Stanley Druckenmiller's Trades and Holdings in Q4 2024

We break down the stocks Stanley Druckenmiller (Duquesne) bought, sold, and held in Q4 2024, including their holdings at the end of the quarter. All data sourced from Duquesne's 13F filed on February 14, 2025.

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 Q4 2024

New positions

Duquesne established 17 new positions in Q4 2024, with the largest being airline stocks United Airlines (UAL) at $101M and Delta (DAL) at $57M, alongside American Airlines Group (AAL) at $45M, signaling a major bet on the airline recovery. Other significant new holdings include Skechers (SKX) at $72M, Amazon (AMZN) at $72M, SLM (SLM) at $70M, Warner Bros Discovery (WBD) at $49M, and Eli Lilly (LLY) at $48M.

Bought

Duquesne significantly increased positions in several holdings, most notably adding 7.6M shares to Teva (TEVA) which generated a 671% return, and substantially growing positions in Seagate (STX), YPF (YPF), US Steel (X), Philip Morris (PM), and Insmed (INSM) - the latter delivering an extraordinary 2,706% return on the increased stake.

Sold

Duquesne completely liquidated 20 positions including high-profile tech names Broadcom (AVGO), Microsoft (MSFT), and Adobe (ADBE), along with real estate holdings Mid-America Apartment Communities (MAA) and Camden Property Trust (CPT). The firm also trimmed major positions in Coupang (CPNG) by 2.8M shares, S&P Regional Banking (KRE) by 1.5M shares, and reduced exposure to commodities through cuts in Freeport McMoRan (FCX) and Teck Resources (TECK).

New Investments in Q4 2024

United Airlines UAL

Stanley Druckenmiller bought $101.35M of United Airlines in Q4 2024. United Airlines (UAL) reported its best first-quarter financial performance in five years, with record revenue of $13.2 billion and adjusted EPS of $0.91, exceeding expectations by 18.18%. The company improved its Q1 pre-tax margin by 3.6 percentage points year-over-year, driven by operational efficiency and strong international demand. Recent strategic initiatives like expanding Tel Aviv service and deploying Starlink Wi-Fi position it for sustained growth despite macroeconomic headwinds.

• Q1 2025 EPS of $0.91 surpassed analyst forecasts by 18.18%.
• Revenue grew 5.4% year-over-year to a record $13.2 billion.
• Stock price rose 1.67% post-earnings announcement, reflecting investor confidence.

Skechers SKX

Stanley Druckenmiller bought $72.27M of Skechers in Q4 2024. Skechers reported record Q1 2025 sales of $2.41 billion, a 7.1% YoY increase, driven by 7.8% wholesale and 6.0% direct-to-consumer growth. International markets contributed 65% of revenue, with EMEA up 14% and the Americas rising 8%, though APAC declined 3% due to challenges in China. The company’s strong performance underscores its global reach and diversified sales channels despite regional headwinds.

• Q1 diluted EPS of $1.34.
• International sales accounted for 65% of total revenue.
• EMEA region sales surged 14%, while the Americas grew 8%.

Amazon AMZN

Stanley Druckenmiller bought $72.05M of Amazon in Q4 2024. Amazon (AMZN) reported strong Q1 2025 results with 9% YoY revenue growth to $155.7B, driven by improved fulfillment speeds and advertising growth. However, shares fell 4% post-earnings due to a softer-than-expected Q2 operating income outlook of $13B-$17.5B. The company continues to lead in retail media with advertising revenue surging 19% YoY to $13.9B.

• Q1 net sales increased 9% YoY to $155.7B, beating analyst expectations.
• Advertising revenue grew 19% YoY to $13.9B, powered by a 275M+ US ad-supported audience.
• Shares down 13% YTD through April 2025, underperforming tech peers amid margin concerns.

SLM SLM

Stanley Druckenmiller bought $69.51M of SLM in Q4 2024. SLM Corporation (Sallie Mae) reported mixed Q1 2025 results with net income rising to $304.54 million (up 5% YoY) despite a 3% decline in net interest income. The company reaffirmed its full-year 2025 guidance, demonstrating confidence in its core private education lending business which saw loans grow to $21.09 billion. Recent credit risk concerns emerged as provisions for loan losses doubled to $23.29 million compared to Q1 2024.

• Diluted EPS increased to $1.40 (up 10.2% YoY) despite rising interest expenses.
• Private education loan portfolio grew to $21.09 billion, a 0.9% quarterly increase.
• Provision for credit losses increased 93% YoY to $23.29 million, signaling heightened risk management.

Delta DAL

Stanley Druckenmiller bought $57.45M of Delta in Q4 2024. Delta Air Lines reported $14.0 billion in Q1 2025 operating revenue, a 7.7% YoY increase, though operating income declined to $569 million due to rising labor and operational costs. The company is mitigating economic uncertainty by limiting capacity growth and prioritizing cost controls, while capitalizing on 11% lower fuel costs and robust international travel demand. Recent fleet expansions and a Moody’s credit rating upgrade underscore its operational resilience and strategic investments.

