Stanley Druckenmiller's Trades in Q1 2024

We break down the stocks Stanley Druckenmiller (Duquesne) bought, sold, and held in Q1 2024, including their holdings at the end of the quarter. All data sourced from Duquesne's 13F filed on May 15, 2024.

Who are Stanley Druckenmiller and Duquesne?

Duquesne manages the personal wealth of legendary investor Stanley Druckenmiller achieving an impressive average annual return of 30% without a single down year over 30 years. The firm employs Druckenmiller's signature top-down, macro-focused investment approach, capitalizing on his renowned ability to identify emerging opportunities and anticipate second and third-order market effects.

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Portfolio Changes in Q1 2024

New positions

Duquesne made a massive $664 million bet on small-cap stocks through the Russell 2000 ETF (IWM), representing their largest new position by far. Other notable new holdings include Coherent (COHR) at $153 million, Discover (DFS) at $84.5 million, and Kinder Morgan (KMI) at $71 million, suggesting increased exposure to semiconductors, financial services, and energy infrastructure.

Bought

Duquesne significantly increased several technology and growth positions, with ZoomInfo (ZOM) growing from $17 million to $94 million, Natera (NTRA) expanding from $56 million to $176 million, and Flex (FLEX) rising from $34.5 million to $110.5 million. The firm also boosted positions in Freeport McMoRan (FCX), Woodward (WWD), Marvell Technology (MRVL), Vistra (VST), and Arista Networks (ANET), indicating conviction in copper mining, industrial technology, semiconductors, and data center infrastructure.

Sold

Duquesne completely exited major positions including UBS ($74.8 million), Lamb Weston Holdings (LW) ($58.2 million), and Chevron (CVX) ($57.3 million), while dramatically reducing high-profile holdings Eli Lilly (LLY) by 79% and Nvidia (NVDA) by 48%. The firm also trimmed positions in Vertiv (VRT), Teck Resources (TECK), and Cameco (CCJ), suggesting profit-taking in previously successful pharmaceutical, AI, and commodity plays.

New Investments in Q1 2024

Russell 2000 IWM

Stanley Druckenmiller bought $664.11M of Russell 2000 in Q1 2024. The Russell 2000 Index (IWM) has faced significant headwinds in 2025, declining 19.22% year-to-date through May 2025. Recent performance has been shaped by the Russell Reconstitution process finalized in late June 2025, which reshuffled index components amid market volatility. While small-cap earnings growth projections for 2025 initially outpaced large-caps, actual returns have diverged sharply from expectations.

• 19.22% decline YTD through May 2025, underperforming large-cap indices.
• June 2025 reconstitution removed 234 companies and added 217 new constituents, reflecting sector rotations.
• 2025 EPS growth projected at 18.7% for Russell 2000 vs. 11.2% for Russell 1000, yet valuation multiples contracted 22%.

Coherent COHR

Stanley Druckenmiller bought $153.07M of Coherent in Q1 2024. Coherent Corp. reported strong Q1 FY2025 results with revenue of $1.35 billion, up 28% YoY, driven by AI-related Datacom transceiver demand. GAAP gross margin expanded 499 bps YoY to 34.1%, while non-GAAP EPS surged 357% YoY to $0.74. Sequential revenue growth of 2.7% and improved operational efficiency signal sustained momentum in high-growth markets.

• Q1 FY2025 revenue grew 28% YoY to $1.35B, with sequential growth of 2.7% from Q4 FY24.
• Non-GAAP EPS improved 357% YoY to $0.74, while GAAP net loss narrowed by 94% YoY to $(0.04) per share.
• Gross margin expanded 499 bps YoY to 34.1% (GAAP) and 293 bps YoY to 37.7% (non-GAAP).

Discover DFS

Stanley Druckenmiller bought $84.58M of Discover in Q1 2024. Discover Financial Services reported strong Q1 2025 results with $1.1 billion net income and $4.25 EPS, beating estimates by 26.9% amid its pending merger with Capital One. The company achieved a 12.18% net interest margin (+115 bps YoY) through lower deposit costs and strategic loan sales, though card sales declined 2% due to prior credit tightening. Its May 18, 2025 merger finalization with Capital One positions it for scale advantages while introducing integration risks.

• Q1 EPS surged 31% YoY to $4.25, driven by margin expansion and cost optimization.
• Net interest margin reached 12.18%, up 115 bps from Q1 2024, despite rising charge-offs to 4.99%.
• Merger with Capital One finalized May 18, 2025, creating a payments giant with combined scale in credit cards and banking.

