- 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:
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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