• Q1 operating margin held at 4.0% despite a $45 million YoY decline in operating income.
• Adjusted fuel costs fell 11% YoY to $2.45 per gallon, offsetting rising non-fuel expenses.
• Debt reduced by $1.1 billion in Q1, with free cash flow of $1.3 billion strengthening liquidity.

Warner Bros Discovery WBD

Stanley Druckenmiller bought $49.23M of Warner Bros Discovery in Q4 2024. Warner Bros. Discovery reported strong momentum in Q1 2025, with 85% EBITDA growth projected for 2025 versus 2024 and subscriber base expansion driven by hit franchises. The company is outperforming streaming peers through strategic content releases like House of the Dragon and Fixer Upper: Welcome Home, while leveraging its diversified media portfolio across HBO, CNN, and Discovery networks. Recent financial discipline has positioned WBD for $1.3B EBITDA target in 2025 with improved free cash flow generation.

• 85% YoY EBITDA growth projected for 2025 ($1.3B target vs. 2024 baseline).
• Subscriber base growing toward 150M+ target across streaming platforms by year-end 2025.
• Q1 2025 marked by major content releases across HBO (90% Rotten Tomatoes score) and Food Network (20% viewership increase).

Eli Lilly LLY

Stanley Druckenmiller bought $48.01M of Eli Lilly in Q4 2024. Eli Lilly (LLY) reported robust Q1 2025 revenue growth of 45% to $12.73 billion, driven by strong demand for Mounjaro and Zepbound. However, non-GAAP EPS of $3.34 missed estimates by $0.12, leading to an 8.56% stock decline post-announcement. The company reaffirmed full-year revenue guidance of $58-61 billion and highlighted pipeline advancements, including positive Phase 3 results for oral GLP-1 agonist orforglipron.

• Revenue surged 45% year-over-year in Q1 2025, with U.S. sales up 49% and European sales rising 71% in constant currency.
• Gross margin improved to 83.5%, while non-GAAP operating margin expanded by over 11 percentage points to 42.6%.
• Stock price declined 8.56% post-earnings despite revenue beat, reflecting investor concerns over EPS shortfall and high valuation metrics.

American Airlines Group AAL

Stanley Druckenmiller bought $44.86M of American Airlines Group in Q4 2024. American Airlines Group reported a challenging Q1 2025 with $12.6 billion revenue but a widened GAAP net loss of $473 million versus $312 million in Q1 2024, impacted by a $200 million loss from Flight 5342's accident. While maintaining strong liquidity of $10.8 billion and reducing debt by $1.2 billion, the company faces headwinds from domestic leisure demand softness and has withdrawn full-year guidance.

• Q1 operating cash flow improved to $2.5 billion with free cash flow of $1.7 billion.
• International unit revenue grew 2.9% despite 0.8% capacity reduction.
• Withdrew full-year guidance due to economic uncertainty while maintaining $10.8 billion liquidity position.

Brookfield BN

Stanley Druckenmiller bought $35.06M of Brookfield in Q4 2024. Brookfield Corporation (BN) reported strong Q1 2025 results with 27% YoY distributable earnings growth to $1.5 billion, driven by record asset management inflows and resilient operating cash flows. The company accelerated share repurchases to $850 million YTD while maintaining $165 billion deployable capital for growth initiatives. Performance demonstrates accelerating earnings momentum compared to prior quarters, with management reaffirming 15%+ long-term return targets.

• 30% YoY growth in distributable earnings before realizations in Q1 2025.
• $25 billion in new asset management inflows during Q1 2025.
• $850 million in share buybacks executed YTD through May 2025.

Micron MU

Stanley Druckenmiller bought $34.41M of Micron in Q4 2024. Micron Technology delivered a record Q1 fiscal 2025 with $8.71 billion revenue, driven by 40% sequential and 400% YoY growth in data center sales from AI demand. While consumer markets remain soft, data centers now represent over 50% of total revenue for the first time. The company anticipates renewed consumer segment growth in H2 FY2025 while maintaining leadership in high-margin AI memory markets.

• Q1 revenue surged 12.4% sequentially to $8.71B versus $7.75B in Q4 FY2024.
• Data center revenue grew 400% YoY, accelerating AI-driven market share gains.
• GAAP EPS reached $1.67, up from $0.95 in prior quarter, reflecting improved pricing power.

BWX Technologies BWXT

Stanley Druckenmiller bought $33.33M of BWX Technologies in Q4 2024. BWX Technologies reported strong Q1 2025 results with $682.3 million revenue (+13% YoY) and $75.5 million net income, driven by increased government contracts and commercial nuclear demand. The company reaffirmed its full-year guidance of $3.40-$3.55 non-GAAP EPS, supported by strategic moves including the Kinectrics acquisition and a new uranium enrichment facility land purchase. Recent operational momentum positions BWXT to capitalize on growing nuclear energy and defense spending priorities.

