Druckenmiller made significant adjustments in the third quarter: established positions in American bank stocks and Broadcom, and continued to increase holdings in the "number one position" Natera

What signals are conveyed by building positions in bank stocks and pharmaceutical stocks, clearing out news stocks, and significantly increasing holdings in the top heavyweights?

Legendary investor and founder of Duquesne Capital, Stanley Druckenmiller, announced the third-quarter holdings of his global top family office, Duquesne Family Office, as of September 30, 2024.

The document shows that the total market value of Duquesne Family Office's holdings in the third quarter was $2.95 billion, an increase of $30 million from the previous quarter. In terms of trading changes, the fund established positions in 33 stocks, increased holdings in 11 stocks, reduced holdings in 20 stocks, and completely sold out of 22 stocks. Among them, the top ten holdings accounted for 62.64% of the total market value.

Specifically, as of the third quarter, Druckenmiller's investment portfolio included 75 stocks. Major holdings included 15.34% of Natera shares, 9.73% of Coupang shares, 8.97% of Coherent shares, 6.15% of Woodward shares, and 6.09% of Seagate Technology shares, covering 11 industries, including technology, healthcare, and consumer cyclicals.

Among them, Druckenmiller continued to increase his position in the "top heavyweight" clinical genetic testing company Natera this quarter, adding 1.592 million shares to reach 3.57 million shares, significantly increasing his position by 80.61% compared to the previous quarter; Coupang is the second-largest holding, with 11.7 million shares, a quarter-on-quarter increase of 6.61%.

In addition to significantly increasing his holdings in Natera, Druckenmiller also heavily bought 245,000 shares of tobacco giant Philip Morris, bringing his total holdings to 1.135 million shares, an increase of 27.58% from the previous quarter.

Building positions in banks and pharmaceuticals, clearing out News Corp

The holdings document shows that Druckenmiller newly bought Broadcom, several bank stocks and ETFs, as well as some pharmaceutical stocks, while completely selling out of News Corp and Liberty Global.

In the third quarter, Druckenmiller built positions in the SPDR S&P Regional Banking ETF, regional bank stocks Huntington Bancshares, First Horizon, and KeyCorp. Additionally, his fund also established positions in Teva Pharmaceuticals and Verona Pharma.

At the same time, Druckenmiller completely sold out of Class A and Class B shares of News Corp, as well as Class A and Class C shares of telecommunications company Liberty Global.

From the changes in holding proportions, Druckenmiller's top five purchases were: Natera, SPDR S&P Regional Banking ETF, Coupang, Philip Morris, and Broadcom; the top five sales included: Vistra Energy, Microsoft, Kinder Morgan, MAA Real Estate Investment Trust, and ZoomInfo Technologies