Stanley Druckenmiller's Firm Buys the Dip in Amazon, Meta

Investing

Published: November 15, 2022 8:21 pm

Stanley Druckenmiller’s family office Duquesne recently filed its Form 13F filing with the U.S. Securities and Exchange Commission (SEC). The report, 45 days after the end of the quarter, shows what Duquesne’s holdings were at the end of the third quarter.

Duquesne increased its number of holdings by roughly 50% quarter over quarter, going from 43 positions at the end of Q2 to 65 in Q3 (up 51%). Further, the reported value jumped from $1.382 billion to $1.763 billion.

The main takeaway? That Drunkenmiller & Co. were busy buying the dip. Specifically, they are buying the dip in beaten-down tech.

Drunkenmiller Buys the Dip in Amazon, Meta; Lowers Microsoft Stake

Druckenmiller’s Duquesne bought 906,250 shares of Amazon (US:AMZN) in the quarter. At current prices, that’s good for a stake of roughly $90 million. The firm also bought Meta (US:META), but on a much smaller scale with 160,360 shares. At current prices, that’s good for a stake of about $18.3 million.

At the end of Q3, the firm owned both stocks at higher prices, with a cost basis of $113 a share for Amazon and $135.68 a share for Meta. Amazon is the firm’s third-largest position.

Elsewhere in big tech, Drunkenmiller slashed the firm’s stake in Microsoft, going from more than 740,000 shares down to 193,535 shares.

Buying Tech, Eli Lilly

The firm was also busy outside of mega-cap tech as well. Duquesne more than doubled its stake in Datadog (US:DDOG) from ~298,000 shares to more than 789,000.

Further, it nearly tripled its stake in Workday (US:WDAY) from 82,500 to 240,925 shares. Drunkenmiller also tripled his stake in Palo Alto Networks (US:PANW) to 154,848 shares.

Drunkenmiller increased his stake in Eli Lilly (US:LLY) by more than 60% to roughly 485,000 shares. Eli Lilly is now the firm’s second-largest position beyond Coupang (US:CPNG). While Duquesne did not alter the position size of Coupang last quarter, it’s still more than double its Eli Lilly stake (with its Coupang position valued at $323 million at the end of Q3).

Duquesne’s Sales

The firm closed positions in Phillips 66 (US:PSX) and Westlake Chemical (US:WLK).

It reduced its holdings in Antero Resources (US:AR) by 72% and Freeport-McMoRan (US:FCX) by 63.9%. Lastly, Duquesne reduced its stake in Moderna (US:MRNA) by roughly 90%.

This article originally appeared on Fintel

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