Kinder Morgan KMI

Stanley Druckenmiller bought $71.17M of Kinder Morgan in Q1 2024. Kinder Morgan (KMI) reported $4.24 billion in Q1 2025 revenue, surpassing analyst expectations by 3.9%, though adjusted EPS of $0.34 narrowly missed projections. The company increased its dividend by 2% to $1.17 annualized and expanded its project backlog to $8.8 billion, signaling confidence in long-term growth despite economic turbulence. Recent acquisitions like the $640 million Outrigger deal and federal regulatory tailwinds position KMI to capitalize on energy infrastructure demand.

• Q1 adjusted EBITDA grew 1% YoY to $2.16 billion, with full-year 2025 adjusted EPS guidance maintained at $1.27 (10% growth vs 2024).
• Project backlog increased $900 million this quarter, driven by energy transition investments and natural gas infrastructure needs.
• Stock trades at 15.5% below mean analyst price target of $31, with 8.7% YoY EPS growth projected for 2025.

Wabtec WAB

Stanley Druckenmiller bought $56.35M of Wabtec in Q1 2024. Wabtec Corporation (WAB) demonstrated strong recovery in Q1 2025 with 20.6% YoY adjusted EPS growth to $2.28 and 4.5% sales increase to $2.61B, rebounding from Q4 2024's earnings miss. Margin expansion to 21.7% adjusted operating margin (+1.9pts) and 16.9% services revenue growth drove performance, fueled by international contracts and strategic shifts to recurring maintenance deals. The company raised 2025 adjusted EPS guidance to $8.35-$8.95, reflecting confidence despite macroeconomic uncertainties.

• Q1 GAAP EPS surged 22.9% YoY to $1.88, with operating cash flow of $191M.
• Freight segment margins expanded 1.6pts to 25.7% adjusted, driving 73% of total revenue.
• 12-month backlog grew 7.1% to $8.2B, led by $300M Kazakhstan service agreement.

Meta META

Stanley Druckenmiller bought $31.04M of Meta in Q1 2024. Meta reported strong Q1 2025 results with revenue reaching $42.31 billion, up 16% YoY, and net income surging 35% to $16.64 billion. The stock rallied 5% post-earnings despite a 6% YTD decline prior to the report. Recent advancements in AI products, including Meta AI reaching 1 billion monthly users, position the company for future growth despite a 6% YoY decline in Reality Labs revenue.

• Diluted EPS grew 35% YoY to $6.43, beating estimates of $4.71.
• Advertising revenue increased 16% to $41.39 billion, driving 98% of total revenue.
• Meta AI adoption accelerated to 1 billion monthly active users, with Q2 revenue guidance of $42.5-$45.5 billion surpassing analyst expectations.

KeyCorp KEY

Stanley Druckenmiller bought $26.2M of KeyCorp in Q1 2024. KeyCorp demonstrated a strong recovery in Q1 2025 with $370 million net income, rebounding from a $279 million loss in Q4 2024. The bank beat earnings estimates with EPS up 65% YoY to $0.33, driven by a 24.7% surge in net interest income and improved credit metrics. Recent capital strengthening and strategic focus on fee-based businesses position KEY for improved stability despite macroeconomic uncertainties.

• Q1 2025 net interest income grew 24.7% YoY to $1.1 billion, with total revenue up 105% QoQ.
• Common equity tier 1 ratio improved 150 basis points YoY to 11.8%, while net charge-offs declined 4% QoQ.
• Shares remain down 12% YTD despite the earnings beat, trading at 0.7x book value as of April 2025.

Citigroup C

Stanley Druckenmiller bought $25.32M of Citigroup in Q1 2024. Citigroup (C) reported strong Q1 2025 results with $4.1 billion net income, up 21% YoY, driven by 3% revenue growth to $21.6 billion and 5% expense reduction. The bank beat EPS estimates by $0.11 with $1.96 EPS, while maintaining a healthy CET1 ratio of 13.45%. Recent performance shows improving momentum in Markets (particularly 23% equities trading gain) and progress in strategic restructuring.

• EPS of $1.96 surpassed estimates by $0.11 (6% beat).
• Equities trading revenue surged 23% YoY to $6 billion total Markets revenue.
• Common Equity Tier 1 ratio remains robust at 13.45% despite Argentina currency impacts.

Madison Square Garden MSGE

Stanley Druckenmiller bought $25.09M of Madison Square Garden in Q1 2024. Madison Square Garden Entertainment Corp. (MSGE) reported a 2% revenue decline to $138.7 million in Q1 FY2025, but significantly improved operating efficiency with a 45% reduction in operating loss to $18.5 million. The company demonstrated growth potential through record-breaking concert activity at The Garden and expanded holiday programming, while securing new sponsorship deals with Lenovo/Motorola and Abu Dhabi. Despite short-term revenue pressures, strategic partnerships and strong premium hospitality sales position the company for improved monetization.