• 13% YoY revenue growth in Q1 2025 ($682.3M), with government operations up 14% to $555.3M.
• 20% increase in non-GAAP EPS to $0.91, outpacing GAAP EPS of $0.82.
• 129.8M adjusted EBITDA (+13% YoY) with 565% YoY free cash flow growth to $17.3M.

PureCycle Technologies PCT

Stanley Druckenmiller bought $16.32M of PureCycle Technologies in Q4 2024. PureCycle Technologies reported its first-ever revenue of $1.6 million in Q1 2025, marking a pivotal operational milestone despite posting a $0.27 per share loss (8% below estimates). The company demonstrated improved operational efficiency with 90% on-stream time at its Ironton facility in April and advanced commercial trials for sustainable plastic applications. While shares remain down 36% YTD, post-earnings momentum (+6.4% afterhours) reflects optimism about its path to breakeven by Q3 2025.

• Q1 revenue of $1.58 million missed estimates by 43.6% but established initial commercialization traction.
• Raised $63.4 million in Q1 via bonds and equity to fund scaling efforts.
• 15-50% resin blends succeeded in BOPP film trials, expanding addressable markets.

Tesla TSLA

Stanley Druckenmiller bought $15.21M of Tesla in Q4 2024. Tesla reported disappointing Q1 2025 results with $0.27 EPS (non-GAAP) missing expectations by 34%, while revenue fell 9% YoY to $19.34B. The company sustained profitability only through $595M in regulatory credits. Despite this, shares rose 5% post-earnings as investors appeared to focus on CEO Elon Musk's continued leadership amid political uncertainties.

• Q1 automotive revenue plummeted 20% YoY to $14B due to lower volumes and average selling prices.
• EPS fell 40% YoY from $0.45 in Q1 2024 to $0.27 in Q1 2025.
• Regulatory credit sales surged to $595M (3.1% of total revenue), without which Tesla would have posted an operating loss.

Alphabet GOOGL

Stanley Druckenmiller bought $14.52M of Alphabet in Q4 2024. Alphabet Inc. (GOOGL) demonstrated robust growth in Q1 2025 with 12% YoY revenue growth to $90.2 billion, driven by AI-powered improvements across Search, Cloud, and YouTube. The company expanded operating margins to 34% and increased EPS by 49%, reflecting strong profitability despite macroeconomic uncertainties. Recent dividend hikes and accelerating Cloud adoption position the company for sustained value creation, though regulatory risks and May's bearish momentum warrant monitoring.

• Q1 2025 EPS surged 49% to $2.81, outperforming analyst expectations.
• Google Cloud revenue grew 28% YoY to $12.3 billion with margins expanding to 17.8%.
• Declared 5% dividend increase to $0.21 per share, reflecting strong cash flow generation.

Wells Fargo WFC

Stanley Druckenmiller bought $11.04M of Wells Fargo in Q4 2024. Wells Fargo reported Q1 2025 net income of $4.9 billion, up 6% year-over-year, driven by cost management as noninterest expense decreased 3%. Despite a 6% decline in net interest income, the company maintained a strong capital position with a CET1 ratio of 11.1%. Recent portfolio repositioning resulted in $2.6 billion in securities losses, but management anticipates low single-digit NII growth and loan expansion in 2025.

• EPS increased 15.8% YoY to $1.39 from $1.20.
• CET1 ratio of 11.1% remains 130 basis points above regulatory requirements.
• ROE improved to 11.5%, up 100 basis points from the prior year.

Live Nation LYV

Stanley Druckenmiller bought $10.31M of Live Nation in Q4 2024. Live Nation Entertainment (LYV) reported a mixed Q1 2025, turning a $23.2 million profit versus a $54.5 million loss in Q1 2024, but missing revenue forecasts ($3.38B actual vs. $3.62B expected). While foreign exchange headwinds and Ticketmaster softness impacted results, deferred event revenue surged 24% YoY to $5.4B, signaling strong future demand. The company is expanding its moat with 20 new venues and has already secured 80% of 2025 sponsorship contracts.

• Q1 revenue declined 4% YoY to $3.38B, missing estimates by 6.6%.
• Deferred revenue up $2B QoQ (+24% YoY) to $5.4B, driven by record concert bookings.
• Stock dipped 0.84% post-earnings despite improved profitability, trading at $131 after hours.

Mirion Technologies MIR

Stanley Druckenmiller bought $5.98M of Mirion Technologies in Q4 2024. Mirion Technologies delivered strong Q1 2025 results with 4.9% revenue growth to $202 million and 25% EPS beat ($0.10 vs $0.08 estimate), driving a 2.14% stock price increase. The Nuclear Power segment surged 17.6% YoY as global electricity demand accelerates nuclear adoption, while management maintained full-year guidance. Recent strategic acquisitions and operational efficiency initiatives position the company for sustained growth in radiation safety markets.

• Q1 revenue of $202M exceeded estimates by 1.3% ($199.34M expected).
• Adjusted EPS $0.10 beat forecasts by 25%, up from $0.08 in Q1 2024.
• Nuclear Power segment revenue grew 17.6% YoY, outpacing Safety segment's 6% growth.

Holdings at the end of Q4 2024

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