Super investor portfolio
Stanley Druckenmiller portfolio
Latest holdings of Duquesne Family Office as of Q2 2026: 95 positions worth $5.2B, decoded into plain English.
Duquesne Family Office · New York · since 1981
SEC 13F · period Q2 2026 · filed 14 Aug 2026 · View filing5-min briefing
Portfolio summary and charts
The 30-second read
30 sec- Natera (NTRA) is the largest position at 16.6% of a $5.2B portfolio.
- Biggest buy: opened a new position in Insmed (call options), about $144M of new money.
- Biggest sale: trimmed Roku, about $78M.
- Moderate conviction: the top 10 holdings make up 46%, and the portfolio behaves like 22 equal-sized bets.
Portfolio value
$5.2B
+54.3% vs Q1 2026
Positions
95
48 new · 23 sold out
Top-10 weight
46%
Moderate conviction
Behaves like
22 bets
Effective number of positions
Turnover
18%
Portfolio traded this quarter
01 · Holdings map
Every box is a position, sized by its weight
NewAddedTrimmedUnchanged
What this meansNatera alone is 17% of the portfolio, and the top three make up 26%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
02 · Sector allocation
Where the money is
Health Care 31%Technology 18%Consumer Discretionary 13%Funds & other 11%Communication 6%Industrials 5%Materials 4%Financials 3%Other positions 9%
What this meansHealth Care is the biggest slice at 31% of the portfolio.
03 · Concentration curve
How focused is the portfolio?
Stanley DruckenmillerEqual-weight benchmark
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 22 equal-sized positions.
04 · Quarter activityQ1 2026 → Q2 2026
Biggest buys and sells
Bought / addedSold / trimmed
What this meansThe largest move was opening Insmed (call options), worth about $144M. Values are estimated at quarter-end prices.
05 · Portfolio valueQ2 2024 → Q2 2026
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $2.9B to $5.2B over 9 quarters.
06 · Position historyShare of portfolio by quarter
How today’s top positions grew over time
NTRATSMSTMRSPINSMEWZEverything else
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
07 · Holdings
All 95 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | NTRA Natera | Health Care | 16.60% | Added +4% | 3,186,306 | $865M |
| 2 | TSM Taiwan Semiconductor Manufacturing | Technology | 5.40% | Added +19% | 589,680 | $282M |
| 3 | STM STMicroelectronics | Technology | 4.46% | Added +19% | 3,102,880 | $232M |
| 4 | RSP Invesco Exchange Traded Fd T (call options) | Funds & other | 3.35% | Hold | 821,000 | $175M |
| 5 | INSM Insmed | Health Care | 2.92% | Added +23% | 1,424,690 | $152M |
| 6 | EWZ Ishares (call options) | Funds & other | 2.80% | Hold | 4,228,000 | $146M |
| 7 | INSM Insmed (call options) | Health Care | 2.76% | New | 1,350,000 | $144M |
| 8 | YPF Ypf Sociedad Anonima | Energy | 2.74% | Trimmed −3% | 3,138,897 | $143M |
| 9 | AMZN Amazon | Consumer Discretionary | 2.48% | Added +1083% | 541,600 | $129M |
| 10 | TBBB Bbb Foods | Consumer Staples | 2.32% | Trimmed −7% | 2,901,733 | $121M |
| 11 | GOOGL Alphabet (Class A) | Communication | 2.31% | New | 336,300 | $120M |
| 12 | EWZ Ishares | Funds & other | 2.28% | Hold | 3,436,170 | $119M |
| 13 | STX Seagate Technology | Technology | 2.26% | Added +141% | 122,000 | $118M |
| 14 | FOXA Fox (Class A) | Communication | 2.21% | New | 2,204,600 | $115M |
| 15 | AMZN Amazon (call options) | Consumer Discretionary | 2.10% | Added +130% | 459,300 | $109M |
| 16 | UAL United Airlines | Industrials | 2.07% | Added +203% | 794,795 | $108M |
| 17 | SE Sea | Consumer Discretionary | 2.02% | Hold | 1,099,905 | $105M |
| 18 | CDW CDW | Consumer Discretionary | 2.01% | New | 743,950 | $105M |
| 19 | NAMS NewAmsterdam Pharma | Health Care | 2.00% | Hold | 3,070,146 | $104M |
| 20 | IWM Ishares Tr (call options) | Funds & other | 1.90% | Added +318% | 330,000 | $99M |
| 21 | SNDK Sandisk | Technology | 1.52% | Trimmed −9% | 34,900 | $79M |
| 22 | RVMD Revolution Medicines | Health Care | 1.44% | Added +27% | 399,587 | $75M |
