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Stanley Druckenmiller
Duquesne Family Office
2026Q1 · filed May 15, 202665 positions · $2.94Btop-5 43%
2026Q1 brief
Druckenmiller's $2.94B Duquesne book underwent dramatic repositioning in 2026Q1, headlined by a near-total liquidation of broad-market ETF exposure — XLF (7.1%) and RSP (5.3%) were both exited entirely — alongside the sale of GOOGL (2.86%). The freed capital flooded into YPF (+433% to 5.09%), a massive Argentine energy bet that pairs with new ARGT ETF (1.23%) and existing Bbb Foods (3.74%), cementing a concentrated Argentina macro thesis. NTRA remains the anchor at 20.9% and was added to again (+22%), reflecting unwavering conviction in genomic diagnostics. STM was nearly tripled (+238% to 3.07%), adding a beaten-down European semiconductor name as a value/cyclical recovery play. New positions in AVGO (2.07%), HUM (0.81%), and RVMD (1.05%) show continued biotech/pharma interest. The exit of diversified ETFs in favor of high-conviction single-name and country bets is classically Druckenmiller. Watch whether the Argentina cluster (YPF, ARGT, Bbb Foods) — now approaching ~10% combined — expands further or gets taken off on currency/political risk.
AI-generated. Not investment advice.
Holdings (65) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | NTRA | 20.9% | $613M | |||
| 2 | INSM | 6.4% | $189M | |||
| 3 | TSM | 5.7% | $167M | |||
| 4 | YPF | 5.1% | $150M | |||
| 5 | EWZ | 4.5% | $132M | |||
| 6 | TBBB | 3.7% | $110M | |||
| 7 | AA | 3.4% | $99M | |||
| 8 | NAMS | 3.3% | $98M | |||
| 9 | SE | 3.1% | $91M | |||
| 10 | STM | 3.1% | $90M | |||
| 11 | WWD | 2.6% | $76M | |||
| 12 | TEVA | 2.4% | $72M | |||
| 13 | ROKU | 2.4% | $71M | |||
| 14 | AVGO | 2.1% | $61M | |||
| 15 | CPNG | 1.7% | $50M | |||
| 16 | OPCH | 1.7% | $50M | |||
| 17 | CRH | 1.4% | $40M | |||
| 18 | FIGR | 1.3% | $39M | |||
| 19 | ARGT | 1.2% | $36M | |||
| 20 | CAI | 1.2% | $34M | |||
| 21 | QSR | 1.1% | $34M | |||
| 22 | RVMD | 1.0% | $31M | |||
| 23 | LSCC | 1.0% | $30M | |||
| 24 | SNDK | 0.8% | $24M | |||
| 25 | UAL | 0.8% | $24M | |||
| 26 | HUM | 0.8% | $24M | |||
| 27 | WAB | 0.8% | $24M | |||
| 28 | TWLO | 0.8% | $23M | |||
| 29 | JBL | 0.7% | $22M | |||
| 30 | SCCO | 0.7% | $21M | |||
| 31 | GSG | 0.7% | $21M | |||
| 32 | LIN | 0.7% | $20M | |||
| 33 | G7997R103 | 0.7% | $20M | |||
| 34 | CLF | 0.7% | $20M | |||
| 35 | NUVB | 0.7% | $19M | |||
