Stan Druckenmiller upended his family office’s domestic stock portfolio in the third quarter.
The legendary macro investor fully unloaded 33 stocks — more than half the number of common stock holdings in the previous quarter — and initiated new positions in 29, according to the Duquesne Family Office’s third-quarter 13F regulatory filing.
When the dust settled, Duquesne held 62 different U.S. stocks valued at roughly $3.93 billion, approximately the same number of stocks and the same amount of capital Duquesne tends to hold from quarter to quarter, as detailed in its 13F filings over the years.
Druckenmiller, of course, enjoyed a long, successful career at Soros Fund Management, where current Treasury Secretary Scott Bessent reported to him for several years.
The makeup of the non-U.S. equity–oriented assets isn't known as Druckenmiller has not discussed them publicly.
Duquesne’s largest new stock positions in the third quarter include two that went public only in recent months and one that now ranks among the family office’s top-ten holdings. A total of four stocks cracked the top 15.
The largest new position was iShares MSCI Emerging Markets, an exchange-traded fund that tracks non-U.S. stocks in undeveloped markets. It jumped 14.6 percent in the third quarter. Druckenmiller also established a new position in Amazon, which is now his 11th-largest U.S. common stock long.
Duquesne’s next-largest new stock was blockchain giant Figure Technology Solutions. The stock surged 56 percent since it went public on September 11. The family office also purchased a position in StubHub Holdings, the online ticket reseller whose stock has nearly halved since it went public two months ago.
Duquesne’s three largest U.S. long positions are all health care–related. Natera, a clinical genetic testing company, is the biggest, representing nearly 13 percent of the U.S. portfolio’s assets. Its stock is up about 35 percent for the year. And Biopharma Insmed and Teva Pharmaceuticals together make up roughly 17 percent of U.S. assets.
