Learn · Last updated September 8, 2026
Duquesne Family Office 13F Portfolio: Q2 2026 Holdings and Changes
Duquesne Family Office manages Stanley Druckenmiller's capital, continuing the macro-informed, decisive style that made his track record famous. Druckenmiller moves faster than most managers people follow through 13Fs, a reason to read this filing with the reporting lag firmly in mind.
The Q2 2026 filing shows $5.2B spread across 90 positions. Natera Inc is the largest single bet at $864.9M, while the top 10 holdings command 53.2% of the portfolio, a concentration level that reflects conviction rather than index hugging.
Top holdings (Q2 2026)
| Issuer | Value | Shares | % of portfolio |
|---|---|---|---|
| Natera Inc | $864.9M | 3,186,306 | 16.6% |
| Insmed Inc | $295.8M | 2,774,690 | 5.7% |
| Taiwan Semiconductor Manufac | $281.6M | 589,680 | 5.4% |
| Ishares Inc | $264.4M | 7,664,170 | 5.1% |
| Amazon Com Inc | $238.6M | 1,000,900 | 4.6% |
| Stmicroelectronics N V | $232.4M | 3,102,880 | 4.5% |
| Invesco Exchange Traded Fd T | $190.5M | 895,400 | 3.7% |
| Ypf Sociedad Anonima | $142.7M | 3,138,897 | 2.7% |
| Cdw Corp | $139.8M | 993,950 | 2.7% |
| Bbb Foods Inc | $120.9M | 2,901,733 | 2.3% |
Duquesne Family Office on Whale's Nest
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What changed in Q2 2026
The filing shows 23 complete exits and the largest new and adjusted positions across the quarter.
Among the largest new positions, Cdw Corp entered at $139.8M, Alphabet Inc at $120.2M, and Fox Corp at $115.0M. Technology names dominated the new-position list: Bitdeer Technologies Group ($64.7M), Tesla Inc ($53.0M), Advanced Micro Devices Inc ($42.3M), Palo Alto Networks Inc ($39.8M), and Meta Platforms Inc ($28.2M) all appeared.
The new positions also included Delta Air Lines Inc ($56.5M), Fluor Corp ($51.5M), D R Horton Inc ($48.7M), and several smaller biotech and semiconductor plays.
On the exit side, 23 positions were closed entirely. The largest by prior-quarter value were Broadcom Inc and Option Care Health Inc, though the filed values were small. Other notable names cleared from the portfolio include Intel Corp, Micron Technology Inc, Cloudflare Inc, Twilio Inc, Lattice Semiconductor Corp, Humana Inc, and Restaurant Brands Intl Inc.
The largest increases by share count: Amazon Com Inc added 755,100 shares (307.2%), Insmed Inc added 1,620,600 shares (140.4%), and United Airls Hldgs Inc added 532,300 shares (202.8%). Purecycle Technologies Inc, Cleveland-Cliffs Inc New, and Adma Biologics Inc also saw substantial share-count increases.
The largest trims: Alcoa Corp was cut by 1,307,750 shares (87.6%), Teva Pharmaceutical Inds Ltd by 1,752,286 shares (73.7%), Roku Inc by 566,135 shares (75.5%), and Arm Holdings Plc by 78,610 shares (73.7%). Woodward Inc and Global X Fds were also trimmed by notable share counts.
The shape of the portfolio
With 53.2% of assets in the top 10 positions, this is a concentrated book. Natera Inc alone represents 16.6% of the filed portfolio. That level of concentration means the filing reflects a handful of strong convictions rather than broad diversification. It also means position-size changes in the top handful of names can reshape the portfolio materially between quarters.
How to read Duquesne's 13F
Every 13F arrives roughly 45 days after the quarter ends, so this Q2 2026 snapshot is already aging by the time you see it. For a manager known for trading quickly around macro events, that lag matters. The positions filed here were held on 2026-06-30; what happened in July and August is invisible.
The 13F itself shows only long equity positions above the SEC reporting threshold. It omits short positions, non-U.S. securities not traded as ADRs, cash, bonds, commodities, and most derivatives. For a macro trader, those omissions can be large. The filing gives you a partial view of one sleeve of the portfolio, not the whole strategy.
That said, the direction and scale of the moves still reveal something about where Druckenmiller saw opportunity in the second quarter. For context on what these filings do and don't show, see how to read a 13F filing, are 13F filings useless after 45 days, and what 13F filings don't show.
FAQ
What is Duquesne Family Office's biggest holding?
Natera Inc at $864.9M, representing 16.6% of the disclosed portfolio. The position held 3,186,306 shares as of 2026-06-30.
What was the most notable change this quarter?
The addition of Cdw Corp as a new $139.8M position and the 307.2% share-count increase in Amazon Com Inc stand out, alongside the complete exit from 23 positions including Intel Corp and Broadcom Inc.
How many positions does Duquesne Family Office hold?
The Q2 2026 filing reports 90 positions.
Data from the Q2 2026 Form 13F filed with the SEC. Methodology at /learn/how-we-source-13f-data. Nothing here is investment advice.