| 36 | BE | 0.6% | $18M | |||
| 37 | INTC | 0.6% | $18M | |||
| 38 | BLTE | 0.6% | $17M | |||
| 39 | PTGX | 0.6% | $17M | |||
| 40 | U | 0.6% | $16M | |||
| 41 | ARM | 0.6% | $16M | |||
| 42 | OLMA | 0.5% | $15M | |||
| 43 | Q | 0.5% | $14M | |||
| 44 | ADMA | 0.5% | $14M | |||
| 45 | XENE | 0.5% | $14M | |||
| 46 | N4732M103 | 0.4% | $12M | |||
| 47 | DAKT | 0.4% | $11M | |||
| 48 | NET | 0.4% | $11M | |||
| 49 | N53745100 | 0.4% | $11M | |||
| 50 | VIST | 0.3% | $10M | |||
| 51 | TWST | 0.3% | $10M | |||
| 52 | COHR | 0.3% | $10M | |||
| 53 | AMZN | 0.3% | $10M | |||
| 54 | CLS | 0.3% | $9M | |||
| 55 | STUB | 0.3% | $9M | |||
| 56 | DBVT | 0.3% | $8M | |||
| 57 | MU | 0.3% | $8M | |||
| 58 | SATS | 0.2% | $7M | |||
| 59 | ALM | 0.2% | $7M | |||
| 60 | PCT | 0.2% | $5M | |||
| 61 | LITE | 0.2% | $5M | |||
| 62 | MELI | 0.2% | $5M | |||
| 63 | SOLS | 0.2% | $5M | |||
| 64 | WLK | 0.1% | $2M | |||
| 65 | Y95308105 | <0.1% | $1M |
Sort↑
- 1NTRA20.9%$613MNatera Incthis Q +22%·15q
- 2INSM6.4%$189MInsmed Incthis Q -22%·9q
- 3TSM5.7%$167MTaiwan Semiconductor-sp Adrthis Q hold·11q
- 4YPF5.1%$150MYpf S.a.-sponsored Adrthis Q +433%·8q
- 5EWZ4.5%$132MIshares Msci Brazil Etfthis Q hold·4q
- 6TBBB3.7%$110MBbb Foods Incthis Q hold·4q
- 7AA3.4%$99MAlcoa Corpthis Q hold·6q
- 8NAMS3.3%$98MNewamsterdam Pharma Companythis Q hold·7q
- 9SE3.1%$91MSea Ltd-adrthis Q hold·19q
- 10STM3.1%$90MStmicroelectronics Nv-ny Shsthis Q +238%·2q
- 11WWD2.6%$76MWoodward Incthis Q -64%·10q
- 12TEVA2.4%$72MTeva Pharmaceutical-sp Adrthis Q -60%·7q
- 13ROKU2.4%$71MRoku Incthis Q +29%·5q
- 14AVGO2.1%$61MBroadcom Incthis Q New·4q
- 15CPNG1.7%$50MCoupang Incthis Q -61%·21q
- 16OPCH1.7%$50MOption Care Health Incthis Q hold·18q
- 17CRH1.4%$40MCrh Plcthis Q -21%·4q
- 18FIGR1.3%$39MFigure Technology Solut-cl Athis Q -25%·3q
- 19ARGT1.2%$36MGlobal X Msci Argentina Etfthis Q New·8q
- 20CAI1.2%$34MCaris Life Sciences Incthis Q New·—1q
- 21QSR1.1%$34MRestaurant Brands Internthis Q -62%·4q
- 22RVMD1.0%$31MRevolution Medicines Incthis Q New·—1q
- 23LSCC1.0%$30MLattice Semiconductor Corpthis Q -65%·2q
- 24SNDK0.8%$24MSandisk Corpthis Q New·2q
- 25UAL0.8%$24MUnited Airlines Holdings Incthis Q -25%·7q
- 26HUM0.8%$24MHumana Incthis Q New·—1q
- 27WAB0.8%$24MWabtec Corpthis Q -68%·9q
- 28TWLO0.8%$23MTwilio Inc - Athis Q New·9q
- 29JBL0.7%$22MJabil Incthis Q New·—1q
- 30SCCO0.7%$21MSouthern Copper Corpthis Q hold·2q
