Stanley Druckenmiller Fills Up With Buffett's Chevron in 4th Quarter

Firm of former Soros Fund partner releases quarterly portfolio

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James Li
Feb 23, 2022
Summary
  • Duquesne Family Office established a new holding in Chevron.
  • Firm also boosts position in Carvana.
  • Firm chops stakes in Starbucks, Amazon.com and Expedia.
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Stanley Druckenmiller (Trades, Portfolio), president and CEO of Duquesne Family Office, disclosed in a regulatory portfolio filing that his firm’s top five trades during the fourth quarter of 2021 included a new position in Chevron Corp. (CVX, Financial), a boost to its holding of Carvana Co. (CVNA, Financial) and reductions to its holdings of Starbucks Corp. (SBUX, Financial), Amazon.com Inc. (AMZN, Financial) and Expedia Group Inc. (EXPE, Financial).

The Pittsburgh-based guru managed money for

George Soros (Trades, Portfolio) from 1988 to 2000, famously shorting the British pound in 1992. Duquesne invests in long and short positions in stocks and bonds using a top-down approach influenced by Soros’ trading style.

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Druckenmiller converted his firm into a family office in 2010. As of December 2021, Duquesne’s $2.767 billion equity portfolio contains 49 stocks, with 15 new positions and a quarterly turnover ratio of 21%. The top three sectors in terms of weight are consumer cyclical, technology and communication services, representing 40.09%, 20.77% and 18.63% of the equity portfolio.

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Chevron

Duquesne purchased 824,440 shares of Chevron (

CVX, Financial), allocating 3.51% of its equity portfolio to the position. Shares averaged $113.83 during the fourth quarter; the stock is fairly valued based on Wednesday’s price-to-GF Value ratio of 1.08.

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GuruFocus ranks the San Ramon, California-based energy giant’s financial strength 8 out of 10 on several positive investing signs, which include a high Piotroski F-score of 8 and interest coverage and debt ratios that are outperforming more than 77% of global competitors despite the company having a low Altman Z-score of 1.63.

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Warren Buffett (Trades, Portfolio)’s Berkshire Hathaway Inc. (BRK.A, Financial)(BRK.B, Financial) owns 38,245,036 shares as of the fourth quarter, up 33.24% from the September 2021 holding.

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Other gurus with holdings in Chevron include

Ken Fisher (Trades, Portfolio)’s Fisher Investments and Diamond Hill Capital (Trades, Portfolio).

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Carvana

The firm added 384,290 shares of Carvana (

CVNA, Financial), boosting the position by 280.46% and its equity portfolio by 3.24%.

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Shares of Carvana averaged $274.34 during the fourth quarter; the stock is significantly undervalued based on Wednesday’s price-to-GF Value ratio of 0.61.

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GuruFocus ranks the Tempe, Arizona-based vehicle e-commerce company’s financial strength 4 out of 10 on several warning signs, which include a low Piotroski F-score of 3 and debt ratios that underperform more than 90% of global competitors.

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Starbucks

The firm sold 1,745,325 shares of Starbucks (

SBUX, Financial), slashing 82.82% of the position and 6.25% of its equity portfolio.

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Shares of Starbucks averaged $112.76 during the fourth quarter; the stock is modestly undervalued based on Wednesday’s price-to-GF Value ratio of 0.80.

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GuruFocus ranks the Seattle-based coffee restaurant chain’s profitability 9 out of 10 on several positive investing signs, which include a high Piotroski F-score of 8 and profit margins and returns that are outperforming more than 89% of global competitors.

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Amazon.com

Duquesne sold 40,684 shares of Amazon.com (

AMZN, Financial), slicing 41.70% of the position and 4.34% of its equity portfolio.

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Shares of Amazon averaged $3,427.48 during the fourth quarter; the stock is modestly undervalued based on Wednesday’s price-to-GF Value ratio of 0.78.

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GuruFocus ranks the Seattle-based e-commerce giant’s profitability 9 out of 10 on several positive investing signs, which include a five-star business predictability rank, a high Piotroski F-score of 7 and returns that outperform more than 82% of global competitors.

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Expedia

The firm sold 760,212 shares of Expedia (

EXPE, Financial), chopping 83.15% of the position and 4.05% of its equity portfolio.

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Shares of Expedia averaged $170.29 during the fourth quarter; the stock is significantly overvalued based on Wednesday’s price-to-GF Value ratio of 1.94.

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GuruFocus ranks the Seattle-based travel booking company’s profitability 7 out of 10 on the heels of a high Piotroski F-score of 7 and a three-year revenue growth rate that outperforms more than 65% of global competitors.

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