The value of Stan Druckenmiller’s U.S. stock portfolio shrank by about 20 percent in the first quarter, to approximately $2.94 billion, according to his Duquesne Family Office’s recent 13F filing.
This is still within the range the legendary macro manager has maintained since he began filing quarterly U.S. stock disclosures on behalf of Duquesne about eight years ago.
It couldn't be determined how the rest of the portfolio is positioned. However, the holdings appear more diversified than in recent years, with $2.94 billion in stock options spread across 65 stocks.
In the first quarter, Duquesne established 30 new positions, which ties for the most in the last six quarters. At the same time, Duquesne exited 23 stocks, fewer than during the two previous quarters. Two were previously major holdings. None of the new investments cracked the top-ten positions. Rather, most are medium-size and smaller positions.
Duquesne’s portfolio is an eclectic mix of health care, tech, finance, and energy stocks, with a smattering of other industries.
The biggest new investment, excluding options, was in chip giant Broadcom. Duquesne bought nearly 200,000 shares in the first quarter, making it the family office’s 14th-largest U.S. common stock long position.
This wasn’t the only big bet on the chip industry. Duquesne also more than tripled its stake in STMicroelectronics, a Switzerland-based electronics and semiconductor manufacturer that is now the tenth-largest U.S. common stock position.
Druckenmiller made a sizable macro bet on Argentina, initiating a position in the Global X MSCI Argentina ETF, which invests in the public equity markets of the country. And it took a new stake in Caris Life Sciences, which develops molecular profiling and AI-driven technologies to support precision medicine in oncology.
Although none of Duquesne’s new buys became top-ten holdings, two stocks that were fully liquidated were among the family office’s four largest U.S. common stock positions at year-end. Both were macro positions initiated in the fourth quarter.
Duquesne fully unloaded its investments in the State Street Financial Select Sector SPDR ETF, previously its second-largest long, and the Invesco S&P 500 Equal Weight ETF.
The largest position by far at the end of the first quarter was Natera, a clinical genetic testing company. It made up more than 18 percent of U.S. common stock assets after Duquesne boosted its stake by 22 percent in the first quarter. It is virtually triple the size of the next-biggest holding. But the stock, which peaked at the end of the first week of 2026, is down 16 percent for the calendar year. Natera has been Duquesne’s largest long since the third quarter of 2024.