- 31GSG0.7%$21MIshares S&p Gsci Commodity Ithis Q New·—1q
- 32LIN0.7%$20MLinde Plcthis Q New·—1q
- 33G7997R1030.7%$20MSeagate Technology Hldngs PLthis Q New·10q
- 34CLF0.7%$20MCleveland-cliffs Incthis Q +33%·3q
- 35NUVB0.7%$19MNuvation Bio Incthis Q New·—1q
- 36BE0.6%$18MBloom Energy Corp- Athis Q -82%·2q
- 37INTC0.6%$18MIntel Corpthis Q New·3q
- 38BLTE0.6%$17MBelite Bio Inc - Adrthis Q New·—1q
- 39PTGX0.6%$17MProtagonist Therapeutics Incthis Q hold·3q
- 40U0.6%$16MUnity Software Incthis Q +80%·4q
- 41ARM0.6%$16MArm Holdings Plc-adrthis Q New·4q
- 42OLMA0.5%$15MOlema Pharmaceuticals Incthis Q New·—1q
- 43Q0.5%$14MQnity Electronics Incthis Q New·—1q
- 44ADMA0.5%$14MAdma Biologics Incthis Q +513%·2q
- 45XENE0.5%$14MXenon Pharmaceuticals Incthis Q New·—1q
- 46N4732M1030.4%$12MJbs N.v.this Q New·—1q
- 47DAKT0.4%$11MDaktronics Incthis Q -34%·9q
- 48NET0.4%$11MCloudflare Inc - Class Athis Q New·5q
- 49N537451000.4%$11MLyondellbasell Industries NVthis Q New·3q
- 50VIST0.3%$10MVista Energy Sab DE CVthis Q New·—1q
- 51TWST0.3%$10MTwist Bioscience Corpthis Q New·—1q
- 52COHR0.3%$10MCoherent Corpthis Q New·7q
- 53AMZN0.3%$10MAmazon.com Incthis Q -94%·32q
- 54CLS0.3%$9MCelestica Incthis Q New·—1q
- 55STUB0.3%$9MStubhub Holdings Inc-class Athis Q -41%·3q
- 56DBVT0.3%$8MDbv Technologies Sa-spon Adrthis Q New·—1q
- 57MU0.3%$8MMicron Technology Incthis Q New·9q
- 58SATS0.2%$7MEchostar Corp-athis Q hold·3q
- 59ALM0.2%$7MAlmonty Industries Incthis Q hold·2q
- 60PCT0.2%$5MPurecycle Technologies Incthis Q -67%·6q
- 61LITE0.2%$5MLumentum Holdings Incthis Q New·—1q
- 62MELI0.2%$5MMercadolibre Incthis Q -94%·18q
- 63SOLS0.2%$5MSolstice Adv Materials Incthis Q New·—1q
- 64WLK0.1%$2MWestlake Corpthis Q New·2q
- 65Y95308105<0.1%$1MWave Life Sciences Ltdthis Q hold·2q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| NTRA | Natera Inc | ADD | 20.9% | +22% | $613M |
| XLF | SS Financial Select Sector | EXIT | 7.1% | -100% | $0 |
| INSM | Insmed Inc | TRIM | 6.4% | -22% | $189M |
| RSP | Invesco S&p 500 Equal Weight | EXIT | 5.3% | -100% | $0 |
| YPF | Ypf S.a.-sponsored Adr | ADD | 5.1% | +433% | $150M |
| TEVA | Teva Pharmaceutical-sp Adr | TRIM | 2.4% | -60% | $72M |
| WWD | Woodward Inc | TRIM | 2.6% | -64% | $76M |
| AMZN | Amazon.com Inc | TRIM | 0.3% | -94% | $10M |
| CPNG | Coupang Inc | TRIM | 1.7% | -61% | $50M |
| STM | Stmicroelectronics Nv-ny Shs | ADD | 3.1% | +238% | $90M |
