"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q1 2021 Update"
"Stanley Druckenmiller’s 13F portfolio value increased from $3.71B to $3.89B this quarter.Duquesne added Citigroup and Palantir Technologies while dropping Walt Disney.The top three positions are at 25% of the portfolio.This article is first in 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 05/17/2021. The 13F portfolio value increased ~5% from $3.71B to $3.89B this quarter. The holdings are concentrated with recent 13F reports showing around 60 positions, many of which are very small. There are 47 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 Microsoft, Starbucks, Amazon.com, Freeport-McMoRan, and T-Mobile US. They add up to 36% of the portfolio.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:Citigroup (C ) and Palantir Technologies (PLTR): These two are large new positions purchased this quarter. The ~4% Citigroup stake was established at prices between ~$58 and ~$75 and the stock currently trades at $70.41. PLTR was a 3.59% of the portfolio position purchased at prices between ~$22 and ~$39 and it is now at $24.44.On Semiconductor (ON), Booking Holdings (BKNG), Intuit Inc. (INTU), and Builders Firstsource (BLDR): These are medium-sized new stakes established this quarter. The ~2% ON position was purchased at prices between ~$32.50 and ~$43 and it currently trades at $38.40. BKNG is a 1.79% of the portfolio stake established at prices between ~$1886 and ~$2462 and the stock is now at ~$2239. The 1.73% INTU position was purchased at prices between ~$361 and ~$422 and it is now well above that range at ~$498. BLDR is a 1.57% of the portfolio stake established at prices between ~$38 and ~$47.50 and the stock currently trades at $43.26.Facebook Inc. (FB), Taiwan Semi (TSM), JP Morgan Chase (JPM), Caterpillar (CAT), Coupang (CPNG), First Horizon Corp (FHN), Visa Inc. (V), Fidelity National Information Services (FIS), Mastercard (MA), Synchrony Financial (SYF), and Nektar Therapeutics (NKTR): These are very small (less than ~1% of the portfolio each) new positions established this quarter.Stake Disposals:Walt Disney (DIS): The 3.34% of the portfolio DIS stake was established in H1 2020 at prices between ~$85 and ~$145. Q4 2020 saw a ~300% stake increase at prices between ~$121 and ~$181. The disposal this quarter was at prices between ~$163 and ~$202. The stock currently trades at ~$177.NextEra Energy (NEE): NEE was a 1.62% of the portfolio position built in H2 2020 at prices between ~$61 and ~$77. The entire position was eliminated this quarter at prices between ~$71 and ~$87. The stock is now at $74.28.Carnival Corp (CCL): CCL was a 1.54% of the portfolio position purchased during Q2 & Q3 2020 at prices between ~$8.50 and ~$21.50. Last quarter saw the stake reduced by roughly one-third at prices between ~$12.30 and ~$23.60. The disposal this quarter was at prices between ~$18.70 and ~$29.80. The stock currently trades at $26.06.Analog Devices (ADI), Iqvia Holdings (IQV), Live Nation Entertainment (LYV), Smartsheet (SMAR), and Workday Inc. (WDAY): These very small (less than ~1% of the portfolio each) stakes were eliminated during the quarter.Stake Increases:Starbucks Corp (SBUX): SBUX is a large (top three) 6.35% stake built over the last three quarters at prices between ~$63 and ~$107. This quarter also saw a ~14% stake increase. The stock is now at ~$115.Teck Resources (TCK) and Cummins Inc. (CMI): These two stakes saw large increases in the last two quarters. TCK is a 2.25% of the portfolio position primarily built last quarter at prices between ~$12.25 and ~$18.85. There was a ~40% stake increase this quarter at prices between ~$18 and ~$23.75. The stock currently trades at $23.18. The 2.16% of the portfolio CMI stake was purchased last quarter at prices between ~$207 and ~$237. There was a ~50% stake increase this quarter at prices between ~$222 and ~$276. The stock is now at $242.Expedia Inc. (EXPE): EXPE is a ~2% of the portfolio