| 23 | SPY SPDR S&P 500 ETF Trust (call options) | Other | 1.29% | Hold | 90,000 | $67M |
| 24 | BTDR Bitdeer Technologies | Financials | 1.24% | New | 4,074,993 | $65M |
| 25 | Crh Crh | Other | 1.14% | Added +47% | 553,555 | $59M |
| 26 | DAL Delta Air Lines | Industrials | 1.08% | New | 603,000 | $56M |
| 27 | TSLA Tesla (call options) | Consumer Discretionary | 1.02% | New | 126,000 | $53M |
| 28 | FLR Fluor | Industrials | 0.99% | New | 982,200 | $51M |
| 29 | DHI Horton D R | Consumer Discretionary | 0.93% | New | 299,000 | $49M |
| 30 | CPNG Coupang | Consumer Discretionary | 0.89% | Hold | 2,667,485 | $46M |
| 31 | AMD Advanced Micro Devices | Technology | 0.81% | New | 72,900 | $42M |
| 32 | PANW Palo Alto Networks | Technology | 0.76% | New | 116,650 | $40M |
| 33 | CLF Cleveland-Cliffs | Materials | 0.76% | Added +82% | 4,216,184 | $40M |
| 34 | HUT Hut 8 | Financials | 0.70% | New | 314,150 | $36M |
| 35 | CDW CDW (call options) | Consumer Discretionary | 0.67% | New | 250,000 | $35M |
| 36 | CAI Caris Life Sciences | Health Care | 0.65% | Hold | 1,894,450 | $34M |
| 37 | ARGT Global X Fds | Funds & other | 0.58% | Trimmed −15% | 328,800 | $30M |
| 38 | FOX Fox (Class B) | Communication | 0.57% | New | 632,600 | $30M |
| 39 | WWD Woodward | Technology | 0.55% | Trimmed −68% | 67,194 | $29M |
| 40 | META Meta Platforms (call options) | Communication | 0.54% | New | 50,000 | $28M |
| 41 | NUVB Nuvation Bio | Health Care | 0.49% | Hold | 4,539,800 | $26M |
| 42 | PTGX Protagonist Therapeutics | Health Care | 0.49% | Added +31% | 208,900 | $26M |
| 43 | ROKU Roku | Communication | 0.49% | Trimmed −75% | 184,055 | $25M |
| 44 | CVCO Cavco Industries | Materials | 0.47% | New | 39,500 | $24M |
| 45 | ADMA Adma Biologics | Health Care | 0.45% | Added +80% | 2,784,110 | $23M |
| 46 | PURR Hyperliquid Strategies | Financials | 0.44% | New | 2,941,500 | $23M |
| 47 | RMBS Rambus | Technology | 0.44% | New | 173,000 | $23M |
| 48 | RYTM Rhythm Pharmaceuticals | Health Care | 0.43% | New | 203,618 | $23M |
| 49 | SKY Champion Homes | Materials | 0.43% | New | 254,400 | $22M |
| 50 | DAKT Daktronics | Consumer Discretionary | 0.42% | Added +100% | 1,123,109 | $22M |
| 51 | PCT PureCycle Technologies | Materials | 0.42% | Added +178% | 2,681,415 | $22M |
| 52 | SCCO Southern Copper Corp/ | Materials | 0.41% | Added +1% | 123,060 | $21M |
| 53 | LIN Linde | Materials | 0.41% | Hold | 41,200 | $21M |
| 54 | ENTG Entegris | Materials | 0.41% | New | 118,300 | $21M |
| 55 | Teva Teva Pharmaceutical Inds | Other | 0.41% | Trimmed −74% | 624,999 | $21M |
| 56 | U Unity Software | Technology | 0.41% | Hold | 738,785 | $21M |
| 57 | AEVA Aeva Technologies | Consumer Discretionary | 0.40% | New | 720,175 | $21M |
| 58 | RIOT Riot Platforms | Financials | 0.40% | New | 754,800 | $21M |
| 59 | Q Qnity Electronics | Technology | 0.39% | Hold | 125,655 | $21M |
| 60 | EQIX Equinix | Real Estate | 0.37% | New | 18,450 | $19M |
| 61 | LRCX Lam Research | Industrials | 0.36% | New | 43,600 | $19M |
| 62 | DFTX Definium Therapeutics | Health Care | 0.32% | New | 356,600 | $17M |
| 63 | BLTE Belite Bio | Health Care | 0.31% | Hold | 106,100 | $16M |
| 64 | RSP Invesco Exchange Traded Fd T | Funds & other | 0.30% | New | 74,400 | $16M |
| 65 | TXG 10x Genomics | Health Care | 0.30% | New | 403,100 | $15M |
| 66 | WAB Westinghouse Air Brake Technologies | Industrials | 0.29% | Trimmed −40% | 56,595 | $15M |
| 67 | LLY ELI Lilly | Health Care | 0.28% | New | 12,380 | $15M |
| 68 | XENE Xenon Pharmaceuticals | Health Care | 0.28% | Hold | 238,600 | $14M |
| 69 | OLMA Olema Pharmaceuticals | Health Care | 0.24% | Hold | 986,827 | $12M |
| 70 | RGEN Repligen | Health Care | 0.20% | New | 77,400 | $11M |
| 71 | RKT Rocket Companies | Financials | 0.20% | New | 652,220 | $10M |
| 72 | BIDU Baidu | Technology | 0.19% | New | 88,200 | $10M |
| 73 | ARM Arm | Technology | 0.19% | Trimmed −74% | 28,090 | $10M |