| GOOGL | Alphabet Inc-cl A | EXIT | 2.9% | -100% | $0 |
| ROKU | Roku Inc | ADD | 2.4% | +29% | $71M |
| MELI | Mercadolibre Inc | TRIM | 0.2% | -94% | $5M |
| AVGO | Broadcom Inc | NEW | 2.1% | +100% | $61M |
| QSR | Restaurant Brands Intern | TRIM | 1.1% | -62% | $34M |
| COGT | Cogent Biosciences Inc | EXIT | 1.9% | -100% | $0 |
| ENTG | Entegris Inc | EXIT | 1.7% | -100% | $0 |
| DOCU | Docusign Inc | EXIT | 1.7% | -100% | $0 |
| LSCC | Lattice Semiconductor Corp | TRIM | 1.0% | -65% | $30M |
| BE | Bloom Energy Corp- A | TRIM | 0.6% | -82% | $18M |
| WAB | Wabtec Corp | TRIM | 0.8% | -68% | $24M |
| FIGR | Figure Technology Solut-cl A | TRIM | 1.3% | -25% | $39M |
| CRH | Crh Plc | TRIM | 1.4% | -21% | $40M |
| ARGT | Global X Msci Argentina Etf | NEW | 1.2% | +100% | $36M |
| EEM | Ishares Msci Emerging Market | EXIT | 1.2% | -100% | $0 |
| CAI | Caris Life Sciences Inc | NEW | 1.2% | +100% | $34M |
| DAL | Delta Air Lines Inc | EXIT | 1.1% | -100% | $0 |
| RVMD | Revolution Medicines Inc | NEW | 1.0% | +100% | $31M |
| UAL | United Airlines Holdings Inc | TRIM | 0.8% | -25% | $24M |
| SNDK | Sandisk Corp | NEW | 0.8% | +100% | $24M |
| HUM | Humana Inc | NEW | 0.8% | +100% | $24M |
| TWLO | Twilio Inc - A | NEW | 0.8% | +100% | $23M |
| JBL | Jabil Inc | NEW | 0.7% | +100% | $22M |
| STUB | Stubhub Holdings Inc-class A | TRIM | 0.3% | -41% | $9M |
| GSG | Ishares S&p Gsci Commodity I | NEW | 0.7% | +100% | $21M |
| LIN | Linde Plc | NEW | 0.7% | +100% | $20M |
| ON | ON Semiconductor | EXIT | 0.7% | -100% | $0 |
| G7997R103 | Seagate Technology Hldngs PL | NEW | 0.7% | +100% | $20M |
| CLF | Cleveland-cliffs Inc | ADD | 0.7% | +33% | $20M |
| NUVB | Nuvation Bio Inc | NEW | 0.7% | +100% | $19M |
| INTC | Intel Corp | NEW | 0.6% | +100% | $18M |
| FLUT | Flutter Entmt Plc | EXIT | 0.6% | -100% | $0 |
| PCT | Purecycle Technologies Inc | TRIM | 0.2% | -67% | $5M |
| BLTE | Belite Bio Inc - Adr | NEW | 0.6% | +100% | $17M |
| AEVA | Aeva Technologies Inc | EXIT | 0.6% | -100% | $0 |
| GS | Goldman Sachs Group Inc | EXIT | 0.6% | -100% | $0 |
| U | Unity Software Inc | ADD | 0.6% | +80% | $16M |
| ARM | Arm Holdings Plc-adr | NEW | 0.6% | +100% | $16M |
| OLMA | Olema Pharmaceuticals Inc | NEW | 0.5% | +100% | $15M |
| Q | Qnity Electronics Inc | NEW | 0.5% | +100% | $14M |
| ADMA | Adma Biologics Inc | ADD | 0.5% | +513% | $14M |
| XENE | Xenon Pharmaceuticals Inc | NEW | 0.5% | +100% | $14M |
