It will hardly come as a surprise to anyone that in the quarter in which the Harvard endowment added just 3 tech stocks - Apple, Microsoft and Alphabet - which ended up amounting to 72% of the fund's entire portfolio, and on the same day when the latest BofA Fund Manager Survey revealed that for 4 consecutive months, Wall Street saw "Long FAANG+BAT" as the most crowded trade...
... that today's barrage of 13-Fs (a full breakdown of today's key filings shortly) would show another hedge fund pile up in tech stocks.
Certainly the just published 13-F of Stanley Druckenmiller's Duquesne Family Office, confirmed as much: what it showed is that not even the traditionally contrarian Druckenmiller could resist the siren song of the "growth" stocks, and in the first quarter, Druckenmiller, whose total long AUM was just over $1.8 billion, dumped some $720MM in mostly energy, financial and pharma stocks to buy even more tech exposure.
As a result, Druckenmiller's top holdings as of March 31 were Alphabet, Amazon, Microsoft, and Salesforce, while the fund added the following new positions: Intel, Alibaba, Micron, Netflix, Adobe, Qualcomm and several others.
In addition to Alibaba, Duquesne placed fresh bets on Chinese internet companies, and showed new holdings in Tal Education Group, a Beijing-based provider of tutoring services, and online retailer Vipshop Holdings Ltd., while adding to existing holdings of JD.com Inc. and Amazon.com Inc.
At the end of Q1, 43% of Druckenmiller's publicly disclosed equity portfolio was invested in technology and 26% in consumer discretionary, which includes Chinese Internet companies.
One notable liquidation was Facebook, of which Duquesne owned $191MM at the end of 2017, and which it liquidated in its entirety. Some other names which Druckenmiller sold were the following:
- Bank of America
- Cabot Oil & Gas
- Concho Resources
- Devon Energy
- Eog Resources
- HDFC Bank
- Loma Negra
- Marathon Oil
- Marathon Petroleum
- Paypal Hldgs
- Time Warner
- United States Steel
- Wells Fargo
And as Druckenmiller rotated out of energy, he went bigly into infotech and semis, as broken down in the table below which breaks down Duquesne's holdings and the change from last quarter. New names are in green.