• Operating loss improved 45% YoY ($18.5M vs $33.4M prior year quarter).
• Adjusted operating income turned positive at $1.9 million, up $2.1M from Q1 FY2024.
• Christmas Spectacular shows increased to 199 performances for 2024 season (+3% YoY).

Daktronics DAKT

Stanley Druckenmiller bought $20.65M of Daktronics in Q1 2024. Daktronics reported sequential growth in Q1 fiscal 2025, with sales rising 4.7% to $226.1 million driven by seasonal demand for sports and outdoor displays. Margins expanded, with gross profit reaching 26.4% of sales and operating income climbing 16.9% to $22.7 million, signaling improved efficiency. The company’s performance reflects strong execution in high-margin segments and sustained demand for large-scale video solutions.

• Q1 sales increased 4.7% sequentially to $226.1 million, outpacing typical seasonal trends.
• Gross margin expanded to 26.4%, up from 25.7% in Q4 fiscal 2024.
• Operating income rose 16.9% quarter-over-quarter to $22.7 million, driven by higher-margin project deliveries.

Apple AAPL

Stanley Druckenmiller bought $19.67M of Apple in Q1 2024. Apple reported record Q1 2025 revenue of $124.3B (up 4% YoY), driven by strong Services growth and Mac/iPad rebounds, though iPhone sales declined slightly. Net income rose 7.1% to $36.33B with diluted EPS increasing 10.1% to $2.40. Despite beating estimates, shares fell nearly 4% post-earnings due to mixed product performance and China market pressures.

• Services revenue hit $26.3B (up 14% YoY), now representing 21% of total sales.
• iPhone revenue declined 1% to $69.1B despite new iPhone 16e launch.
• Mac (+16%) and iPad (+15%) showed strongest growth among hardware categories.

Cinemark CNK

Stanley Druckenmiller bought $19.38M of Cinemark in Q1 2024. Cinemark Holdings (CNK) reported mixed Q1 2025 results with $540.7 million revenue beating estimates by 3.1%, but posted a net loss of $38.6 million versus a $25.3 million profit in Q1 2024. While admissions revenue declined 7.7% YoY, strong performance from the Minecraft movie and premium format upgrades supported better-than-expected results. The stock has surged 23.47% MTD as investors reward strategic investments in experiential offerings and anticipation for 2025's blockbuster film slate.

• Q1 2025 revenue declined 7.7% YoY to $474.5M but beat estimates by $16.5M.
• Missed EPS expectations with ($0.32) vs. estimated ($0.27), reflecting 252.6% net income decline.
• Stock gained 4.66% on earnings day and 23.47% MTD through May 2025.

Palantir PLTR

Stanley Druckenmiller bought $17.72M of Palantir in Q1 2024. Palantir reported robust Q1 2025 results with 39% YoY revenue growth to $884 million, driven by a 55% surge in U.S. revenue and 71% growth in commercial revenue. Despite these gains, shares fell 8.3% post-earnings due to investor skepticism about sustained growth, even as the company raised its FY 2025 revenue guidance to 36% YoY growth. The AI Platform's enterprise adoption and raised guidance signal strong positioning, though valuation concerns persist with shares trading above fair value.

• Q1 revenue grew 39% YoY to $884 million, exceeding consensus estimates.
• U.S. commercial revenue jumped 71% YoY, accelerating from 13% QoQ growth in Q1.
• Stock declined 8.3% after earnings despite raising FY guidance to $3.89B-$3.90B revenue (+36% YoY).

Stellantis STLA

Stanley Druckenmiller bought $16.67M of Stellantis in Q1 2024. Stellantis reported a 14% year-over-year revenue decline to €35.8 billion in Q1 2025, driven by production challenges in North America and European LCV market softness. While shipments fell 9% to 1.217 million units, the company saw 82% growth in U.S. retail orders in March 2025 and gained 1.9 percentage points of EU30 market share. Strategic product launches and leadership transitions create both near-term uncertainty and long-term recovery potential.

• Q1 2025 revenues of €35.8B (-14% YoY) with 1.217M units shipped (-9% YoY).
• U.S. retail orders surged 82% in March 2025 following new model launches.
• Suspended 2025 guidance due to tariff uncertainties, with CEO search ongoing.

Capital One COF

Stanley Druckenmiller bought $16.15M of Capital One in Q1 2024. Capital One reported Q1 2025 net income of $1.4 billion ($3.45 per share), though revenue declined 2% sequentially due to fewer days in the quarter. The company demonstrated expense discipline with a 5% adjusted decline in non-interest expenses, while liquidity reserves grew to $131 billion. Its pending Discover Financial acquisition remains on track, with management reiterating confidence in achieving projected synergies.