| N4732M103 | Jbs N.v. | NEW | 0.4% | +100% | $12M |
| DAKT | Daktronics Inc | TRIM | 0.4% | -34% | $11M |
| RH | RH | EXIT | 0.4% | -100% | $0 |
| NET | Cloudflare Inc - Class A | NEW | 0.4% | +100% | $11M |
| N53745100 | Lyondellbasell Industries NV | NEW | 0.4% | +100% | $11M |
| VIST | Vista Energy Sab DE CV | NEW | 0.3% | +100% | $10M |
| CMG | Chipotle Mexican Grill Inc | EXIT | 0.3% | -100% | $0 |
| TWST | Twist Bioscience Corp | NEW | 0.3% | +100% | $10M |
| COHR | Coherent Corp | NEW | 0.3% | +100% | $10M |
| CLS | Celestica Inc | NEW | 0.3% | +100% | $9M |
| Z | Zillow Group Inc - C | EXIT | 0.3% | -100% | $0 |
| DBVT | Dbv Technologies Sa-spon Adr | NEW | 0.3% | +100% | $8M |
| MU | Micron Technology Inc | NEW | 0.3% | +100% | $8M |
| CDTX | Cidara Therapeutics Inc | EXIT | 0.3% | -100% | $0 |
| PM | Philip Morris International | EXIT | 0.3% | -100% | $0 |
| AAL | American Airlines Group Inc | EXIT | 0.2% | -100% | $0 |
| AGX | Argan Inc | EXIT | 0.2% | -100% | $0 |
| DASH | Doordash Inc - A | EXIT | 0.2% | -100% | $0 |
| PGNY | Progyny Inc | EXIT | 0.2% | -100% | $0 |
| LITE | Lumentum Holdings Inc | NEW | 0.2% | +100% | $5M |
| SOLS | Solstice Adv Materials Inc | NEW | 0.2% | +100% | $5M |
| WLK | Westlake Corp | NEW | 0.1% | +100% | $2M |
| WOLF | Wolfspeed Inc | EXIT | 0.1% | -100% | $0 |
| NP | Neptune Insurance Holdi-cl A | EXIT | <0.1% | -100% | $0 |
- ADDNTRA20.9%Natera IncΔ +22%·$613M
- EXITXLF7.1%SS Financial Select SectorΔ -100%·$0
- TRIMINSM6.4%Insmed IncΔ -22%·$189M
- EXITRSP5.3%Invesco S&p 500 Equal WeightΔ -100%·$0
- ADDYPF5.1%Ypf S.a.-sponsored AdrΔ +433%·$150M
- TRIMTEVA2.4%Teva Pharmaceutical-sp AdrΔ -60%·$72M
- TRIMWWD2.6%Woodward IncΔ -64%·$76M
- TRIMAMZN0.3%Amazon.com IncΔ -94%·$10M
- TRIMCPNG1.7%Coupang IncΔ -61%·$50M
- ADDSTM3.1%Stmicroelectronics Nv-ny ShsΔ +238%·$90M
- EXITGOOGL2.9%Alphabet Inc-cl AΔ -100%·$0
- ADDROKU2.4%Roku IncΔ +29%·$71M
- TRIMMELI0.2%Mercadolibre IncΔ -94%·$5M
- NEWAVGO2.1%Broadcom IncΔ +100%·$61M
- TRIMQSR1.1%Restaurant Brands InternΔ -62%·$34M
- EXITCOGT1.9%Cogent Biosciences IncΔ -100%·$0
- EXITENTG1.7%Entegris IncΔ -100%·$0
- EXITDOCU1.7%Docusign IncΔ -100%·$0
- TRIMLSCC1.0%Lattice Semiconductor CorpΔ -65%·$30M
- TRIMBE0.6%Bloom Energy Corp- AΔ -82%·$18M
- TRIMWAB0.8%Wabtec CorpΔ -68%·$24M
- TRIMFIGR1.3%Figure Technology Solut-cl AΔ -25%·$39M
- TRIMCRH1.4%Crh PlcΔ -21%·$40M
- NEWARGT1.2%Global X Msci Argentina EtfΔ +100%·$36M
