Smart Money
SD

Stanley Druckenmiller

Duquesne Family Office·macro·Concentrated / activist
Closed

~30% (career) since 1981

Portfolio value

$3.4B

Positions

68

Top 5 concentration

42%

New buys this quarter

30

Recent moves vs Dec 2025

$AVGONew buy1.8%
$ARGTNew buy1.1%
$CAINew buy1%
$RVMDNew buy0.9%
$SNDKNew buy0.7%
$HUMNew buy0.7%
$TWLONew buy0.7%
$JBLNew buy0.6%
$GSGNew buy0.6%
$LINNew buy0.6%
$STXNew buy0.6%
$NUVBNew buy0.6%
$INTCNew buy0.5%
$BLTENew buy0.5%
$ARMNew buy0.5%
$OLMANew buy0.4%
$QNew buy0.4%
$XENENew buy0.4%
$JBSNew buy0.3%
$NETNew buy0.3%
$LYBNew buy0.3%
$VISTNew buy0.3%
$TWSTNew buy0.3%
$COHRNew buy0.3%
$CLSNew buy0.3%
$DBVTNew buy0.2%
$MUNew buy0.2%
$LITENew buy0.1%
$SOLSNew buy0.1%
$WLKNew buy0.1%
$NTRAAdded18.1%
$YPFAdded4.4%
$TBBBAdded3.3%
$AAAdded2.9%
$SEAdded2.7%
$STMAdded2.7%
$ROKUAdded2.1%
$OPCHAdded1.5%
$CLFAdded0.6%
$UAdded0.5%
$ADMAAdded0.4%
$INSMTrimmed5.6%
$TSMTrimmed5%
$RSPTrimmed4.7%
$WWDTrimmed2.2%
$TEVATrimmed2.1%
$AMZNTrimmed1.5%
$CPNGTrimmed1.5%
$CRHTrimmed1.2%
$FIGRTrimmed1.2%
$QSRTrimmed1%
$LSCCTrimmed0.9%
$UALTrimmed0.7%
$WABTrimmed0.7%
$IWMTrimmed0.6%
$BETrimmed0.5%
$DAKTTrimmed0.3%
$STUBTrimmed0.3%
$PCTTrimmed0.1%
$MELITrimmed0.1%
$AEVASold out
$DOCUSold out
$RHSold out
$DALSold out
$PMSold out
$ONSold out
$CDTXSold out
$EEMSold out
$CMGSold out
$COGTSold out
$NPSold out
$ENTGSold out
$GOOGLSold out
$AGXSold out
$GSSold out
$DASHSold out
$FLUTSold out
$AALSold out
$ZSold out
$PGNYSold out
$XLFSold out
$WOLFSold out

