the sleeper chip
stan druckenmiller is about to show his hand.
every institutional fund manager with more than $100 million under management is required by the sec to file a 13f report within 45 days of each quarter end. that means by today, august 14th, druckenmiller’s family office, duquesne, must declare every us equity position it held as of june 30th.
the last filing landed may 15th, covering the march 31st portfolio. that’s the one that stopped the room: a 238% increase in his stmicroelectronics position, ypf up 433%, natera sitting at 21% of the book. positions that had clearly been building while nobody was watching.
today’s filing covers the april, may and june activity. it’ll show whether he added to stm as it ran toward $82. whether he held through the selloff. whether ypf got bigger or smaller. whether something completely new appeared that nobody saw coming.
13f filings are the closest thing to a cheat sheet that exists in public markets. druckenmiller doesn’t give interviews about what he’s buying. he doesn’t post on x. the 13f is the only window, and it opens four times a year, on a 45-day delay. that delay is the price of the information. by the time you read it, the positions are already set and the easy entry is gone. but they tell you what the best mind in the business concluded about the world during the previous quarter, and that is worth considerably more than most things you’ll read today.
hugh.
