- Stanley Druckenmiller’s 13F portfolio value decreased ~35% from $1.34B to $870M this quarter.
- Consistent with his trading style, the quarter-to-quarter portfolio turnover continues to be very high.
- Duquesne Family Office portfolio has 31 positions with the top three accounting for around one-third of the portfolio.
Stanley Druckenmiller’s portfolio decreased 34.96% this
quarter from $1.34B to $870M. 22 of the 33 positions as of last quarter were
dropped and 20 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 moves this quarter:
AbbVie Inc. (ABBV):
ABBV is a large (top three) 9.42% portfolio stake established this quarter at
prices between $57 and $65. The stock is now at $64.12. ABBV is a 2013 spinoff
from Abbot Labs (ABT). Druckenmiller has had several previous roundtrips on ABT
and he established a small position this quarter as well.
Facebook Inc. (FB):
FB is currently the largest individual stock position at 12.24% of the
portfolio. 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 have seen a combined ~77% reduction at
prices between $90 and $121. The stock is now at $127. Druckenmiller is
harvesting 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): HAL is the second-largest individual stock position at 11.33% of the
portfolio. It was established this quarter at prices between $34 and $46 and the
stock currently trades at $43.32.
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 a fairly large 8.26% portfolio stake established last
quarter at prices between $28 and $34. This quarter saw a ~30% selling at
prices between $32 and $35 and the stock is now at $37.41.
Note: EEM has seen a previous roundtrip in the portfolio: a
small position established in Q3 2012 was eliminated in Q1 2013.
SPDR Gold (GLD) Call:
GLD and the Gold Miner ETF (GDX) are a constant presence in the portfolio.
The latest position (Calls) was a huge ~22% portfolio stake established in Q2
2015 when GLD traded between $112 and $118. It was reduced by ~30% last quarter
and eliminated this quarter. GLD traded between $102 and $127 over the last two
quarters. It currently trades at $127.
Below is a spreadsheet that highlights the changes to
Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q2
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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