Stanley Druckenmiller has an exemplary history and track record trading so we wanted to investigate whether any opportunities leap out in his current portfolio.
Which positions, if any, are underwater? And are there any diamonds in the rough now that are on sale?
In Druckenmiller’s Duquesne Family Office there are 75 stock positions as of September 30, 2024, in its latest 13F filing.
The table below lists key holdings, the estimated average purchase price for each, sourced from 13F disclosures and historical price ranges, the current market price, and the percentage differential.
From this table we can figure out which stocks trade below the estimated purchase price (negative % difference).
Which Stocks Is Stan Making Money On?
| Stock (Ticker) | Estimated Purchase Price | Current Price (Feb 2025) | % Difference vs. Cost |
|---|---|---|---|
| Natera, Inc. (NTRA) | ~$80 per share (Initial buys ~$40–$60; major adds near $108) | $176.56 | +120% (above cost) |
| Coupang, Inc. (CPNG) | ~$30 per share (Bought from IPO ~$50 down to ~$13 in 2021–22) | $23.58 | −22% (below cost) |
| Coherent Corp. (COHR) | ~$65 per share (Built stake in Q1–Q2 2024 at ~$60–72) | $87.50 | +35% (above cost) |
| Philip Morris (PM) | ~$95 per share (Accumulated in 2023 around the $90 level) | $130.20 | +37% (above cost) |
| SPDR S&P Regional Bank ETF (KRE) | ~$56.6 per share (New position in Q3 2024) | $62.83 | +11% (above cost) |
| MercadoLibre (MELI) | ~$1,800 per share (Initiated around ~$1.8K in 2023–24) | $1,908.90 | +6% (above cost) |
| Ascendis Pharma (ASND) | ~$149 per share (Initiated Q3 2024 near $149) | $125.09 | −16% (below cost) |
Largest Holdings and Biggest Winners
Natera (DNA testing) was the largest holding in Druckenmiller’s portfolio representing approximately 15.3% of the 13F portfolio. Other major positions include Coupang in e-commerce, Coherent, a tech component firm, Philip Morris, the regional bank ETF (KRE), and MercadoLibre.. These top five stocks made up ~47.7% of the disclosed stock portfolio.
Druckenmiller built several positions at much lower prices than today. For example, Natera was accumulated between ~$40 and $108 over 2022–2024, implying a cost basis around the low-$80s per share. Coherent was a new stake in early 2024 around $60–72. The regional bank ETF was bought in mid-2024 around $56 per share.
Most of Stan’s purchases are trading above their estimated purchase prices. For example, Natera has roughly doubled from the ~$80 per share purchase price to ~$177 per share for a ~120% gain. Coherent is ~35% above the ~$65 cost. Even conservative bets like Philip Morris are up ~37% and KRE has gained 11%), showing solid gains.
With so many stocks doing so well since Stan bought them, what sits on the horizon waiting to be pounced upon by investors?
Underwater Stocks
A few stocks are below the price Stan is believed to have paid. For example, Coupang (CPNG) stands out – despite a recent rise to $23.50 per share and remains ~20% below the ~$30 average cost. Druckenmiller is believed to have taken a big stake during the 2021 initial public offering debut price near $49 per share and then subsequently averaged down as the share price tumbled into the teens.
Another is Ascendis Pharma (ASND), a small new biotech position initiated around $149 in Q3 2024, now ~$125 per share, representing a decline of about ~16%. These indicate current unrealized losses for those positions.
It’s worth noting Druckenmiller cut exposure to several laggards during 2024. For instance, he slashed his Coupang stake by ~50% in mid-2024, and trimmed others like ZoomInfo and Palantir (which were sold almost entirely). While some of these likely crystallized some losses, Palantir in particular appears to have been a missed opportunity given that it traded north of $100 per share in early February following its most recent earnings report. The remaining portfolio Stanley holds is skewed toward winners.
What’s The Biggest Opportunity?
Most Duquesne positions are in the green relative to their estimated entry prices, which is no big surprise given Druckenmiller’s history of successful timing on many trades.
Only a few holdings, like Coupang, still trade below the family office’s likely cost basis after a challenging period for those stocks. The portfolio’s reshuffling in 2024 shed many of the underperformers, leaving a concentration in stocks that have appreciated significantly.
It seems if there are two standout opportunities for investors to buy stocks that Druckenmiller still believes in they are Coupang, his second largest holdings, and Ascendis Pharma which represents just over 1% of his portfolio but actually ranks quite highly in his top 20 positions.