Stanley Druckenmiller's Trades and Holdings in Q3 2024

We break down the stocks Stanley Druckenmiller (Duquesne) bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Duquesne's 13F filed on November 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 Q3 2024

New positions

Duquesne initiated several notable new positions in Q3 2024, with the largest being a $116.2 million stake in S&P Regional Banking (KRE), signaling a significant bet on regional banking exposure. Other major new additions include Broadcom (AVGO) at $41.4 million, biotech Ascendis Pharma (ASND) at $39.6 million, and nVent (NVT) at $31.7 million.

Bought

Duquesne significantly increased its position in Natera (NTRA), adding 1.59 million shares to make it one of their largest holdings with a 111.7% gain, bringing the position value from $213.9 million to $452.8 million. The firm also added meaningfully to Coupang (CPNG) and TeraWulf (WULF), with both positions generating positive returns of 24.9% and 48.2% respectively.

Sold

Duquesne completely exited several major positions including Option Care Health (OPCH) ($51.8 million), Nvidia (NVDA) ($26.4 million), and Madison Square Garden (MSGE) ($23.8 million). The firm also dramatically reduced holdings in energy and technology names, cutting Kinder Morgan (KMI) by 57%, ZoomInfo (ZOM) by 70.6%, Vistra (VST) by 79.4%, and Microsoft (MSFT) by 89.6%, suggesting a major portfolio restructuring away from these sectors.

New Investments in Q3 2024

S&P Regional Banking KRE

Stanley Druckenmiller bought $116.22M of S&P Regional Banking in Q3 2024. The SPDR® S&P® Regional Banking ETF (KRE) declined -2.79% in Q2 2025 after taxes, underperforming its benchmark index amid sector-wide pressures. While regional banks face headwinds from compressed net interest margins, S&P Global projects 10.5%-11.5% ROE for 2025 with potential upside from improving NIMs and loan demand acceleration. The ETF trades at a 10.88 forward P/E ratio and 0.96 price/book ratio, suggesting undervaluation relative to historical banking sector averages.

• -2.79% total return in Q2 2025 (after taxes), underperforming S&P Regional Banks Select Industry Index.
• 12.33% estimated 3-5 year EPS growth signals long-term potential despite recent volatility.
• Trades at 58% discount to industry average P/E ratio with 3.09% dividend yield.

Broadcom AVGO

Stanley Druckenmiller bought $41.4M of Broadcom in Q3 2024. Broadcom delivered robust performance in Q1 FY2025 with revenue of $14.9B, up 25% YoY, driven by AI semiconductor demand and VMware integration. Adjusted EBITDA margins expanded to 68% as software revenue mix improved. The stock surged 9% post-earnings on strong guidance of $14.9B Q2 revenue (+19% YoY), reflecting enterprise adoption of its AI infrastructure solutions.

• AI-related semiconductor revenue jumped 77% YoY to $4.1B, now representing 28% of total sales.
• Infrastructure software revenue grew 47% YoY to $6.7B, with 70% of top customers adopting VMware Cloud Foundation.
• Shares have gained 27% YTD through March 2025, outperforming the SOX semiconductor index by 18 percentage points.

Ascendis Pharma ASND

Stanley Druckenmiller bought $39.57M of Ascendis Pharma in Q3 2024. Ascendis Pharma reported €101.0 million in Q1 2025 revenue, a 5.3% increase YoY, driven by strong performances from YORVIPATH® (€44.7 million) and SKYTROFA® (€51.3 million). While still operating at a net loss of €94.6 million, this represents a 28% improvement over Q1 2024, with upcoming catalysts including FDA decisions on TransCon CNP and SKYTROFA's adult indication.

• Q1 2025 revenue grew 5.3% YoY to €101.0 million despite ongoing net losses.
• Net loss narrowed 28% to €94.6 million compared to €131.0 million in Q1 2024.
• €518 million cash position provides runway through key regulatory milestones including July 27, 2025 SKYTROFA® PDUFA date.

nVent NVT

Stanley Druckenmiller bought $31.69M of nVent in Q3 2024. nVent Electric reported strong Q1 2025 performance with 11% sales growth and 10% adjusted EPS growth, driven by strategic portfolio shifts toward high-growth electrical infrastructure markets like data centers and power utilities. The company raised its full-year guidance to 19-21% sales growth (5-7% organic) and $3.03-$3.13 adjusted EPS, reflecting confidence in its acquisitions and tariff mitigation plans. Recent acquisitions (Avail Electrical Products Group) and divestitures (Thermal Management) have sharpened its focus on infrastructure verticals, which now account for over 40% of sales.

