Stanley Druckenmiller's Trades in Q2 2024

We break down the stocks Stanley Druckenmiller (Duquesne) bought, sold, and held in Q2 2024, including their holdings at the end of the quarter. All data sourced from Duquesne's 13F filed on August 14, 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 Q2 2024

New positions

Duquesne established several significant new positions in Q2 2024, with the largest being Philip Morris (PM) at $97.6M and Mid-America Apartment Communities (MAA) at $91.9M, suggesting a rotation into consumer staples and real estate. Other notable new holdings include Camden Property Trust (CPT) at $63.1M, Flutter Entertainment (PDYPF) at $61.2M, MercadoLibre (MELI) at $60.0M, and GE Vernova (GEV) at $51.0M, indicating diversification across REITs, international gaming, Latin American e-commerce, and energy infrastructure.

Bought

Duquesne significantly increased several existing positions, with Option Care Health (OPCH) seeing a 125% boost and Barclays (BCS) up 123%, while Kinder Morgan (KMI) was increased by 88% and Coherent (COHR) by 70%. The fund also added to positions in Daktronics (DAKT) (+68%), Seagate (STX) (+35%), and Grupo Financiero Galicia (GGAL) (+77%), showing conviction in healthcare services, financial services, energy infrastructure, and technology hardware.

Sold

The most dramatic move was Duquesne's complete exit from the Russell 2000 (IWM) ETF, liquidating a massive $664.1M position, along with full exits from General Electric (GE) ($149.7M), Vertiv (VRT) ($81.5M), and Eli Lilly (LLY) ($48.0M). The fund also substantially trimmed positions in Arista Networks (ANET) by 85%, Microsoft (MSFT) by 62%, Teck Resources (TECK) by 66%, and News Corp (NWSA) by 78%, suggesting a major portfolio restructuring away from small-cap exposure, large-cap tech, and certain industrial names.

New Investments in Q2 2024

Philip Morris PM

Stanley Druckenmiller bought $97.58M of Philip Morris in Q2 2024. Philip Morris International (PM) delivered a robust Q1 2025 performance, with adjusted EPS of $1.69 beating estimates by 5.6% and revenue of $9.3 billion surpassing forecasts. The company’s smoke-free segment drove 15% revenue growth and 27.7% gross profit growth, contributing to a 3.99% stock price surge post-earnings. This momentum reflects PM’s successful pivot to reduced-risk products amidst declining cigarette demand.

• Q1 2025 EPS of $1.69 exceeded consensus estimates by 5.6%, marking the fourth consecutive quarter of outperformance.
• Smoke-free products now account for 42% of total revenue, with shipment volumes up 14.4% year-over-year.
• Stock returned 75.59% over the past year, significantly outperforming the market, though current valuation appears stretched with ROI of 23.13% below historical averages.

Mid-America Apartment Communities MAA

Stanley Druckenmiller bought $91.87M of Mid-America Apartment Communities in Q2 2024. Mid-America Apartment Communities (MAA) reported improved operational performance in Q1 2025, with diluted EPS rising 26.2% YoY to $1.54 and Core FFO of $2.20/share slightly exceeding expectations. The company saw strong demand with 97.4% occupancy and a 160-basis-point sequential improvement in Same Store blended lease pricing. MAA maintains a strong liquidity position of $1.0 billion while benefiting from accelerating declines in new apartment deliveries across its markets.

• Q1 2025 diluted EPS surged 26.2% YoY to $1.54, while Core FFO per share declined modestly by 0.9% YoY to $2.20.
• Same Store effective blended lease pricing improved 160 basis points sequentially, outperforming last year's 90-basis-point improvement.
• Paid $181.8 million in dividends/distributions during Q1 2025, demonstrating strong cash flow generation.

Camden Property Trust CPT

Stanley Druckenmiller bought $63.06M of Camden Property Trust in Q2 2024. Camden Property Trust (CPT) demonstrated resilience in Q1 2025 with Core FFO per share rising 1.2% year-over-year to $1.72, driven by disciplined cost control and 95.4% occupancy amid market volatility. Same-property revenues grew 0.8% YoY despite a slight sequential NOI dip, while annualized gross turnover improved to 40% from 45% in Q4 2024. The REIT continues gaining share in Sun Belt markets through strategic acquisitions, including a $150M Dallas portfolio closed in April 2025.

