Stanley Druckenmiller went on a selling spree in the first three months of the year.
The legendary macro trader’s Duquesne Family Office fully unloaded 37 different U.S. stock positions, more than in any quarter since Druckenmiller shuttered his hedge fund to devote his time to managing the family office, according to a recently filed first-quarter 13F report. Druckenmiller also slashed his stake in data storage specialist Seagate Technology by more than 85 percent. It was Duquesne’s seventh-largest U.S. stock at year-end.
Druckenmiller initiated only 12 new positions in the first quarter, the fewest in one and a half years. As a result, reveals an analysis of Duquesne’s quarterly 13F filings, the stock portfolio is the most concentrated it has been during that period.
Altogether, the value of the U.S. common stock portfolio stood at about $2.92 billion as of the end of March, compared with $3.55 billion at year-end and $2.35 billion last September. None of the stocks Duquesne fully unloaded in the first quarter were significant positions the previous quarter.
In the first three months, Duquesne did make at least five major buys, one of which was a new position.
It boosted its stake in Israeli drug giant Teva Pharmaceuticals, now the second-largest U.S. common stock long, by 65 percent. Over the past two quarters, Duquesne increased its Teva bet tenfold. And it more than doubled its stake in Insmed, a biopharma company with a diversified pipeline. It is now the family office’s eighth-largest U.S. long.
In the first quarter, Duquesne turned a tiny position in Taiwan Semiconductor Manufacturing into its ninth-largest long by increasing its stake more than fivefold. In addition, it established a sizable new stake in software company DocuSign, which immediately became the family office’s tenth-largest long. It was Duquesne’s largest new position in the quarter.
Duquesne also made a previously small position in Flutter Entertainment, an online sports betting company, its 11th-largest long in the first quarter. The largest long remained Natera, accounting for nearly 16 percent of the U.S. stock portfolio. The clinical genetic testing company focuses on cancer, organ health, and women’s health.
It is unknown how Druckenmiller has positioned his non-U.S. stock investments. However, we do know that he has long opposed President Trump’s hefty tariff policy.
In January, he told CNBC that tariffs are “simply a consumption tax, that foreigners pay for some of it.” He added, “As long as we stay in the 10 percent range . . . I think the risks [from tariffs] are overblown relative to the rewards.”
In April, Druckenmiller stressed on X: “I do not support tariffs exceeding 10 percent.”
