Duquesne Family Office’s 15 New Stock Picks

Published on October 26, 2023 at 6:56 am by Ruchi Gupta in Hedge Funds, News

In this article, we discuss Duquesne Family Office’s 15 new stock picks. If you want to see more stocks in this selection, check out Duquesne Family Office’s 5 New Stock Picks.

An imminent collapse and recession was the sentiment echoed by billionaire Stanley Druckenmiller late last year in response to an aggressive monetary policy tightening. The legendary investor affirmed that it would be a surprise if the economy did not plunge into recession. While nothing has materialized, the legendary investor’s thoughts are starting to hold water as the effects of high interest rates begin to be felt amid escalating geopolitical tensions.

The legendary investor maintains that quantitative easing that has gone on for almost a decade has created more troubles whose effects are starting to be felt. According to Druckenmiller, Federal Reserve policymakers have put themselves, the country and, most importantly, the people, in a terrible position. The billionaire investor insists controlling inflation is not about raising interest rates.

Early in the year, the legendary investor was aggressive in shorting stocks in anticipation of market turmoil amid the recession concerns. His portfolio was short 20%, signaling he expected the market to turn bearish amid the aggressive quantitative easing. His skepticism was further exacerbated as regional banks started to waver, with the SVB collapse all but rattling the overall market. Despite the market’s skepticism, Druckenmiller remained bullish in some plays, mainly focusing on growth companies with solid long-term prospects.

As one of the most successful investors on Wall Street, Druckenmiller’s sentiments often reverberate far and wide in the investment community. Billed as one of the wealthiest people in the world with a net worth of more than $6 billion, he is often followed for guidance and insights on the direction the overall market is likely to move.

The former hedge fund manager has years of experience, having started working in the finance industry in the late 1970s. Having previously worked for George Soros of Soros Fund Management, he formed his hedge fund, Duquesne Capital Management. Druckenmiller made a name for himself, having a successful bet against the British Pound, and made millions of dollars in profit in partnership with Soros.

After parting ways with Soros at the height of the Dotcom bubble, he started managing his hedge fund, managing billions of dollars in capital. Nevertheless, it would not last long, as the legendary investor shut down the hedge fund from outside capital, having become disgruntled with managing billions of dollars of people’s money.

Nowadays, Druckenmiller manages capital through the Duquesne Family Office and deals with a few clients. The investment arm mainly deploys a diversified investment strategy focusing on various industries, from technology to financial services and consumer discretionary.

Stanley Druckenmiller of Duquesne Capital

In addition to betting on large-cap companies, Druckenmiller also invests in small-cap companies with a market cap of less than $5 billion. Consequently, the billionaire investor generates massive profits through small share price appreciation. Some of billionaire Stanley Druckenmiller’s top stock picks in the small-cap space include Recursion Pharmaceuticals, Inc. (NASDAQ:RXRX), Tornado Realty Trust (NYSE:VNO), and Wary Parker Inc. (NYSE:WRBY). The investment strategy also allows the investor to gain exposure to companies before they boom in the stock market.

While Druckenmiller has been pessimistic for the better part of the year, he has bought many stocks, adding to his portfolio. He ramped up stakes in big tech companies in the first quarter alone, including Microsoft, Alphabet, Amazon, Taiwan Semiconductor, and Marvell Technology Inc. Some of Druckenmiller’s top stock picks were focused on the artificial intelligence boom.

Druckenmiller has echoed his expectations of artificial intelligence being impactful in almost all aspects of life, as is the case with the internet. In addition to betting big on Amazon.com, Inc. (NASDAQ:AMZN), Microsoft Corporation (NASDAQ:MSFT), and Alphabet Inc. (NASDAQ:GOOGL) to gain exposure to AI innovations, he also bought stakes in IQVIA Holdings, a healthcare company that boasts AI capabilities.

Our Methodology

We have compiled a list of some of the billionaire Stanley Druckenmiller’s new stock picks. We took a look at his 13-F portfolio for the second quarter of this year and narrowed down the 15 latest stock picks. The stocks are arranged based on the value of the stakes that the legendary investor holds.

Duquesne Family Office’s New Stock Picks

15. Canadian Pacific Kansas City Limited (NYSE:CP)

Duquesne Family Office’s Q2 2023 Investment: $9.99 Million

Number of Hedge Fund Holders: 52

Canadian Pacific Kansas City Limited (NYSE:CP), along with its affiliated companies, possesses and manages a cross-continental cargo railway system connecting Canada and the United States.

Canadian Pacific holds a strong consensus rating of ‘Strong Buy,’ as indicated by assessments from 10 analysts, with 3 suggesting a Hold position and none advising a Sell.

Other hedge funds were also bullish on the company stock in the second quarter of 2023. Canadian Pacific Kansas City Limited (NYSE:CP) was owned by 52 hedge funds in Q2, compared to 48 in the previous quarter.

14. Wrestling Entertainment, Inc. (NYSE:WWE)

Duquesne Family Office’s Q2 2023 Investment: $10.67 Million

Number of Hedge Fund Holders: 44

World Wrestling Entertainment, Inc. (NYSE:WWE) is a prominent entertainment and media corporation engaged in the sports entertainment sector, with a presence spanning North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. WWE is structured into three divisions: Media, Live Events, and Consumer Products.

According to Duquesne Family Office’s Q2 13F filings, it initiated a position in World Wrestling Entertainment, Inc. (NYSE:WWE) in the second quarter of 2023 with 98,365 shares worth $10.67 million.

