"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q3 2021 Update"
"Stanley Druckenmiller’s 13F portfolio value decreased from $4.04B to $3.08B this quarter.Duquesne increased Coupang, Alphabet, Expedia, and Booking Holdings while decreasing Microsoft, Intuit, Carvana, and Teck Resources. They also dropped Netflix and Affirm Holdings.The top three positions are at ~35% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory  filed on 11/15/2021. The 13F portfolio value decreased ~24% from $4.04B to $3.08B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 33 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Coupang, Amazon.com, Alphabet, Starbucks, and Microsoft,. They add up to ~49% of the portfolio. Please visit our  series to get an idea of their investment philosophy and for the fund’s moves during Q2 2021.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:Live Nation Entertainment (LYV), Zoom Video (ZM), and Procept BioRobotics (PRCT): These are the new positions this quarter. The 1.27% of the portfolio LYV stake was purchased at prices between ~$75 and ~$94 and the stock currently trades well above that range at ~$120. ZM is a ~1% of the portfolio position established at prices between ~$257 and ~$401 and it is now below that range at ~$191. PRCT had an IPO in September. Shares started trading at ~$37.50 and currently goes for $25.12. Druckenmiller’s small 0.74% of the portfolio stake goes back to funding rounds prior to the IPO.Stake Disposals:Netflix (NFLX): The 2.25% of the portfolio NFLX position was purchased last quarter at prices between ~$485 and ~$555 and the stock currently trades at ~$612. The disposal this quarter was at prices between ~$511 and ~$610.Affirm Holdings (AFRM): AFRM had an IPO in January. Shares started trading at ~$120 and currently goes for ~$104. Druckenmiller had a ~2% of the portfolio stake from funding rounds prior to the IPO. The position was sold this quarter at prices between ~$56 and ~$128.Cummins Inc. (CMI): The 2.27% of the portfolio CMI stake was purchased in Q4 2020 at prices between ~$207 and ~$237. There was a ~50% stake increase next quarter at prices between ~$222 and ~$276. The position was disposed this quarter at prices between ~$220 and ~$243. The stock is now at ~$218.Builders Firstsource (BLDR), Caterpillar (CAT), General Electric (GE), General Motors (GM), Marriott International (MAR), Mastercard (MA), On Semiconductor (ON), US Food Holding (USFD), and Visa Inc. (V): These small (less than ~1.50% of the portfolio each) stakes were eliminated this quarter.Stake Increases:Coupang Inc. (CPNG): CPNG had an IPO in March. Shares started trading at ~$49 and currently goes for $29.58. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase this quarter at prices between ~$28 and ~$44.50. The stock currently trades at $29.58. It is currently their largest stake at ~14% of the portfolio.Amazon.com (AMZN): AMZN is currently the second-largest position at 10.41% of the portfolio. The original stake was built in 2017 at prices between ~$750 and ~$1190. The stake has wavered. Recent activity follows. Q4 2019 saw a ~85% reduction at prices between ~$1740 and ~$1870. The stake was rebuilt over the next two quarters at prices between ~$1780 and ~$2880. There was a ~25% stake increase last quarter at prices between ~$3152 and ~$3505. The stock is now at ~$3373. This quarter also saw a minor ~3% stake increase.Alphabet Inc. (GOOG): The large (top three) 10.16% GOOG stake was established in Q4 2019 & Q1 2020 at prices between ~$1215 and ~$1521. The next three quarters had seen the position reduced by ~85% at prices between ~$1100 and ~$1830. The position was rebuilt over the last three quarters at prices between ~$1735 and ~$2917. The stock currently trades at ~$2920.Expedia Inc. (EXPE): EXPE is a 4.87% of the portfolio position first purchased in Q3 2020 at prices between ~$80 and ~$103. Next quarter saw a ~15% trimming while in Q1 2021 there was a two-thirds increase at prices between ~$123 and ~$185. Last two quarters have seen a stake doubling at prices between ~$138 and ~$178. The stock currently trades at ~$182.Booking Holdings (BKNG): BKNG is a 3.35% of the portfolio stake established in Q1 2021 at prices between ~$1886 and ~$2462 and the stock is now at ~$2396. There was a ~45% stake increase this quarter at prices between ~$2068 and ~$2491.Reata Pharma (RETA): RETA is a 2.27% of the portfolio position built in Q4 2019 & Q1 2020 at