Stan Druckenmiller made three new investments in the fourth quarter, two of which immediately ranked among his top-four holdings. Both are exchange-traded funds that track broad indices.
Duquesne Family Office made a large investment in the State Street Financial Select Sector SPDR ETF, which seeks to offer a representation of the financial sector of the S&P 500 Index. It is now the family office’s second-largest U.S.-listed stock long position. In addition, Duquesne established a new position in the Invesco S&P 500 Equal Weight ETF.
Duquesne also made a big bet on Brazilian stocks, taking a new stake in an iShares ETF that tracks an index of Brazilian stocks. Duquesne disclosed a large position in call options on the Brazilian ETF.
Altogether, the legendary macro trader’s family office initiated new positions in 26 stocks and fully liquidated 30 positions in the fourth quarter. At year-end, the value of the U.S. stock portfolio — excluding options — was $4.21 billion, the highest it has been in any quarter since Druckenmiller began filing on behalf of his family office. Through the years, he has kept the U.S. stock portfolio in the range of $3 billion to $4 billion, according to an analysis of Duquesne’s 13F filings.
Outside of U.S. stocks, it is not known where Druckenmiller is invested. From time to time, he provides nuggets of insights in TV interviews or at conferences, but he hasn’t done so recently.
In the fourth quarter, Duquesne boosted its stake in Amazon by nearly 70 percent, making it the seventh-largest U.S. long position. Clinical genetic testing company Natera has been Duquesne’s biggest long position since the third-quarter of 2024. Duquesne established its position in the third quarter of 2022; the stock has since swelled roughly five fold. Nonetheless, in the fourth quarter, Duquesne reduced its stake by nearly one-quarter.
In fact, in the last quarter, Duquesne slashed its holdings in a number of health care companies, including what were its second- and third-largest positions at the end of September: It trimmed its stake in Insmed — a biopharma company developing therapies for patients with rare and serious diseases, and previously the second-largest long position — by nearly 40 percent. And Duquesne cut its position in Teva Pharmaceutical Industries by nearly two-thirds. Insmed and Teva are now Duquesne’s third- and fifth-largest U.S. longs, respectively.
In the fourth quarter, Duquesne fully liquidated its investment in Verona Pharma, previously its ninth-largest U.S. long.
