Duquesne Family Office
Duquesne Family Office, managed by Stanley Druckenmiller, is known for its rigorous approach to macro investing. Druckenmiller's reputation is built on his long tenure and success at Soros Fund Management before establishing his own firm. The firm's investment philosophy emphasizes long-term capital preservation and growth through a combination of careful market analysis and strategic positioning.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| NTRA | $612.7M | 18.14% | $199.99 | $285.15 | +42.6% | 18.1% | |
| INSM | $188.7M | 5.59% | $163.52 | $113.35 | -30.7% | 5.6% | |
| TSM | $167.4M | 4.96% | $337.16 | $433.77 | +28.6% | 5.0% | |
| EWZCALL | $162.3M | 4.81% | $38.03 | $34.67 | -8.8% | 4.8% | |
| RSPCALL | $157.6M | 4.67% | $191.18 | $214.93 | +12.4% | 4.7% | |
| YPF | $149.6M | 4.43% | $46.22 | $46.30 | +0.2% | 4.4% | |
| EWZ | $131.9M | 3.91% | $38.03 | $34.67 | -8.8% | 3.9% | |
| TBBB | $110.0M | 3.26% | $35.37 | $41.35 | +16.9% | 3.3% | |
| AA | $99.1M | 2.93% | $66.22 | $48.48 | -26.8% | 2.9% | |
| NAMS | $98.3M | 2.91% | $32.01 | $36.39 | +13.7% | 2.9% | |
| SE | $91.1M | 2.70% | $82.81 | $105.65 | +27.6% | 2.7% | |
| STM | $90.3M | 2.67% | $34.51 | $67.81 | +96.5% | 2.7% | |
| WWD | $75.7M | 2.24% | $357.60 | $405.26 | +13.3% | 2.2% | |
| TEVA | $71.6M | 2.12% | $30.12 | $34.67 | +15.1% | 2.1% | |
| ROKU | $71.0M | 2.10% | $94.62 | $141.77 | +49.8% | 2.1% | |
| AVGO | $60.6M | 1.80% | $309.02 | $371.04 | +20.1% | 1.8% | |
| SPYCALL | $58.5M | 1.73% | $648.67 | $748.75 | +15.4% | 1.7% | |
| CPNG | $50.4M | 1.49% | $18.88 | $18.49 | -2.1% | 1.5% | |
| OPCH | $50.3M | 1.49% | $26.92 | $21.53 | -20.0% | 1.5% | |
| AMZNCALL | $41.6M | 1.23% | $208.27 | $245.96 | +18.1% | 1.2% | |
| CRH | $39.7M | 1.18% | $104.74 | $106.07 | +1.3% | 1.2% | |
| FIGR | $39.1M | 1.16% | $33.95 | $32.18 | -5.2% | 1.2% | |
| ARGT | $36.1M | 1.07% | $92.98 | $93.04 | +0.1% | 1.1% | |
| CAI | $33.9M | 1.00% | $17.88 | $17.66 | -1.2% | 1.0% | |
| QSR | $33.6M | 0.99% | $73.23 | $74.30 | +1.5% | 1.0% | |
| RVMD | $30.7M | 0.91% | $97.25 | $191.43 | +96.8% | 0.9% | |
| LSCC | $30.0M | 0.89% | $92.76 | $131.87 | +42.2% | 0.9% | |
| SNDK | $24.2M | 0.72% | $635.34 | $1601.63 | +152.1% | 0.7% | |
| UAL | $24.2M | 0.72% | $92.07 | $128.77 | +39.9% | 0.7% | |
| HUM | $23.8M | 0.71% | $172.98 | $395.47 | +128.6% | 0.7% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| AVGO | $60.6M | +20.1% | |
| ARGT | $36.1M | +0.1% | |
| CAI | $33.9M | -1.2% | |
| RVMD | $30.7M | +96.8% | |
| SNDK | $24.2M | +152.1% | |
| HUM | $23.8M | +128.6% | |
| TWLO | $22.9M | ||
| JBL | $21.8M |
Exited Positions (8)
| Ticker | Issuer | Notional |
|---|---|---|
| XLF | $301.0M | |
| GOOGL | $120.5M | |
| COGT | $78.7M | |
| ENTG | $71.1M | |
| DOCU | $69.7M | |
| EEM | $49.4M | |
| DAL | $45.2M | |
| ON | $29.0M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| ADMA | $9.3M | +512.9% | ||
| YPF | $127.6M | +433.1% | +0.2% | |
| STM | $70.2M | +237.8% | +96.5% | |
| AMZN | $18.6M | +100.0% | +18.1% | |
| U | $-1.9M | +80.2% | ||
| CLF | $-3.6M | +32.5% | ||
| ROKU | $7.7M | +28.7% | +49.8% | |
| NTRA | $37.4M | +22.0% | +42.6% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| MELI | $-90.2M | -94.1% | ||
| AMZN | $-160.8M | -93.8% | +18.1% | |
| BE | $-45.9M | -81.6% | ||
| AMZN | $-128.7M | -72.9% | +18.1% | |
| WAB | $-40.3M | -68.4% | ||
| PCT | $-19.7M | -66.5% | ||
| LSCC | $-38.2M | -65.1% | +42.2% | |
| IWMCALL | $-36.0M | -65.0% |
Quarter Activity
During the quarter, Duquesne Family Office initiated notable new positions in Broadcom Inc. (AVGO) valued at $61 million and in Global X MSCI Argentina ETF (ARGT) at $36 million. The fund also exited significant holdings, including a $301 million position in the Financial Select Sector SPDR Fund (XLF) and a $120 million stake in Alphabet Inc. (GOOGL). Additionally, there was a substantial increase in the position of ADMA Biologics, which rose by $513 million, contrasting with a notable reduction in MercadoLibre Inc. (MELI) by $94 million.
AI Commentary
<p>The Duquesne Family Office's portfolio showcases a strong conviction in the healthcare and technology sectors, with significant investments in Natera Inc (NTRA) and Taiwan Semiconductor Manufacturing (TSM), which represent 18.1% and 5.0% of the portfolio respectively. The fund also shows a strategic interest in market and regional ETFs, as evidenced by substantial positions in Ishares Inc (EWZ) and Invesco Exchange Traded Fd T (RSP), with call options indicating a bullish outlook on these segments. Additionally, the inclusion of companies like Ypf Sociedad Anonima (YPF) and Alcoa Corp (AA) highlights a diversified approach, touching on energy and materials sectors.</p> <p>The recent quarter's activity suggests a strategic shift in Duquesne Family Office's investment approach, particularly with the closure of substantial positions in the financial sector ETF (XLF) and tech giant Google (GOOGL). This move might signal a bearish view on these sectors or a reallocation to more promising areas. The opening of new positions in Broadcom Inc (AVGO) and other tech and regional investments like ARGT and SNDK indicates a continued interest in technology and specific emerging markets. The significant increase in positions such as ADMA and YPF suggests a deeper focus or a bullish outlook on these companies' prospects. Conversely, the substantial reduction in MercadoLibre Inc (MELI) and Amazon (AMZN) could reflect concerns about the e-commerce sector's near-term performance.</p>