prices between ~$80 and ~$225. Q4 2020 saw another ~40% stake increase at prices between ~$97 and ~$185. The stock is now at $26.38. There was a ~15% trimming last quarter while this quarter saw a ~9% stake increase.Coupa Software (COUP), Dish Network (DISH), Farfetch (FTCH), and Option Care Health (OPCH): These are very small (less than ~1% of the portfolio each) stakes that were increased this quarter.Stake Decreases:Starbucks Corp (SBUX): SBUX is a large (top five) 7.55% stake built last year at prices between ~$63 and ~$107. Q1 2021 also saw a ~14% stake increase. The stock is now at ~$116. There was a ~8% trimming this quarter.Microsoft Corporation (MSFT): MSFT is now a top-five 7.12% of the portfolio position. It is a frequently traded stake and has seen previous roundtrips. The current position was built in 2017 at prices between ~$60 and ~$90. The stake has wavered. Recent activity follows. The three quarters through Q1 2020 saw a ~80% selling at prices between ~$133 and ~$185. The next three quarters saw a ~140% stake increase at prices between ~$150 and ~$232. Q1 2021 also saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~63% reduction over the last two quarters at prices between ~$236 and ~$305. The stock is now at ~$339.Palo Alto Networks (PANW): PANW is a large 6.21% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. The stock is now well above that range at ~$561. There was a ~15% trimming over the last three quarters.Freeport McMorran (FCX): FCX is a ~5% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The stock currently trades at $41.62. Last two quarters have seen a ~25% selling at prices between ~$30 and ~$45.T-Mobile US (TMUS) & rights: The 3.55% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while in Q4 2020 there was a similar reduction. There was a ~63% selling over the last three quarters at prices between ~$118 and ~$149. The stock currently trades at ~$117.Airbnb (ABNB), and Moderna (MRNA): These two stakes were established last quarter but reduced this quarter. ABNB is a 2.73% of the portfolio stake established at prices between ~$133 and ~$190 and it is now at ~$169. There was a ~10% trimming this quarter. The ~1% MRNA position was purchased at prices between ~$130 and ~$235 and it now goes for ~$252. This quarter saw a ~60% reduction at prices between ~$222 and ~$485.Intuit Inc. (INTU): The 2.47% INTU position was purchased in Q1 2021 at prices between ~$361 and ~$422 and it is now well above that range at ~$643. The position was reduced by ~50% this quarter at prices between ~$495 and ~$577.Carvana (CVNA) and Meta Platforms (FB) previously Facebook: These two positions saw large increases last quarter but were sold down this quarter. The 1.34% CVNA position saw a ~70% stake increase last quarter at prices between ~$224 and ~$315. The position was sold down by ~60% this quarter at prices between ~$302 and ~$370. The stock is now at ~$233. FB is a 1.17% of the portfolio stake built over the last two quarters at prices between ~$246 and ~$356 and the stock currently trades at ~$344. There was a ~60% selling this quarter at prices between ~$339 and ~$382.Teck Resources (TECK): TECK was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. There was a ~40% stake increase next quarter at prices between ~$18 and ~$23.75. The stock currently trades at $28.43. The position was sold down to a very small 0.84% of the portfolio stake this quarter at prices between ~$19.50 and ~$26.80.Flex Ltd. (FLEX), KBR Inc. (KBR), Palantir Technologies (PLTR), Penn National (PENN), Sea Ltd. (SE),  and Smartsheet (SMAR): These small (less than ~1.5% of the portfolio each) stakes were decreased this quarter.Kept Steady:Liberty Media Formula One (FWONK), Nektar Therapeutics (NKTR), and Oscar Health (OSCR): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes are minutely small (less than ~0.5% of the portfolio each). They are AbCellera Biologics (ABCL), Acadia Pharma (ACAD), Caribou Biosciences (CRBU), CF Industries Holdings (CF), CCC Intelligent Solutions (CCCS), Confluent Inc. (CFLT), Decarbonization Plus II (DCRN), Fastly Inc. (FSLY), Las Vegas Sands (LVS) Calls, Lithia Motors (LAD), OneMain Holdings (OMF), Overstock Inc. (OSTK), Recursion Pharma (RXRX), Sensei Biotherapeutics (SNSE), SentinelOne (S), and StoneCo (STNE).Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q3 2021:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 7/2/2021 thru 10/3/2021: None."