• Q1 2025 EPS of $3.45 reflects stable profitability despite revenue headwinds.
• Average loans grew 5% YoY with revenue up 7% compared to Q1 2024.
• Liquidity reserves reached $131 billion, including $49 billion in cash, providing flexibility for strategic initiatives.

IQVIA IQV

Stanley Druckenmiller bought $15.26M of IQVIA in Q1 2024. IQVIA reported modest growth in Q1 2025 with 3.5% constant-currency revenue growth and 6.3% YoY adjusted EPS growth to $2.70, beating estimates. While executing $425M in share repurchases, net income declined 13.5% YoY due to compensation costs. The company raised full-year guidance to $16.0-$16.4B revenue but shares trade 40% below 52-week highs amid sector headwinds.

• Adjusted EPS of $2.70 beat estimates by 2.3% (Q1 2025).
• 3.5% constant-currency revenue growth despite phasing out COVID-related work.
• $425M stock repurchased in Q1 at discounted valuations.

Crinetics CRNX

Stanley Druckenmiller bought $14.46M of Crinetics in Q1 2024. Crinetics Pharmaceuticals (CRNX) reported a widening net loss of $96.8 million in Q1 2025, up from $66.9 million in Q1 2024, driven by increased R&D and commercial preparation costs. Despite a cash reserve of $1.3 billion (down from $1.4 billion in Q4 2024), the company is burning cash at an accelerated rate, with 2025 operational cash use projected at $340-$380 million. Near-term catalysts include the FDA decision on paltusotine for acromegaly (PDUFA Sep 25, 2025) and planned Phase 3 trial initiations for congenital adrenal hyperplasia and carcinoid syndrome therapies.

• Q1 2025 R&D expenses surged 50% year-over-year to $76.2 million as pipeline development accelerated.
• Cash position supports operations into 2029, but quarterly cash burn increased to $100 million in Q1 2025.
• Regulatory milestones could unlock >$2B market opportunities with paltusotine's FDA/EMA decisions and 3 Phase 3 trials starting in H2 2025.

Bank OZK OZK

Stanley Druckenmiller bought $10.65M of Bank OZK in Q1 2024. Bank OZK reported a slight decline in Q1 2025 performance, with net income dropping 2.1% year-over-year to $167.9 million and diluted EPS falling 2.6% to $1.47. Despite this, revenue edged up 0.8% to $409.2 million, beating estimates, as management highlighted resilience in a challenging economic environment. The bank maintains a strong balance sheet with $39.2 billion in assets and continues to pursue growth opportunities under CEO George Gleason's leadership.

• Q1 2025 diluted EPS of $1.47 declined 2.6% YoY but beat estimates by 5%.
• Revenue increased 0.8% YoY to $409.2 million in Q1 2025, surpassing expectations.
• Maintains $39.2 billion in total assets with 240+ branches across nine states.

MSCI Argentina ARGT

Stanley Druckenmiller bought $10.43M of MSCI Argentina in Q1 2024. The Global X MSCI Argentina ETF (ARGT) has demonstrated strong performance with a 12.47% year-to-date return and 60.19% over the past 12 months. MSCI Argentina's parent company reported 9.7% YoY revenue growth to $745.8 million in Q1 2025, driven by robust demand for climate analytics and wealth management tools. Despite these fundamentals, ARGT remains 16.9% below its 52-week high, reflecting broader market skepticism about Argentina's economic stability.

• 12.47% YTD return through May 23, 2025, outperforming emerging market peers.
• Parent company MSCI achieved 13.6% YoY growth in adjusted EPS to $4.00 in Q1 2025.
• $295.1 million returned to shareholders in Q1 through buybacks ($155.4M) and dividends ($139.7M).

Banco Macro BMA

Stanley Druckenmiller bought $10.06M of Banco Macro in Q1 2024. Banco Macro (BMA) is poised to report Q1 2025 earnings of $1.76 EPS and $837.49 billion in revenue on May 22nd, reflecting a sequential recovery from Q2 2024's $1.49 EPS but remaining below Q1 2024's $5.02 EPS. The stock has gained 13% over the last six months, trading at $94.02 (above its 50-day SMA of $83.17), supported by JPMorgan's recent price target increase to $89. Despite a low P/E ratio of 8.24 (58% below industry peers), macroeconomic volatility in Argentina and a 1.73 beta suggest elevated risk exposure.

• EPS declined 65% YoY from Q1 2024's $5.02 to current Q1 2025 estimates of $1.76.
• Shares trade at 18.3% premium to 50-day SMA ($83.17 vs current $94.02).
• Analysts project 14% upside to JPMorgan's revised price target of $89 from previous $78.

Holdings at the end of Q1 2024

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