• Core FFO per share increased 1.2% YoY to $1.72 in Q1 2025, beating estimates.
• Occupancy held steady at 95.4% with record-low annualized turnover of 40%.
• Same-property revenues grew 0.8% YoY despite 0.5% sequential NOI decline.

Flutter Entertainment PDYPF

Stanley Druckenmiller bought $61.17M of Flutter Entertainment in Q2 2024. Flutter Entertainment posted strong Q1 2025 results with 8% revenue growth to $3.67B and a dramatic turnaround to $335M net profit from prior losses, driven by its dominant US sports betting operation FanDuel. The company achieved 20% adjusted EBITDA growth despite unfavorable March Madness outcomes, with CEO Peter Jackson highlighting sustained leadership in key markets.

• US revenue surged 18% YoY to $1.7B, maintaining 43% market share in online sports betting.
• Net income margin improved 1,440bps to 9.1% from -5.2% in Q1 2024.
• Monthly active players grew 8% to 14.88M, with US iGaming revenue jumping 32% to $472M.

MercadoLibre MELI

Stanley Druckenmiller bought $59.97M of MercadoLibre in Q2 2024. MercadoLibre reported strong Q1 2025 results with $5.9 billion net revenue (+37% YoY) and $494 million net income, demonstrating continued growth across both commerce and fintech segments. The company achieved 40% FX-neutral GMV growth to $13.3 billion and 43% payment volume growth to $58.3 billion through Mercado Pago. While maintaining a 12.9% operating margin, strategic investments led to a slight $10 million adjusted free cash outflow.

• Commerce revenue grew 32% YoY ($3.3B) with 59% FX-neutral growth.
• Fintech active users increased 31.2% YoY to 64.3 million with credit portfolio growth of 75% YoY to $7.8B.
• Unique buyers grew 25% YoY to 66.6M while items sold increased 28% to 492M units.

GE Vernova GEV

Stanley Druckenmiller bought $50.95M of GE Vernova in Q2 2024. GE Vernova demonstrated strong performance in Q1 2025 with 8% organic order growth and 15% organic revenue growth, driven by Power equipment (+43%) and services. Margins expanded significantly, with net income up $0.4B YoY and adjusted EBITDA growing nearly 70%. The company reaffirmed its 2025 guidance of $36-37B revenue and $2.0-2.5B free cash flow, while returning $1.3B capital to shareholders.

• Q1 orders surged to $10.2B (+8% organic), with Power equipment orders up 43% and services up 16%.
• Free cash flow improved by $1.6B YoY to $1.0B, marking the first positive Q1 cash flow in company history.
• Adjusted EBITDA margin expanded 170bps to 5.7%, driven by pricing power and productivity gains across all segments.

SpringWorks Therapeutics SWTX

Stanley Druckenmiller bought $38.48M of SpringWorks Therapeutics in Q2 2024. SpringWorks Therapeutics reported a challenging Q1 2025, with an EPS of -$1.11 missing estimates by $0.30 and revenue of $49.09M falling 23.5% short of expectations. Despite a 12-month net loss of -$258M and negative ROI, the company maintains growth potential with its Phase III drug OGSIVEO for rare cancers. Analysts project 2025 revenue of $316.43M, but recent downgrades and ongoing losses signal near-term risks.

• Q1 EPS of -$1.11 missed consensus by $0.30.
• Q1 revenue of $49.09M fell 23.5% below estimates.
• 12-month net loss of -$258M with a negative ROI of 46.74%.

Adobe ADBE

Stanley Druckenmiller bought $20.38M of Adobe in Q2 2024. Adobe delivered record Q1 FY2025 results with $5.71 billion in revenue, marking 10% YoY growth, driven by AI-powered product innovations and strong adoption across creative and document cloud segments. The company reaffirmed FY2025 targets, demonstrating confidence in maintaining 11% constant currency growth despite macroeconomic uncertainties. Recent AI advancements in Creative Cloud and new standalone offerings exiting Q1 with $125 million ending ARR position Adobe to capture more of the $205 billion digital media market.

• 10% YoY revenue growth to $5.71B in Q1, with 13% non-GAAP EPS growth to $5.08.
• Achieved record operating cash flows of $2.48 billion in Q1, up 15% YoY.
• New AI-first products generated $125 million ending ARR with strong early adoption rates.