• Q1 2025 sales grew 11% YoY with organic growth of 2%, while adjusted EPS rose 10% to $0.52.
• Backlog increased over 10% sequentially, providing visibility into sustained demand across data centers and power utilities.
• Raised 2025 sales guidance to 19-21% growth (from prior estimates), with acquisitions contributing 14 percentage points.

Teva TEVA

Stanley Druckenmiller bought $25.73M of Teva in Q3 2024. Teva Pharmaceutical reported its ninth consecutive quarter of growth in Q1 2025, driven by a 5% revenue increase ($3.9B) and 40% growth in key innovative medicines like AUSTEDO and AJOVY. Gross profit margin expanded to 48.2% (up 180 bps YoY), supported by cost optimization and product mix improvements. Moody's recently upgraded Teva's credit rating, citing sustained execution of its growth strategy and strong branded drug performance.

• Q1 2025 revenues grew 5% YoY ($3.9B), with FX-adjusted growth of 2%.
• Gross profit margin improved 180 basis points to 48.2% versus prior year quarter.
• Moody's credit upgrade reflects ~40% growth in innovative medicines and reduced debt leverage.

US Steel X

Stanley Druckenmiller bought $23.43M of US Steel in Q3 2024. U.S. Steel reported a Q1 2025 net loss of $116 million, contrasting sharply with its $171 million net profit in Q1 2024, driven by mining logistics constraints and lagging spot prices. Revenue fell to $3.73 billion (down 10.4% YoY), though its Mini Mill segment achieved record shipments and a 10% EBITDA margin post-ramp-up costs. The Tubular segment improved sequentially, while European operations benefited from cost discipline, positioning the company for potential recovery as Big River 2 reaches full capacity.

• Adjusted EBITDA plunged 58% YoY to $172 million in Q1 2025 versus $414 million in Q1 2024.
• Mini Mill segment EBITDA margins hit 10% after absorbing $55 million in BR2 ramp-up costs.
• Q1 steel shipments declined marginally to 3.76 million tons (vs. 3.80 million in Q1 2024) despite higher raw steel production.

Core & Main CNM

Stanley Druckenmiller bought $21.1M of Core & Main in Q3 2024. Core & Main reported mixed performance in recent quarters, with 17.9% YoY revenue growth to $1.70B in Q4 2024 but a 51.9% QoQ earnings decline to $64.0M in Q1 2025. While the company beat revenue estimates consistently, its Q4 2025 EPS of $0.33 missed expectations by $0.03, reflecting margin pressures despite top-line strength. The stock trades at a P/E ratio of 24.98 with analysts projecting 11.11% EPS growth for FY2025.

• Q4 2024 gross profit grew 17.4% to $451M despite net income contraction.
• Q1 2025 earnings fell 51.9% quarterly despite 17.9% annual revenue growth.
• FY2025 outlook emphasizes infrastructure investments driving water sector demand.

Citigroup C

Stanley Druckenmiller bought $20.5M of Citigroup in Q3 2024. Citigroup reported strong Q1 2025 results with 3% revenue growth to $21.6B and 21% YoY net income increase to $4.1B. The bank demonstrated improved efficiency with 5% lower operating expenses ($13.4B) and executed $1.75B in share repurchases. Shares rose 4.03% post-earnings as investors responded to disciplined cost management and maintained full-year guidance.

• EPS jumped 24% YoY in Q1 2025 driven by revenue growth and cost savings.
• CET1 capital ratio remains strong at 13.45%, above regulatory requirements.
• Announced $20B share repurchase program with $1.75B executed in Q1.

Verona Pharma VRNA

Stanley Druckenmiller bought $19.74M of Verona Pharma in Q3 2024. Verona Pharma (VRNA) demonstrated accelerating growth in Q1 2025, with 95% quarter-over-quarter revenue growth driven by its COPD treatment Ohtuvayre. The company surpassed analyst estimates with $76.3M total net revenue and $0.27 EPS (beating expectations by $0.49), while maintaining operational leverage as revenue exceeded operating expenses excluding non-cash charges. Recent expansion plans to add 30 new sales representatives in Q3 2025 position the company to capitalize on strong prescription momentum.

• Ohtuvayre net sales surged 95% QoQ to $71.3M in Q1 2025 with ~25,000 prescriptions filled.
• EPS of $0.27 outperformed consensus estimates by $0.49 despite projected -$0.22 expectation.
• Prescription volume grew 35% monthly since launch, supporting 2025 revenue guidance raises.

