"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q2 2016 Update"
"Stanley Druckenmiller’s 13F portfolio value decreased ~35% from $1.34B to $870M this quarter.Consistent with his trading style, the quarter-to-quarter portfolio turnover continues to be very high.Duquesne Family Office portfolio has 31 positions with the top three accounting for around one-third of the portfolio.Stanley Druckenmiller’s portfolio decreased 34.96% this quarter from $1.34B to $870M. 22 of the 33 positions as of last quarter were dropped and 20 news one added during the quarter. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a summary of the major moves this quarter:AbbVie Inc. (ABBV): ABBV is a large (top three) 9.42% portfolio stake established this quarter at prices between $57 and $65. The stock is now at $64.12. ABBV is a 2013 spinoff from Abbot Labs (ABT). Druckenmiller has had several previous roundtrips on ABT and he established a small position this quarter as well.Facebook Inc. (FB): FB is currently the largest individual stock position at 12.24% of the portfolio. 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 three quarters have seen a combined ~77% reduction at prices between $90 and $121. The stock is now at $127. Druckenmiller is harvesting 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): HAL is the second-largest individual stock position at 11.33% of the portfolio. It was established this quarter at prices between $34 and $46 and the stock currently trades at $43.32.Note: HAL has seen several previous roundtrips going back to Q3 2012. The latest was a ~5% portfolio stake purchased in Q2 2015 and eliminated the following quarter.iShares MSCI Emerging ETF (EEM): EEM is a fairly large 8.26% portfolio stake established last quarter at prices between $28 and $34. This quarter saw a ~30% selling at prices between $32 and $35 and the stock is now at $37.41.Note: EEM has seen a previous roundtrip in the portfolio: a small position established in Q3 2012 was eliminated in Q1 2013.SPDR Gold (GLD) Call: GLD and the Gold Miner ETF (GDX) are a constant presence in the portfolio. The latest position (Calls) was a huge ~22% portfolio stake established in Q2 2015 when GLD traded between $112 and $118. It was reduced by ~30% last quarter and eliminated this quarter. GLD traded between $102 and $127 over the last two quarters. It currently trades at $127.Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q2 2016. For a look at how his portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Excerpt from first OFB post on Duquesne - Q3 2012 UpdateSource: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. For the family office, he started out with 23 positions in Q4 2011 and currently holds 45 positions as of Q3 2012. In the latest quarter, major changes include new positions in Exxon Mobil (XOM) and Chevron (CVX). Significant stake increases include DR Horton (DHI), Lennar (LEN), Eli Lilly (LLY), Merck (MRK), and Pfizer (PFE). The fund also eliminated a huge 38% position in SPDR Gold (GLD) and a ~6% position in Altria (MO) in the quarter."