Q4 2014. The position peaked at
just over 4M shares in Q3 2015 with close to one-third of the portfolio in that
single holding. Around 3.8M shares were purchased in Q2 & Q3 2015 at prices
between $78 and $97. Last three quarters had seen a combined ~77% reduction at
prices between $90 and $121. There was another ~80% selling this quarter at prices
between $114 and $131. The stock is now at $120. Druckenmiller is harvesting
gains and the remaining stake is at ~2%.
Note: FB has seen a previous roundtrip in the portfolio. A
~5% portfolio stake established in Q2 2014 was disposed of the following
quarter.
Halliburton Co.
(HAL): The huge 11.33% HAL stake established last quarter at prices between
$34 and $46 was disposed of this quarter at prices between $41 and $47. The
stock currently trades at $54.
Note: HAL has seen several previous roundtrips going back to
Q3 2012. The latest was a ~5% portfolio stake purchased in Q2 2015 and
eliminated the following quarter.
iShares MSCI Emerging
ETF (EEM): EEM is currently the largest position at ~15% of the portfolio.
It was established in Q1 2016 at prices between $28 and $34. Last quarter saw a
~30% selling at prices between $32 and $35. There was a huge ~120% increase
this quarter at prices between $33.50 and $38 and the stock is now at $35.15.
Note: EEM has seen a previous roundtrip in the portfolio: a
small position established in Q3 2012 was eliminated in Q1 2013.
iShares Nasdaq
Biotech ETF (IBB): IBB is a small 1.73% stake established this quarter.
Druckenmiller has established several other stakes in the biotech area: AC
Immune (ACMU), Juno Therapeutics (JUNO), Nektar Therapeutics (NKTR), and Merck
(MRK).
Below is a spreadsheet that highlights the changes to
Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q3
2016. For a look at how his portfolio has progressed, see our previous update:
To learn more about how to profit from a strategy of
following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning
Strategies for the Little Guy .
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