YPF YPF

Stanley Druckenmiller bought $12.85M of YPF in Q2 2024. YPF Sociedad Anónima reported mixed Q1 2025 results with $4.6 billion in revenue, showing sequential decline but year-over-year growth. The company swung to a net loss of $19.86 billion ARS compared to a $537 billion ARS profit in Q1 2024, driven by operational challenges despite shale oil production gains. Analysts maintain a Buy rating with a $41.30 price target (+13.15% upside), citing strong fundamentals and undervaluation.

• EPS fell to -$50.65 from +$1,370.63 YoY, reflecting cost pressures in Q1 2025.
• Revenue grew 35% YoY to ARS 4.87 trillion despite missing Q1 estimates by 2.3%.
• Stock trades at 10.39 P/E ratio, 58% below industry average, with $41.30 average price target.

Live Nation LYV

Stanley Druckenmiller bought $9.66M of Live Nation in Q2 2024. Live Nation Entertainment (LYV) reported a mixed Q1 2025, turning a $23.2M net profit vs. a $54.5M loss in Q1 2024, though revenue fell short of forecasts at $3.38B (-7% vs. expectations). The company saw 24% YoY growth in deferred event revenue to $5.4B and maintains strong sponsorship commitments, but faces headwinds from foreign exchange impacts and Ticketmaster performance. Despite a 0.84% stock dip post-earnings, strategic venue expansion (20 new locations planned) positions it for long-term growth.

• Q1 EPS missed forecasts (-$0.32 vs. -$0.22 expected).
• Event-related deferred revenue surged 24% YoY to $5.4B.
• Venue Nation expansion includes 20 new global venues under development.

TeraWulf WULF

Stanley Druckenmiller bought $9.3M of TeraWulf in Q2 2024. TeraWulf (WULF) reported significant financial challenges in Q1 2025 with revenue declining 15.1% YoY to $34.4M and a net loss of $61.4M, compared to a $29.2M loss in Q4 2024. Despite this, the company expanded infrastructure capacity by 52.5% YoY to 245MW/12.2EH/s and secured strategic HPC contracts. The stock fell 8.5% post-earnings due to missed EPS/revenue estimates and Bitcoin market headwinds.

• Q1 2025 revenue of $34.4M missed estimates by 15.1%, with EPS of -$0.16 vs. -$0.07 expected.
• Infrastructure capacity grew to 245MW/12.2EH/s (+52.5% YoY) with 200-250MW target by 2026.
• 71.4% of revenue consumed by direct costs (+110% YoY) due to Bitcoin halving and operational challenges.

SomniGroup International TPX

Stanley Druckenmiller bought $4.88M of SomniGroup International in Q2 2024. SomniGroup International (TPX) reported 34.9% YoY revenue growth to $1.60B in Q1 2025, driven by its Mattress Firm acquisition, but net income declined 143.4% to -$33.1M due to integration costs. While adjusted gross margin improved to 42.2% from 40.1% in Q1 2024, GAAP margins contracted. The company raised full-year EPS guidance despite Q1's -$0.17 EPS miss, reflecting optimism about bedding demand recovery.

• 34.9% YoY revenue growth ($1.60B vs $1.19B) with Mattress Firm contributing $593.7M in partial-quarter sales.
• 142.7% net income decline (-$32.8M vs +$76.8M YoY) due to acquisition-related costs and margin pressure.
• Strong $106M operating cash flow in Q1 and upward revised FY2025 EPS guidance despite near-term challenges.

Sea SE

Stanley Druckenmiller bought $4.78M of Sea in Q2 2024. Sea Limited (SE) reported robust Q1 2025 results with $4.8B revenue (+29.6% YoY) and $403M net income, driven by record e-commerce GMV and fintech growth. The stock surged 31% over the past month, far outpacing the S&P 500's 3.9% gain, as profitability improvements and the SeaMoney rebrand to Monee strengthened ecosystem synergies. With a 132.6% total return over the last year, Sea continues to dominate peers in both performance and investor sentiment.

• EPS grew 231% YoY in Q1 2025, beating estimates by 36%.
• Revenue accelerated to 30.8% YoY growth vs 19.1% in Q4.