CRH CRH

Stanley Druckenmiller bought $15.07M of CRH in Q3 2024. CRH reported Q1 2025 revenue of $6.8 billion, a 3% YoY increase, while posting a net loss of $98 million due to seasonal headwinds. Adjusted EBITDA grew 11% to $495 million with margin expansion of 50bps, and management reaffirmed full-year guidance citing strong underlying demand. The company continues to benefit from strategic acquisitions and operational discipline, positioning it for growth in infrastructure and construction markets.

• Q1 revenue surpassed analyst estimates by $50 million ($6.8B actual vs $6.75B expected).
• Adjusted EBITDA margin improved to 7.3% (+50bps YoY) despite $0.15/share net loss.
• 2025 guidance projects $7.3B-$7.7B adjusted EBITDA and $5.34-$5.80 diluted EPS.

TPG TPG

Stanley Druckenmiller bought $12.52M of TPG in Q3 2024. TPG Inc. demonstrated a strong recovery in Q1 2025, reporting $87.8 million net income versus a $9.0 million loss in Q1 2024, driven by AUM growth to $251 billion. The firm declared a $0.41/share dividend payable June 2025, reflecting improved cash flows. Shares rose 4.96% premarket post-announcement, signaling market confidence in its turnaround.

• Q1 2025 EPS of $1.00 met estimates with revenue of $469.13 million.
• Fee-related revenue increased 6% YoY to $476 million despite margin pressures.
• AUM grew to $251 billion with $57 billion dry powder for strategic investments.

Chubb CB

Stanley Druckenmiller bought $10.04M of Chubb in Q3 2024. Chubb reported mixed Q1 2025 results with $3.68 core operating EPS beating estimates by 12.88%, while net income declined 37.9% YoY due to California wildfire losses. The company showed premium growth of 5.7% in constant dollars and a 12.2% increase in investment income. Despite catastrophic events, P&C operations remained profitable with an 82.3% ex-CAT combined ratio.

• Q1 EPS of $3.68 beat estimates by $0.40 (12.88% surprise) while revenue of $13.67B exceeded expectations by 3.43%.
• Consolidated net premiums grew 5.7% with P&C up 5.0% and Life Insurance surging 10.3% in constant dollars.
• Pre-tax investment income rose 12.2% to $1.56B, offsetting wildfire-related catastrophe losses that drove combined ratio to 95.7%.

Autodesk ADSK

Stanley Druckenmiller bought $10.03M of Autodesk in Q3 2024. Autodesk has demonstrated accelerating revenue growth, with 15% year-over-year growth in Q1 FY26 ($1.6B) building on 12% growth in Q4 FY25. The company beat revenue estimates in both quarters while initiating strategic optimizations to improve sales efficiency. Shares rose 5% post-earnings as investors responded to 29% billings growth and strong remaining performance obligations of $3.9B.

• Q1 FY26 revenue grew 15% (16% constant currency) to $1.6B, beating estimates.
• Billings surged 29% YoY to $1.43B in Q1 FY26, signaling strong demand.
• Free cash flow reached $678M in Q4 FY25, supporting strategic reinvestments.

M&T Bank MTB

Stanley Druckenmiller bought $10.01M of M&T Bank in Q3 2024. M&T Bank reported mixed Q1 2025 results with net income of $584 million (+10% YoY but -14% sequentially), driven by improved credit metrics and net interest margin expansion to 3.66%. Revenue of $2.32 billion narrowly missed estimates, though mortgage banking revenue rose to $118 million. The bank demonstrated resilience through disciplined capital management, including share repurchases, while nonaccrual loans declined to 1.14%.

• Q1 diluted EPS of $3.32 missed estimates but rose 10% year-over-year.
• Net interest margin expanded 8 basis points to 3.66% as deposit costs fell 27 basis points.
• Nonaccrual loans improved to 1.14% of total loans, down from 1.25% in Q4 2024.

Truist TFC

Stanley Druckenmiller bought $9.99M of Truist in Q3 2024. Truist Financial (TFC) delivered mixed Q1 2025 results with a narrow EPS beat but declining profitability year-over-year, while demonstrating disciplined capital management through share repurchases. The company reported $0.87 EPS (+1.16% vs estimates) on $4.9B revenue (+1.6% YoY), though net income fell 3.3% YoY. Recent strategic moves including the $15B sale of Truist Insurance Holdings aim to strengthen liquidity and refocus on core banking operations, though the stock continues to trail broader market performance amid sector headwinds.

• EPS of $0.87 beat estimates by 1.16% but declined 3.3% YoY.
• Returned $500M to shareholders through buybacks with total payout ratio at 102%.
• Insurance unit sale unlocks $10.1B in cash proceeds to bolster capital ratios.

