Stan Druckenmiller went on a buying spree last quarter.

The legendary macro trader who claims he never suffered a losing year reported a whopping 44 new positions in the June period for his Duquesne Family Office, more than any other quarter since he closed his hedge fund and began reporting the family office’s holdings.

At the same time, Druckenmiller fully liquidated 23 positions, similar to the number in the previous quarter, according to an analysis of Duquesne’s recent 13F quarterly filing.

As a result, his U.S. stock portfolio of $4.4 billion — a high for the family office — holds 86 different common stock positions, far more than in any other period and more diversified than in most quarters.

Duquesne’s largest sector allocation was to health care, which makes up nearly 35 percent of U.S. assets. This is down, however, from almost 42 percent at the end of the first quarter, according to WhaleWisdom.

At the same time, Duquesne upped its exposure to information technology, from more than 24 percent to 29 percent-plus. Consumer discretionary has the third-biggest allocation, though it is much smaller than the others.

Duquesne’s largest position continues to be Natera, accounting for about 16 percent of U.S. common stock assets. Natera has been the No. 1 long since third-quarter 2024. Since then, the stock has risen about 150 percent. The family office is the ninth-biggest shareholder of the clinical genetic testing company.

Several other major hedge funds are also significant shareholders, including Coatue Management, Farallon Capital Management, and Maverick Capital.

Duquesne’s next-largest positions, which together account for 10 percent of assets, are two semiconductor-related companies: Taiwan Semiconductor Manufacturing and STMicroelectronics, a Swiss-based semiconductor contract manufacturing and design company.

Duquesne’s three largest new purchases immediately ranked among the portfolio’s 14 largest U.S. common stock long positions. 

Google parent Alphabet is now Duquesne’s No. 8 U.S.-listed common stock long. It was a top-ten holding at year-end, but Duquesne fully unloaded the position in the first quarter. It is one of two big bets Druckenmiller made on Magnificent Seven stocks in the second quarter.

He also bought nearly 500,000 shares of Amazon, turning what was previously a puny position into the sixth-largest common stock holding, as well as a large number of Amazon call options. The company was the seventh-largest common stock long at year-end, before Duquesne sold more than 93 percent of the position in the first quarter.

Duquesne’s second-largest new position last quarter was Fox Corp., which owns cable and streaming networks and local TV stations including FOX News, FOX Sports, and Tubi. 

Duquesne also established a new investment in CDW, which provides IT services to help companies maximize returns on technology investments.

The family office did not make any significant sales in the second quarter, but it did fully unload a medium-size position in chip giant Broadcom. It also sold nearly 90 percent of its stake in aluminum giant Alcoa, previously its seventh-largest long.