Holdings

StockMove% of portfolioValue
$NTRA

Natera Inc

Added
18.1%
$613M
$EWZ

Ishares Inc

Held
8.7%
$294M
$INSM

Insmed Inc

Trimmed
5.6%
$189M
$TSM

Taiwan Semiconductor Manufac

Trimmed
5%
$167M
$RSP

Invesco Exchange Traded Fd T

Trimmed
4.7%
$158M
$YPF

Ypf Sociedad Anonima

Added
4.4%
$150M
$TBBB

Bbb Foods Inc

Added
3.3%
$110M
$AA

Alcoa Corp

Added
2.9%
$99M
$NAMS

Newamsterdam Pharma Company

Held
2.9%
$98M
$SE

Sea Ltd

Added
2.7%
$91M
$STM

Stmicroelectronics N V

Added
2.7%
$90M
$WWD

Woodward Inc

Trimmed
2.2%
$76M
$TEVA

Teva Pharmaceutical Inds Ltd

Trimmed
2.1%
$72M
$ROKU

Roku Inc

Added
2.1%
$71M
$AVGO

Broadcom Inc

New buy
1.8%
$61M
$SPY

State Str Spdr S&P 500 Etf T

Held
1.7%
$59M
$AMZN

Amazon Com Inc

Trimmed
1.5%
$51M
$CPNG

Coupang Inc

Trimmed
1.5%
$50M
$OPCH

Option Care Health Inc

Added
1.5%
$50M
$CRH

Crh Plc

Trimmed
1.2%
$40M
$FIGR

Figure Technology Solutio

Trimmed
1.2%
$39M
$ARGT

Global X Fds

New buy
1.1%
$36M
$CAI

Caris Life Sciences Inc

New buy
1%
$34M
$QSR

Restaurant Brands Intl Inc

Trimmed
1%
$34M
$RVMD

Revolution Medicines Inc

New buy
0.9%
$31M
$LSCC

Lattice Semiconductor Corp

Trimmed
0.9%
$30M
$SNDK

Sandisk Corp

New buy
0.7%
$24M
$UAL

United Airls Hldgs Inc

Trimmed
0.7%
$24M
$HUM

Humana Inc

New buy
0.7%
$24M
$WAB

Wabtec

Trimmed
0.7%
$24M
$TWLO

Twilio Inc

New buy
0.7%
$23M
$JBL

Jabil Inc

New buy
0.6%
$22M
$SCCO

Southern Copper Corp

Held
0.6%
$21M
$GSG

Ishares S&P Gsci Commodity-

New buy
0.6%
$21M
$LIN

Linde Plc

New buy
0.6%
$20M
$STX

Seagate Technology Hldngs Pl

New buy
0.6%
$20M
$IWM

Ishares Tr

Trimmed
0.6%
$20M
$CLF

Cleveland-Cliffs Inc New

Added
0.6%
$20M
$NUVB

Nuvation Bio Inc

New buy
0.6%
$19M
$BE

Bloom Energy Corp

Trimmed
0.5%
$18M
$INTC

Intel Corp

New buy
0.5%
$18M
$BLTE

Belite Bio Inc Sponsored

New buy
0.5%
$17M
$PTGX

Protagonist Therapeutics Inc

Held
0.5%
$17M
$U

Unity Software Inc

Added
0.5%
$16M
$ARM

Arm Holdings Plc

New buy
0.5%
$16M
$OLMA

Olema Pharmaceuticals Inc

New buy
0.4%
$15M
$Q

Qnity Electronics Inc

New buy
0.4%
$14M
$ADMA

Adma Biologics Inc

Added
0.4%
$14M
$XENE

Xenon Pharmaceuticals Inc

New buy
0.4%
$14M
$JBS

Jbs N.V.

New buy
0.3%
$12M
$DAKT

Daktronics Inc

Trimmed
0.3%
$11M
$NET

Cloudflare Inc

New buy
0.3%
$11M
$LYB

Lyondellbasell Industries Nv

New buy
0.3%
$11M
$VIST

Vista Energy S.A.B. De C.V.

New buy
0.3%
$10M
$TWST

Twist Bioscience Corp

New buy
0.3%
$10M
$COHR

Coherent Corp

New buy
0.3%
$10M
$CLS

Celestica Inc

New buy
0.3%
$9M
$STUB

Stubhub Hldgs Inc

Trimmed
0.3%
$9M
$DBVT

Dbv Technologies S A Sponsored

New buy
0.2%
$8M
$MU

Micron Technology Inc

New buy
0.2%
$8M
$SATS

Echostar Corp

Held
0.2%
$7M
$ALM

Almonty Inds Inc

Held
0.2%
$7M
$PCT

Purecycle Technologies Inc

Trimmed
0.1%
$5M
$LITE

Lumentum Hldgs Inc

New buy
0.1%
$5M
$MELI

Mercadolibre Inc

Trimmed
0.1%
$5M
$SOLS

Solstice Advanced Matls Inc

New buy
0.1%
$5M
$WLK

Westlake Corporation

New buy
0.1%
$2M
$WVE

Wave Life Sciences Ltd

Held
0%
$1M

Notable sell-outs this quarter: $AEVA, $DOCU, $RH, $DAL, $PM, $ON, $CDTX, $EEM, $CMG, $COGT, $NP, $ENTG, $GOOGL, $AGX, $GS, $DASH, $FLUT, $AAL, $Z, $PGNY, $XLF, $WOLF

Source: SEC 13F via FMP · Mar 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.