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Where Stanley Druckenmiller Placed His Bets in 2Q17

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Part 3
Where Stanley Druckenmiller Placed His Bets in 2Q17 PART 3 OF 5

Is Druckenmiller Too Optimistic about US Technology Stocks?

Stanley Druckenmiller’s view on US technology stocks

In the previous part of this series, we saw that Stanley Druckenmiller’s firm, Duquesne Family Office, has an optimistic view on the technology sector (XLK), and this sector represents the firm’s largest sector holding. Now, we’ll focus our analysis on the firm’s major technology stock (QQQ) holdings.

Is Druckenmiller Too Optimistic about US Technology Stocks?

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Microsoft

According to the recent 13F filing report, Druckenmiller’s firm added nearly 1 million more shares of Microsoft (MSFT) in 2Q17. Microsoft represents nearly 9.7% of the firm’s portfolio as of 2Q17. In 1Q17, it was at 7.0%. The firm had nearly 2.6 million shares of Microsoft as of June 30, 2Q17.

Facebook

Similarly, the firm increased its holdings in Facebook (FB) in 2Q17. It bought an additional 677,700 shares of Facebook in 2Q17. Facebook represents nearly 8.8% of the firm’s portfolio as of 2Q17. In 1Q17, it was at 3.8%. In total, the firm held nearly 1 million shares of Facebook as of June 30, 2017.

Alphabet

The firm also increased its holdings in Alphabet (GOOGL). It bought an additional 74,250 shares of Alphabet in 2Q17. Alphabet represents nearly 8.7% of the firm’s portfolio as of 2Q17. In 1Q17, it was at 5.6%. In total, the firm holds nearly 174,650 shares of Alphabet as of June 30. These three technology stocks were the firm’s top three stocks in 2Q17.

These three moves suggest that Stanley Druckenmiller has an optimistic view on US technology stocks. Recently, David Tepper also increased his holdings in technology stocks in 2Q17. Tepper said technology stocks’ “multiples are still low, they just look cheaper than any other part of the market even though they moved.”

In the next part of this series, we’ll analyze why Druckenmiller reduced his position in Barrick Gold and the iShares MSCI Emerging Markets ETF (EEM).

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