Taiwan Semiconductor TSM

Stanley Druckenmiller bought $9.96M of Taiwan Semiconductor in Q3 2024. Taiwan Semiconductor Manufacturing Co. (TSMC) reported 41.6% year-over-year revenue growth in Q1 2025 to NT$839.25 billion ($25.53B USD), though sequential revenue declined 3.4% from Q4 2024. The company guided for 11-14% quarterly revenue growth in Q2 2025 ($28.4-29.2B) driven by advanced 3nm/5nm nodes now comprising 58% of wafer revenue. While maintaining 58.8% gross margins, TSMC faces headwinds from U.S.-China trade tensions and a 24% stock decline year-to-date despite $15B in new capacity investments.

• Q1 diluted EPS surged 60.4% YoY to NT$13.94 ($2.12 ADR) despite 3.5% sequential decline.
• 73% of wafer revenue now comes from 7nm or more advanced process technologies.
• 24% stock price decline in 2025 contrasts with projected 24% FY2025 EPS growth.

US Bancorp USB

Stanley Druckenmiller bought $9.94M of US Bancorp in Q3 2024. U.S. Bancorp demonstrated resilience in Q1 2025 with 3.6% year-over-year revenue growth to $6.96 billion and diluted EPS of $1.03, driven by improved net interest income and fee-based revenue. The bank maintained strong capital discipline with a 60.8% efficiency ratio and achieved 17.5% return on tangible common equity, outperforming regional bank peers. Recent strategic initiatives in payments and wealth management contributed to 41% noninterest income share of total revenue.

• EPS grew 14.4% YoY in Q1 2025, with six consecutive quarters of flat noninterest expenses enabling 270bps operating leverage improvement.
• CET1 capital ratio strengthened to 10.8% from 10.6% in Q4 2024, supporting enhanced capital returns.
• Net charge-offs declined to 0.59% with nonperforming assets at 0.45%, reflecting robust credit quality management.

Huntington Bancshares HBAN

Stanley Druckenmiller bought $9.87M of Huntington Bancshares in Q3 2024. Huntington Bancshares (HBAN) demonstrated strong performance in Q1 2025 with 26% YoY net income growth to $527 million, driven by 11% YoY net interest income growth and 7% YoY loan/deposit expansion. The company beat Q1 EPS estimates by 9.7% ($0.34 vs $0.31) and revenue projections by 2.6% ($1.94B vs $1.89B), continuing its trend of outperforming peers in organic growth. Recent approval of a $1 billion share repurchase authorization and maintained 16.7% ROTCE signal confidence in capital allocation despite economic uncertainties.

• EPS grew 26% YoY to $0.34 in Q1 2025, with pre-provision net revenue up 24% YoY to $783 million.
• Average total loans increased 7% YoY to $130.9B while deposits grew 7% to $10.9B in Q1.
• Maintains strong capital position with 10.6% CET1 ratio and 55 consecutive years of dividend payments.

Citizens Financial Group CFG

Stanley Druckenmiller bought $9.8M of Citizens Financial Group in Q3 2024. Citizens Financial Group (CFG) reported mixed Q1 2025 results with EPS of $0.77 beating estimates by 2.67%, while revenue of $1.94B matched expectations. The company demonstrated improved profitability with NIM expansion to 2.9% and ROTCE of 9.6%, though net interest income declined 1.5% linked quarter. Strategic balance sheet optimization and cost management helped offset macroeconomic headwinds, with shares showing modest gains post-earnings.

• Q1 EPS of $0.77 surpassed consensus estimates by $0.02 (2.67% beat).
• Net interest margin expanded 3 bps to 2.9% despite lower interest-earning assets.
• Adjusted earnings grew 11.8% YoY to $340M despite 1.2% revenue decline.

KeyCorp KEY

Stanley Druckenmiller bought $9.78M of KeyCorp in Q3 2024. KeyCorp reported a strong rebound in Q1 2025 with $370 million net income versus a $279 million loss in Q4 2024, driven by improved credit metrics and 24.7% YoY net interest income growth. The bank strengthened its capital position with a 150 basis point YoY improvement in common equity tier 1 ratio to 11.8%. Recent securities portfolio restructuring and declining charge-offs position KEY for improved earnings stability.

• Q1 EPS surged 65% YoY to $0.33, beating estimates by $0.01.
• Net interest income grew 4.1% QoQ to $1.11 billion despite rate environment challenges.
• Nonperforming assets declined 9% QoQ while net charge-offs fell 4% sequentially.

Holdings at the end of Q3 2024

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