Duquesne Family Office, the asset manager of billionaire Stanley Druckenmiller, has noticeably restructured its portfolio in the second quarter, opening large new positions in AI and semiconductor leaders, switching to big bank stocks and betting on the growth of the U.S. stock market, according to its latest Form 13F report filed with the SEC.

New deals

In the second quarter, Druckenmiller made a bet on the technologies fueling the AI revolution, Benzinga notes. The billionaire's biggest new purchase was shares of semiconductor materials supplier Entegris - he opened a $132.74 million (1.7 million shares) position that now represents 3.3% of his portfolio. The second largest new position was in shares of Microsoft, a leader in cloud computing and AI software. Druckenmiller bought 201,000 of them for $99.95 million - 2.5% of his portfolio. The investor also opened a position in chip maker Broadcom - 86k shares at $23.7 million - and significantly increased his stake in Taiwan Semiconductor. In TSM, he bought more than 166,000 shares, bringing the value of the stake to $173 million. Taken together, these deals show a broad bet on the entire AI chain - from chip makers to software giants, Benzinga emphasizes.

Druckenmiller also restructured the financials side of the portfolio: he exited Capital One ($35.4 million), a consumer lending-focused bank, and focused on global banks. The portfolio includes Citigroup ($56.7 million), Goldman Sachs ($29.7 million) and the Financial Select Sector SPDR Fund ($51.6 million), which covers the entire banking sector. This turnaround speaks to investor confidence that large diversified banks are better prepared for the current economic situation, Benzinga said.

In addition to individual companies, Druckenmiller made a major bet on the entire U.S. stock market by purchasing call options that give him the right to buy securities at a given price and play upward. The billionaire opened a $55.6 million call position in the SPDR S&P 500 ETF fund, showing confidence in the overall market. Additionally, he opened a new $72.3 million call position in the iShares Russell 2000 ETF, betting on the growth of small-cap stocks, which are considered a barometer of the U.S. economy.

What Druckenmiller believes in.

At the end of the second quarter, Duquesne had just 69 positions in its portfolio worth about $4 billion, Benzinga notes. Natera, a company specializing in genetic tests, had the largest share at 12.8%. Second place went to Teva Pharmaceutical (6.5%), a large maker of generics and pharmaceutical products. In third (5.5%) is biotech company Insmed, which develops drugs to treat rare diseases. Duquesne also holds shares of aviation and energy solutions provider Woodward, which accounts for 5.1% of its portfolio. Rounding out the list is TSMC, the world's leading contract semiconductor manufacturer. It accounts for 4.2% of the investor's portfolio.

Druckenmiller's assets are primarily concentrated in nine of 11 sectors: healthcare, technology, cyclical goods, industrials, financial services, communications services, non-cyclical goods, energy and commodities, GuruFocus notes.

This article was AI-translated and verified by a human editor

Share