Follow the Rich
Macro · Duquesne
Stanley Druckenmiller
Duquesne Family Office
Chairman & CEO
Investing style
Global macro investing — sizing up big-picture themes (rates, currencies, growth) and expressing them through concentrated equity, ETF and derivative positions.
Famous principles
- "It's not whether you're right or wrong, but how much you make when you're right and how much you lose when you're wrong."
- Ride winners hard; cut losers fast.
NoteLatest available filing — no Q1 2026 13F had been filed as of July 23, 2026. Q4 saw a notable pivot into broad ETFs (new XLF and equal-weight S&P positions) alongside big biotech trims.
Total portfolio value
$4.49B
Positions
62
Largest holding
NTRA · 12.8%
Biggest move this quarter
New: XLF $301.0M
Allocation
Top 8 holdings + Other
| Ticker | Company | Value | % of Portfolio | Change |
|---|---|---|---|---|
| Natera Inc | $575.3M | 12.80% | trimmed | |
| Financial Select Sector SPDR | $301.0M | 6.70% | new | |
| Insmed Inc | $257.9M | 5.74% | trimmed | |
| Invesco S&P 500 Equal Weight ETF | $224.9M | 5.00% | new | |
| Teva Pharmaceutical (ADS) | $183.4M | 4.08% | trimmed | |
| Woodward Inc | $178.7M | 3.97% | trimmed | |
| Amazon.com Inc | $170.3M | 3.79% | added | |
| Taiwan Semiconductor (ADS) | $165.0M | 3.67% | trimmed | |
| Coupang Inc (Cl A) | $159.8M | 3.55% | added | |
EWZCALLS | iShares MSCI Brazil ETF | $134.3M | 2.99% | new |
Showing top 10 of 62 reported positions.
What changed this quarter
- trimmedNTRANatera Inc
- newXLFFinancial Select Sector SPDR
- trimmedINSMInsmed Inc
- newRSPInvesco S&P 500 Equal Weight ETF
- trimmedTEVATeva Pharmaceutical (ADS)
- trimmedWWDWoodward Inc
- addedAMZNAmazon.com Inc
- trimmedTSMTaiwan Semiconductor (ADS)
- addedCPNGCoupang Inc (Cl A)
- newEWZiShares MSCI Brazil ETF
- exitedVRNAVerona Pharma
- exitedMETAMeta Platforms
- exitedCRSCarpenter Technology
- exitedCCitigroup
- exitedTWLOTwilio
- exitedBACBank of America
- exitedEQTEQT Corp
- exitedGEVGE Vernova
- exitedVSTVistra