EQT EQT

Stanley Druckenmiller bought $4.47M of EQT in Q2 2024. EQT Corporation reported exceptional Q1 2025 results, generating $1.036 billion in free cash flow driven by high-end production volumes and tactical pricing strategies. The company raised its 2025 production guidance by 25 Bcfe while reducing capital spending by $25 million, reflecting operational efficiency gains and synergy capture from its midstream integration. Recent strategic moves include an accretive bolt-on acquisition of Olympus Energy, which offers a 15% unlevered free cash flow yield and positions EQT to benefit from growing LNG and data center-driven demand.

• $1.036B free cash flow generated in Q1 2025 alone, surpassing expectations.
• 2025 production guidance increased by 25 Bcfe (to 2,200-2,300 Bcfe) with capital spending reduced at midpoint.
• Olympus Energy acquisition projected to deliver 15% unlevered free cash flow yield immediately.

Builders FirstSource BLDR

Stanley Druckenmiller bought $4.07M of Builders FirstSource in Q2 2024. Builders FirstSource reported declining performance in Q1 2025 with 6.0% sales drop to $3.7 billion and 62.8% net income collapse year-over-year, driven by housing market softness and margin pressures. While acquisitions provided partial offset, core challenges include 290 basis point gross margin contraction to 30.5% and reduced operating leverage. The company lowered guidance amid persistent headwinds in single/multi-family construction markets.

• Q1 2025 adjusted EBITDA margin fell 380 basis points to 10.1% as operating expenses outpaced sales declines.
• Free cash flow plummeted 80.2% to $45 million due to collapsing profitability and working capital pressures.
• Shares outstanding decreased 0.9% through $12.8 million in buybacks despite 50%+ stock price decline YTD.

Structure Therapeutics GPCR

Stanley Druckenmiller bought $1.48M of Structure Therapeutics in Q2 2024. Structure Therapeutics (GPCR) reported a Q1 2025 net loss of $46.8 million, reflecting increased R&D investments in its obesity-focused pipeline. Despite this, shares surged 16.24% in April 2025 after Eli Lilly's positive Phase 3 oral GLP-1 agonist data, indicating investor optimism for GPCR's analogous aleniglipron program. The company maintains a robust cash position of $836.9 million to advance clinical milestones through 2025.

• Q1 2025 net loss widened to $46.8 million (non-cash compensation: $5.9 million), with Phase 2b trial costs accelerating.
• Stock gained 16.24% on 4/18/2025 after Eli Lilly's oral GLP-1 success heightened sector optimism.
• Cash reserves of $836.9 million support concurrent Phase 2b (aleniglipron) and Phase 1 (ACCG-2671) trials through 2025 data readouts.

Insmed INSM

Stanley Druckenmiller bought $1.34M of Insmed in Q2 2024. Insmed reported mixed Q1 2025 results with $92.82 million revenue (+23% YoY) beating estimates by 2.2%, while EPS of -$1.42 missed expectations by 4.4%. The company demonstrated strong international growth with 50% sales increases in Japan/Europe for ARIKAYCE, though U.S. growth slowed to 14%. Despite a $1.2 billion cash position, shares dipped 0.8% post-earnings due to concerns about accelerating R&D spend and pipeline investments.

• Q1 revenue of $92.8M (+22.9% YoY) surpassed consensus estimates by $2.04M.
• EPS miss widened to -$1.42 from -$1.36 estimates, with net losses growing to $256.6M (+63% YoY).
• 12-month stock return of 162.6% despite recent pullback, trading at 11.7x revenue vs industry average 8.2x.

Invivyd IVVD

Stanley Druckenmiller bought $629K of Invivyd in Q2 2024. Invivyd reported Q1 2025 PEMGARDA revenue of $11.3 million, a sequential decline from Q4 2024's $13.8 million due to sales force internalization, but shows early signs of Q2 re-acceleration. The company reduced net loss per share to -$0.14 (vs. -$0.38 YoY) and maintains a $48.1 million cash position while targeting near-term profitability. Despite a 17.61% stock drop post-earnings, Invivyd's 93.6% gross margins and pipeline progress with VYD2311 Phase 1 data expected in Q2 position it for potential recovery.

• Q1 revenue declined 18% QoQ to $11.3M amid sales force transition, but management reports Q2 re-acceleration.
• Missed EPS estimates by 1300% (-$0.14 actual vs. -$0.01 estimate) despite 15% operating expense reduction.
• Maintains 93.6% gross margins with path to profitability using $48.1M cash and $30M credit facility access.

Holdings at the end of Q2 2024

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