Druckenmiller is still betting on Amazon and Microsoft, but is overall bearish on growth stocks

Legendary investor Stanley Druckenmiller said tech giants Amazon and Microsoft are still among his biggest holdings, but noted he is quite bearish on growth stocks as a group. 

“I have still something like Amazon and Microsoft in my largest holdings, but I have the least growth weighting in my portfolio that I’ve had in maybe six or seven years,” Druckenmiller, founder of Duquesne Capital, told CNBC’s “Squawk Box” on Monday. 

Amazon shares are up more than 34{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} year to date as the e-commerce behemoth benefited from consumers staying at home amid the coronavirus pandemic. Microsoft is another stock that has surged amid the outbreak, surging 42.5{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} for 2020 through Friday’s close. 

His comments come in the middle of a massive market rally on the back of expectations for a swift economic recovery after the coronavirus pandemic forced a shutdown of the economy. 

Last month, however, Druckenmiller said he did not like how the market was set up, noting: “The risk-reward for equity is maybe as bad as I’ve seen it in my career.”

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