Stanley Druckenmiller likes to make big bets.
He once said that if you see something really exciting, “bet the ranch on it.”
Druckenmiller was formerly George Soros's right-hand man. He helped make the famous bet against the British pound in 1992, a trade that “broke the Bank of England.”
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He is the former chairman and president of Duquesne Capital Management, which he founded in 1981 and managed until it closed in 2010. Over its nearly three decades, the firm delivered an average annual return of 30%.
After Druckenmiller closed Duquesne Capital to outside investors, he actively managed his wealth and investments under a family office structure, now called Duquesne Family Office.
Druckenmiller is a supporter of President Donald Trump. He says that Trump’s reelection has ignited market enthusiasm.
The Nasdaq Composite surged more than 6% in the month following Trump’s victory, bringing the index’s 2024 gains to 30%.
“We’re probably going from the most anti-business administration to the opposite,” Druckenmiller told CNBC last month.
“We do a lot of talking to CEOs and companies on the ground. And I’d say CEOs are somewhere between relieved and giddy. So we’re a believer in animal spirits,” he said.
Druckenmiller buys big tech and airlines
The billionaire investor’s most notable new positions include high-growth technology names: Amazon (AMZN) , Micron Technology, Tesla and Alphabet.
Amazon was a significant new buy, with 328,400 shares valued at $72.05 million. The buy made Amazon rank 11th in the portfolio.
The e-commerce and cloud giant recently reported mixed earnings. Q4 earnings and revenue exceeded expectations, but guidance for the coming quarter fell short of Wall Street’s estimates.
The stock is up 4.2% year to date but has lost 3.2% since the earnings report.
Micron Technology (MU) was another significant addition, with 408,885 shares purchased for $34.41 million, according to 13-F filings tracked by WhaleWisdom.com. The stock is up 18.3% year-to-date.
Related: Stanley Druckenmiller’s net worth (& how he made Soros $1 billion)
Last December, Micron reported fiscal-first-quarter earnings per share surpassed expectations. The company outlook for the current quarter was cautious, however, with revenue guidance missing analysts' estimates by $1 billion.
The portfolio also saw the new addition of 37,675 shares of Tesla, purchased for $15.22 million.
Tesla (TSLA) rode high after Trump's reelection, but the stock has dropped 26% from its December peak, partly due to disappointing earnings, a decrease in global sales, and concern about Musk's political activities.
Druckenmiller also bought 76,680 shares of Alphabet (GOOGL) valued at $14.52 million. In its latest earnings report, Alphabet missed revenue expectations, particularly in its cloud-services division. The stock is down 2% year-to-date.
Druckenmiller also significantly increased positions in Arm Holdings (ARM) and Taiwan Semiconductor (TSM) , adding 725.52% and 87.46% respectively. He has held stakes in both companies since Q3 2024.
Arm is up nearly 30% year-to-date, while Taiwan Semiconductor has gained 3%.
Other than techs, Druckenmiller made a substantial bet on airlines, with United Airlines (UAL) as one of the largest new buys, purchasing 1,043,805 shares valued at $101.35 million.
He initiated positions in Delta Air Lines (DAL) , with 817,740 shares valued at $49.47 million, and American Airlines (AAL) , with 919,928 shares valued at $16.03 million.
Additionally, Druckenmiller purchased call options for Delta, United, and American Airlines, which were valued at $57.45 million, $21.95 million, and $44.86 million, respectively. Call options give the holder the right, but not the obligation, to buy a set amount of shares at a specified price.
Druckenmiller exits Microsoft and Broadcom
On the selling front, he closed out several major tech holdings. Microsoft (MSFT) was fully sold off, with sales of 43,095 shares that previously accounted for 0.63% of the portfolio.
In 2024, Microsoft had the smallest gain among the Magnificent 7, rising 12%, while the Nasdaq Composite climbed 30%.
As for Broadcom (AVGO) , Druckenmiller exited 239,980 shares, which was previously 1.4% of the portfolio. Broadcom stock surged 107.7% in 2024
Adobe (ADBE) and Starbucks (SBUX) were also fully divested.
Coupang (CPNG) saw a major trim, down 2,793,443 shares, making it the largest percentage-based decrease at 4.47% of the portfolio.
Druckenmiller started buying Coupang shares in 2021 when the stock debuted in the market. The stock has lost 60% since the IPO and is now trading at $25. His average purchase price is $35.
Druckenmiller’s top holdings
Natera (NTRA) remains the largest holding, with 3,566,850 shares valued at $564.63 million, making up 15.17% of the portfolio.
Natera is an Austin provider of genetic testing and diagnostics. Druckenmiller did not change anything about the stock during the fourth quarter. In Q3, he increased his Natera holdings by 80.6%.
Related: Analysts reset Natera stock price target by 20%
Coherent (COHR) ranks second with a market value of $267.23 million despite a 5.29% reduction in stake.
Druckenmiller boosted his Woodward (WWD) holdings by 15.89% to a total value of $203.99 million, making it the third-largest position in his portfolio.
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Meanwhile, Teva Pharmaceutical (TEVA) saw a sharp 530.09% surge in holdings, now valued at $198.3 million, making it the fourth-largest position.
Despite the selloff, Coupang remains a prominent holding at $195.68 million, ranking fifth.
Related: Veteran fund manager issues dire S&P 500 warning for 2025