13. Vornado Realty Trust (NYSE:VNO)

Duquesne Family Office’s Q2 2023 Investment: $10.78 Million

Number of Hedge Fund Holders: 27

Vornado Realty Trust (NYSE:VNO) is a REIT that owns and develops high-quality office and retail properties in New York City, as well as in Chicago and San Francisco. The stock is up 4.80% year to date.

Duquesne Family Office’s 15 new stock picks also include Vornado Realty Trust (NYSE:VNO) as it added the stock to its portfolio in the second quarter of 2023. The family office initiated the position with 594,400 shares worth nearly $10.78 million, representing less than 0.37% of the firm.

12. Charter Communications, Inc. (NASDAQ:CHTR)

Duquesne Family Office’s Q2 2023 Investment: $10.84 Million

Number of Hedge Fund Holders: 67

Charter Communications, Inc. (NASDAQ:CHTR) is a U.S. company that provides broadband and cable services to homes and businesses. During Q2 2023, 67 of the 910 hedge funds part of Insider Monkey’s database had held a stake in the company.

Charter Communications, Inc. (NASDAQ:CHTR) is another new addition to Duquesne Family Office’s portfolio. The family office initiated a position in the company with 29,500 shares worth $10.84 million in the second quarter of 2023, covering 0.37% of its portfolio. Harris Associates held the most prominent stake in the company with 5.38 million shares worth $1.98 billion.

11. Micron Technology, Inc. (NASDAQ:MU)

Duquesne Family Office’s Q2 2023 Investment: $14.02 Million

Number of Hedge Fund Holders: 86

Micron Technology, Inc. (NASDAQ:MU) is a global company that specializes in the design, development, manufacturing, and sale of memory and storage products. Micron Technology, Inc. (NASDAQ:MU) is another stock that was added to Duquesne Family Office’s portfolio in the second quarter of 2023. It initiated a position in Micron Technology, Inc. (NASDAQ:MU) with approximately 222,200 shares worth $14.02 million.

10. UBS Group AG (NYSE:UBS)

Duquesne Family Office’s Q2 2023 Investment: $15.37 Million

Number of Hedge Fund Holders: 33

UBS Group AG (NYSE:UBS) offers financial guidance and solutions to clients across the globe, including private individuals, institutional entities, and corporations.

During the same period, 33 of the 910 hedge funds surveyed by Insider Monkey had also invested in the firm. The hedge fund with the largest stake in UBS Group AG (NYSE:UBS) in Q2 was Pzena Investment Management, with 6.14 million shares valued at $124.48 million.

9. DoorDash, Inc. (NASDAQ:DASH)

Duquesne Family Office’s Q2 2023 Investment: $15.81 Million

Number of Hedge Fund Holders: 57

DoorDash, Inc. (NASDAQ:DASH) manages a logistics platform that facilitates connections between merchants, consumers, and dashers, serving both the domestic United States and international markets. Duquesne Family Office added DoorDash, Inc. (NASDAQ:DASH) to its portfolio in the second quarter of 2023 with 206,900 shares worth $15.81 million.

Analysts gave DoorDash a ‘Moderate Buy’ rating.

According to the Insider Monkey database, DoorDash, Inc. (NASDAQ:DASH) was owned by 57 hedge funds in Q2 2023. Jay Chen’s Himension Capital is the largest shareholder out of these through a stake worth $424.65 million.

8. Cadence Design Systems, Inc. (NASDAQ:CDNS)

Duquesne Family Office’s Q2 2023 Investment: $17.68 Million

Number of Hedge Fund Holders: 68

Cadence Design Systems, Inc. (NASDAQ:CDNS) offers a range of software, hardware, services, and reusable integrated circuit (IC) design components on a global scale.

Cadence Design Systems, Inc. (NASDAQ:CDNS) has a ‘Strong Buy’ consensus from analysts.

As of June 2023, 68 of the 910 hedge funds part of Insider Monkey’s database had bought Cadence Design Systems, Inc. (NASDAQ:CDNS) shares. Alkeon Capital Management was the biggest stakeholder of Cadence Design Systems, Inc. (NASDAQ:CDNS) in Q2 with over 2.12 million shares worth $497.12 million.

7. WESCO International, Inc. (NYSE:WCC)

Duquesne Family Office’s Q2 2023 Investment: $20.93 Million

Number of Hedge Fund Holders: 43

WESCO International, Inc. (NYSE:WCC) delivers B2B distribution, logistics, and supply chain solutions across the United States, Canada, and global markets.

43 of the 910 hedge funds part of Insider Monkey’s Q2 2023 database had bought and invested in WESCO International, Inc. (NYSE:WCC)’s shares. Leonard Green & Partners is the largest hedge fund shareholder since it owns 6.41 million shares worth $1.15 billion.

6. Tempur Sealy International, Inc. (NYSE:TPX)

Duquesne Family Office’s Q2 2023 Investment: $21.04 Million

Number of Hedge Fund Holders: 39

Tempur Sealy International, Inc. (NYSE:TPX) and its affiliated companies specialize in the design, production, marketing, and global distribution of bedding products across the United States and international markets.

By the end of June 2023, 39 of the 910 hedge funds polled by Insider Monkey had bought a stake in Tempur Sealy International, Inc. (NYSE:TPX). Select Equity Group is the firm’s largest hedge fund shareholder through an investment of $798.17 million.

Click to continue reading and see Duquesne Family Office’s 5 New Stock Picks.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on May 1, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on May 2, 2024 at by Insider Monkey Staff

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Click to continue reading…

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