position first purchased in Q3 2020 at prices between ~$80 and ~$103. Last quarter saw a ~15% trimming while this quarter there was a two-thirds increase at prices between ~$123 and ~$185. The stock currently trades at ~$167.Alphabet Inc. (GOOG): The 1.65% GOOG stake was established in Q4 2019 & Q1 2020 at prices between ~$1215 and ~$1521. The last three quarters had seen the position reduced by ~85% at prices between ~$1100 and ~$1830. The position was rebuilt this quarter at prices between ~$1736 and ~$2128. The stock currently trades at ~$2574.Flex Ltd. (FLEX), First Solar (FSLR), Linde plc (LIN), US Food Holding (USFD), Uber Technologies (UBER), and Vale SA (VALE): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is by far the top position at ~13% of the entire 13F portfolio. 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. This quarter also saw a ~20% stake increase at prices between ~$213 and ~$245. The stock is now at ~$278.Amazon.com (AMZN): AMZN is currently the third largest position at ~6% 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. Last few quarters have seen only minor adjustments. The stock is now at ~$3511.Freeport McMoran (FCX): FCX is a top-five ~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 $37.14. Last few quarters have seen only minor adjustments.T-Mobile US (TMUS) & rights: The large (top five) ~5% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while last quarter there was a similar reduction. There was a one-third selling this quarter at prices between ~$118 and ~$135. The stock currently trades at ~$146.Palo Alto Networks (PANW): PANW is a medium-sized 3.46% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. The stock is now well above that range at ~$373. There was a ~9% trimming this quarter.Sea Ltd. (SE): The 3.35% SEA stake was built in the first three quarters of 2019 at prices between ~$12 and ~$38. The next three quarters saw a ~50% selling at prices between ~$30 and ~$115. There was another ~40% reduction over the last two quarters at prices between ~$155 and ~$280. The stock is now at ~$274. They are harvesting gains.Penn National (PENN): PENN is a 2.43% of the portfolio purchased in Q2 & Q3 2020 at prices between ~$10 and ~$70. Last two quarters have seen a ~50% selling at prices between ~$55 and ~$130. The stock currently trades at $74.71.Mercadolibre (MELI): MELI is a frequently traded stock in the portfolio and has seen previous roundtrips. The current 1.64% position was purchased in Q2 & Q3 2020 at prices between ~$455 and ~$1200. Last two quarters saw a ~40% selling at prices between ~$1080 and ~$1985. The stock is now at $1552.General Electric (GE), Carvana (CVNA), Nuance Communications (NUAN), and Cloudflare Inc. (NET): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Reata Pharma (RETA): RETA is a 2.50% of the portfolio position built in Q4 2019 & Q1 2020 at prices between ~$80 and ~$225. Last quarter saw another ~40% stake increase at prices between ~$97 and ~$185. The stock is now at ~$139.Barrick Gold (GOLD): The 1.84% GOLD stake was purchased in Q2 2019 at prices between ~$12 and ~$16. Since then, the activity had been minor. Last quarter saw a ~25% selling at prices between ~$22.50 and ~$29. The stock currently trades at $20.79.Sunrun Inc. (RUN), Alcoa Corp (AA), Abcellera Biologics (ABCL), and Liberty Media Formula One (FWONK): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The rest of the stakes are minutely small (less than ~0.5% of the portfolio each). They are Array Technologies (ARRY), Canadian Pacific Railway (CP), Dish Network (DISH), Dragoneer Growth Opportunities (DGNR), Fisker Inc. (FSR), JD.com (JD), KBR Inc. (KBR), Micron Technology (MU), Option Care Health (OPCH), PayPal Holdings (PYPL), Sensei Biotherapeutics (SNSE), Snowflake Inc. (SNOW), Steel Dynamics (STLD), and UP Fintech Holding (TIGR).Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q1 2021:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q4 2020 and Q1 2021."