Stanley Druckenmiller trims holdings of 'Magnificent Seven' names

By Joseph Adinolfi

The latest 13-F filing from Stanley Druckenmiller's Duquesne Family Office didn't include any clues about how his big bet on small-cap stocks had fared.

But it did reveal that he had trimmed his positions in several "Magnificent Seven" megacap stocks.

A previous filing showing Druckenmiller's positions during the first quarter revealed a sizable bet on call options tied to an ETF tracking the small-cap Russell 2000 RUT index. The position was nowhere to be found in his latest filing - suggesting that he had either closed it, or that the options had expired.

The filing did show, however, that Druckenmiller's decision to trim bets on megacap technology stocks wasn't limited to Nvidia Corp. (NVDA) Along with trimming his stake in the chipmaker, the legendary investor also reduced his holdings of Apple Inc. (AAPL) and Microsoft Corp. (MSFT) and dumped his entire stake in Meta Platforms Inc. (META)

Druckenmiller revealed during a CNBC interview in May that he had cut his stake in Nvidia after initially buying shares in late 2022, before the debut of OpenAI's ChatGPT kicked off the artificial-intelligence boom.

Wednesday's filing also revealed a new options bet involving shares of tobacco company Philip Morris International Inc. (PM), along with a sizable position in the company's shares.

It is important to remember that 13-Fs don't offer a complete or up-to-date picture of a firm's portfolio. What they do show is a snapshot of the stocks, options and other types of securities or derivatives that the firm held as of the end of the quarter.

Short positions don't need to be reported, nor do holdings in other assets outside stocks or the amount of cash a firm has on hand. Stakes in private companies are also left out.

See: Large money managers have to disclose their investments. Here's how to find them.

-Joseph Adinolfi

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08-14-24 1719ET

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