- EXITEEM1.2%Ishares Msci Emerging MarketΔ -100%·$0
- NEWCAI1.2%Caris Life Sciences IncΔ +100%·$34M
- EXITDAL1.1%Delta Air Lines IncΔ -100%·$0
- NEWRVMD1.0%Revolution Medicines IncΔ +100%·$31M
- TRIMUAL0.8%United Airlines Holdings IncΔ -25%·$24M
- NEWSNDK0.8%Sandisk CorpΔ +100%·$24M
- NEWHUM0.8%Humana IncΔ +100%·$24M
- NEWTWLO0.8%Twilio Inc - AΔ +100%·$23M
- NEWJBL0.7%Jabil IncΔ +100%·$22M
- TRIMSTUB0.3%Stubhub Holdings Inc-class AΔ -41%·$9M
- NEWGSG0.7%Ishares S&p Gsci Commodity IΔ +100%·$21M
- NEWLIN0.7%Linde PlcΔ +100%·$20M
- EXITON0.7%ON SemiconductorΔ -100%·$0
- NEWG7997R1030.7%Seagate Technology Hldngs PLΔ +100%·$20M
- ADDCLF0.7%Cleveland-cliffs IncΔ +33%·$20M
- NEWNUVB0.7%Nuvation Bio IncΔ +100%·$19M
- NEWINTC0.6%Intel CorpΔ +100%·$18M
- EXITFLUT0.6%Flutter Entmt PlcΔ -100%·$0
- TRIMPCT0.2%Purecycle Technologies IncΔ -67%·$5M
- NEWBLTE0.6%Belite Bio Inc - AdrΔ +100%·$17M
- EXITAEVA0.6%Aeva Technologies IncΔ -100%·$0
- EXITGS0.6%Goldman Sachs Group IncΔ -100%·$0
- ADDU0.6%Unity Software IncΔ +80%·$16M
- NEWARM0.6%Arm Holdings Plc-adrΔ +100%·$16M
- NEWOLMA0.5%Olema Pharmaceuticals IncΔ +100%·$15M
- NEWQ0.5%Qnity Electronics IncΔ +100%·$14M
- ADDADMA0.5%Adma Biologics IncΔ +513%·$14M
- NEWXENE0.5%Xenon Pharmaceuticals IncΔ +100%·$14M
- NEWN4732M1030.4%Jbs N.v.Δ +100%·$12M
- TRIMDAKT0.4%Daktronics IncΔ -34%·$11M
- EXITRH0.4%RHΔ -100%·$0
- NEWNET0.4%Cloudflare Inc - Class AΔ +100%·$11M
- NEWN537451000.4%Lyondellbasell Industries NVΔ +100%·$11M
- NEWVIST0.3%Vista Energy Sab DE CVΔ +100%·$10M
- EXITCMG0.3%Chipotle Mexican Grill IncΔ -100%·$0
- NEWTWST0.3%Twist Bioscience CorpΔ +100%·$10M
- NEWCOHR0.3%Coherent CorpΔ +100%·$10M
- NEWCLS0.3%Celestica IncΔ +100%·$9M
- EXITZ0.3%Zillow Group Inc - CΔ -100%·$0
- NEWDBVT0.3%Dbv Technologies Sa-spon AdrΔ +100%·$8M
- NEWMU0.3%Micron Technology IncΔ +100%·$8M
- EXITCDTX0.3%Cidara Therapeutics IncΔ -100%·$0
- EXITPM0.3%Philip Morris InternationalΔ -100%·$0
- EXITAAL0.2%American Airlines Group IncΔ -100%·$0
- EXITAGX0.2%Argan IncΔ -100%·$0
- EXITDASH0.2%Doordash Inc - AΔ -100%·$0
- EXITPGNY0.2%Progyny IncΔ -100%·$0
- NEWLITE0.2%Lumentum Holdings IncΔ +100%·$5M
- NEWSOLS0.2%Solstice Adv Materials IncΔ +100%·$5M
- NEWWLK0.1%Westlake CorpΔ +100%·$2M
- EXITWOLF0.1%Wolfspeed IncΔ -100%·$0
- EXITNP<0.1%Neptune Insurance Holdi-cl AΔ -100%·$0
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001536411). Not investment advice.