Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q4 2016 Update

• Stanley Druckenmiller’s 13F portfolio value decreased ~9% from $1.13B to $1.03B this quarter.
• The huge ~15% of portfolio iShares Emerging Market ETF stake was disposed of this quarter.
• Duquesne Family Office portfolio has 32 positions with the top three accounting for around 26% of the portfolio.

Stanley Druckenmiller’s portfolio decreased 9.27% this quarter from $1.13B to $1.03B. The pattern of very high turnover QoQ continued - many positions were dropped and news ones added. 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) 7.46% portfolio stake established in Q2 2016 at prices between $57 and $65. The stock is now at $63.69. ABBV is a 2013 spinoff from Abbot Labs (ABT). This quarter saw a ~8% trimming.

Abbott Labs (ABT): Druckenmiller has had several previous roundtrips on ABT and he established a small position in Q2 2016. The stake was increased by over 170% last quarter at prices between $39 and $45. The ~4% portfolio stake was disposed of this quarter at prices between $37.50 and $43.50. The stock is now at $45.

Facebook Inc. (FB): FB was the largest individual stock position at 12.24% of the portfolio as of Q2 2016. 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 four quarters had seen a combined ~90% reduction at prices between $90 and $131 and the disposal of the remaining ~2% portfolio stake this quarter was at prices between $115 and $133. The stock is now at $137. Druckenmiller harvested gains.  

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 in Q2 2016 at prices between $34 and $46 was disposed of last quarter at prices between $41 and $47. A 5.49% stake was re-established this quarter at prices between $44.50 and $55. The stock currently trades at $52.97.

Note: HAL has seen several previous roundtrips going back to Q3 2012.

iShares MSCI Emerging ETF (EEM): EEM was the largest position at ~15% of the portfolio as of last quarter. It was established in Q1 2016 at prices between $28 and $34. The following quarter saw a ~30% selling at prices between $32 and $35. There was a huge ~120% increase last quarter at prices between $33.50 and $38. The position was eliminated this quarter at prices between $34 and $38. The stock is now at $38.25.

Note: EEM has seen a previous roundtrip in the portfolio: a small position established in Q3 2012 was eliminated in Q1 2013.

iShares Russell 2000 ETF (IWM): IBB is currently the largest stake at ~13% of the portfolio. It was established this quarter at prices between $115 and $138 and the stock is now at $137.

Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q4 2016. For a look at how his portfolio has progressed, see our previous update:

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