Druckenmiller in the first quarter: Reduced holdings in Alphabet, Amazon, and Tesla, bought Taiwan Semiconductor and AppLovin

Legendary Wall Street investor Stanley Druckenmiller, known as "the greatest money-making machine in history," has been active in adjusting his portfolio in the first quarter of 2025.

According to documents submitted to the U.S. Securities and Exchange Commission (SEC), Druckenmiller's Duquesne Family Office completely liquidated 37 stocks in the first quarter, reduced holdings in several tech stocks including Google, Amazon, and Tesla, and cut back on its bets on U.S. airlines, seemingly closing a large number of call options linked to American Airlines Group stock.

At the same time, Duquesne added a total of 12 new stocks this quarter, including shares of Taiwan Semiconductor and AppLovin, increased its holdings in several healthcare stocks including Teva Pharmaceutical Industries Ltd, and boosted its investment in Coupang, which has now become one of Duquesne's major positions.

As of the first quarter of 2025, Druckenmiller's investments were primarily concentrated in nine sectors: healthcare, technology, consumer cyclicals, industrials, energy, consumer staples, financial services, materials, and communication services. The healthcare and technology sectors dominated the portfolio.

Major New Favorites: DocuSign, CCC Intelligent Solutions, and EQT Corporation

Druckenmiller added a total of 12 new stocks this quarter, with the largest new position being Docusign Inc, purchasing 1,074,700 shares valued at $87.48 million, accounting for 2.86% of the portfolio, indicating his optimism about the digital signature and document management market.

The second largest new position was CCC Intelligent Solutions Holdings Inc, acquiring 5,595,000 shares valued at $50.52 million, making up 1.65% of the portfolio. The third largest new position was EQT Corp, purchasing 859,300 shares valued at $45.92 million, accounting for 1.5% of the portfolio.

"Increasing Bets" on Giants: Teva and Taiwan Semiconductor Become Focus of Additions

As of the first quarter, Druckenmiller's largest holding was Natera Inc (a genetic testing company), accounting for 15.72%, with other major holdings including: Teva Pharmaceutical Industries Ltd at 7.47%, Coupang Inc at 6.67%, Woodward Inc at 6.55%, and Philip Morris International Inc at 5.73% At the same time, Druckenmiller significantly increased his holdings in Taiwan Semiconductor, adding 491,300 shares, bringing the total to 598,800 shares, an increase of 456.93%, with a total value of $99.4 million.

Liquidation Drama: 37 Holdings "Vanish into Thin Air"

Druckenmiller completely liquidated 37 stocks this quarter.

The most notable divestments include the complete sale of 1,074,800 shares of Skechers USA Inc, which had a negative impact of 1.94% on the portfolio; and the complete sale of 2,520,300 shares of SLM Corp, which had a negative impact of 1.87% on the portfolio.

Strategic Reduction: Major Adjustments in Tech Stock Holdings

It is noteworthy that Druckenmiller made a series of significant adjustments in the tech sector, reducing holdings in several tech stocks including Alphabet, Amazon, and Tesla.

He also reduced his holdings in Seagate Technology Holdings PLC by 1,344,600 shares, which decreased the company's share in his portfolio by 85.97%, impacting the portfolio by 3.12%. The average trading price of this stock during the quarter was $94.51, with a return of 6.74% over the past three months and 25.49% year-to-date.

Another significant reduction was in United Airlines Holdings Inc, with a decrease of 675,100 shares, representing a reduction of 64.68%, impacting the portfolio by 1.76%. This airline stock had an average trading price of $94.43 during the quarter but performed poorly, down 26.59% over the past three months and 21.17% year-to-date.

Overall Portfolio Overview: Healthcare Sector Dominates

As of the first quarter of 2025, Druckenmiller's investments are primarily concentrated in nine sectors: healthcare, technology, consumer cyclicals, industrials, energy, consumer staples, financial services, materials, and communication services. The healthcare and technology sectors dominate the portfolio.

The SEC requires institutional investment managers holding over $100 million in specific securities to disclose their holdings through quarterly filing documents (i.e., 13-F filings). While these documents attract significant attention in the investment community, they also have limitations. The disclosed information only reflects the investment scale and composition at the end of the quarter. Due to a certain lag, these documents may not fully reflect the latest status of the portfolio. Additionally, certain investment positions, including short interests and venture capital, are not required to be disclosed