| 74 | CVNA Carvana | Consumer Discretionary | 0.19% | New | 151,000 | $10M |
| 75 | RDDT Reddit | Technology | 0.19% | New | 56,550 | $10M |
| 76 | AA Alcoa | Materials | 0.19% | Trimmed −88% | 185,640 | $10M |
| 77 | TMO Thermo Fisher Scientific | Technology | 0.18% | New | 19,200 | $10M |
| 78 | DHR Danaher | Technology | 0.18% | New | 50,300 | $10M |
| 79 | FFIV F5 | Technology | 0.18% | New | 22,000 | $9M |
| 80 | VIST Vista Energy, S.A.B. de C.V. | Energy | 0.16% | Hold | 134,700 | $9M |
| 81 | SKE Skeena Resources | Materials | 0.15% | New | 300,200 | $8M |
| 82 | JBS Jbs | Consumer Staples | 0.15% | Hold | 655,900 | $8M |
| 83 | GLUE Monte Rosa Therapeutics | Health Care | 0.14% | New | 297,600 | $7M |
| 84 | RLAY Relay Therapeutics | Health Care | 0.13% | New | 349,000 | $7M |
| 85 | DBVT DBV Technologies | Health Care | 0.12% | Hold | 383,363 | $6M |
| 86 | CCC CCC Intelligent Solutions | Technology | 0.12% | New | 1,170,900 | $6M |
| 87 | UWMC UWM | Financials | 0.11% | New | 2,583,000 | $6M |
| 88 | NVTS Navitas Semiconductor | Technology | 0.11% | New | 311,100 | $6M |
| 89 | SOLS Solstice Advanced Materials | Materials | 0.11% | Hold | 62,525 | $6M |
| 90 | FTAI FTAI Aviation | Industrials | 0.10% | New | 20,200 | $5M |
| 91 | BEAM Beam Therapeutics | Health Care | 0.10% | New | 153,600 | $5M |
| 92 | AUR Aurora Innovation (Class A) | Technology | 0.08% | New | 633,700 | $4M |
| 93 | IREN IREN | Financials | 0.08% | New | 87,100 | $4M |
| 94 | GGAL Grupo Financiero Galicia | Financials | 0.06% | New | 59,500 | $3M |
| 95 | WVE Wave Life Sciences | Health Care | 0.02% | Hold | 173,000 | $1M |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0001536411-26-000006 · all filings on EDGAR.
08 · Sold out this quarter
Positions closed
- AVGOBroadcom$61M at Q1 2026
- OPCHOption Care Health$50M at Q1 2026
- FIGRFigure Technology Solutions$39M at Q1 2026
- QSRRestaurant Brands International$34M at Q1 2026
- LSCCLattice Semiconductor$30M at Q1 2026
- HUMHumana$24M at Q1 2026
- TWLOTwilio$23M at Q1 2026
- JBLJabil$22M at Q1 2026
- GSGiShares S&P GSCI Commodity-Indexed Trust$21M at Q1 2026
- BEBloom Energy$18M at Q1 2026
- INTCIntel$18M at Q1 2026
- NETCloudflare$11M at Q1 2026
09 · About the investor
Stanley Druckenmiller
Stanley Druckenmiller ran Duquesne Capital for three decades without a losing year and was lead portfolio manager for George Soros’s Quantum Fund. Since 2010 he has managed his own money through the Duquesne Family Office, shifting quickly between themes as the macro picture changes.
Philosophy in brief
- Make big bets when conviction is high, and cut losses quickly when wrong.
- Follow liquidity and central banks: they drive markets more than earnings.
- Stay flexible; no position is permanent.
How to read this page
The 13F shows US-listed long positions at quarter end, filed up to 45 days later. It does not show short positions, cash, bonds (except convertibles) or most non-US holdings, so treat it as one view of the strategy, not the whole picture.
10 · Other smart moneyPoliticians and insiders
Who else is trading these holdings
- 02TSM Taiwan Semiconductor Manufacturing5 congressional trades disclosed (5 buys) · insiders bought $2M in Q3 20265.4% of portfolio
- 03STM STMicroelectronics1 congressional trade disclosed (1 buys)4.5% of portfolio
- 05INSM Insmed1 congressional trade disclosed (0 buys)2.9% of portfolio
- 07INSM Insmed (call options)1 congressional trade disclosed (0 buys)2.8% of portfolio
- 08YPF Ypf Sociedad Anonimainsiders bought $533K in Q3 20262.7% of portfolio
- 09AMZN Amazon16 congressional trades disclosed (7 buys)2.5% of portfolio
- 11GOOGL Alphabet (Class A)24 congressional trades disclosed (7 buys)2.3% of portfolio
- 13STX Seagate Technology3 congressional trades disclosed (1 buys)2.3% of portfolio
11 · Similar portfolios
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
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