What Is Stanley Druckenmiller Buying? Duquesne's Q1 2026 Portfolio, From the Filing
Stanley Druckenmiller never lost money in 30 years running Duquesne Capital, which is why his family office filings get read more closely than most. The Q1 2026 13F from Duquesne Family Office is now in, covering $3.06 billion across 62 positions as of March 31, 2026. Here is what actually changed, straight from the filing.
Natera is now an enormous bet
Druckenmiller's top position is Natera (NTRA), the genetic testing company, at $612.7 million. That is 18.1% of the entire reported book, and he added 22% more shares during the quarter, taking the stake to 3,063,606 shares. For a manager known for concentration when he has conviction, this is about as loud as a 13F gets. His second largest holding, biotech Insmed, sits at 5.6% of the book, so Natera is more than three times the size of anything else.
Natera dominates the portfolio
His top holding is 3.2x larger than the second largest position, a rare concentration in a 62-stock book.
The Argentina trade got much bigger
The most aggressive single move in the filing is YPF, Argentina's state linked oil company. Duquesne grew the position by 433%, from 606,990 shares to 3,235,962 shares, now worth $149.6 million and 4.4% of the book. Alongside it, the filing shows a brand new $36.2 million position in ARGT, the Global X Argentina ETF, and a new $10.2 million stake in Vista Energy, another Argentine oil producer. Add it up and this is a deliberate country bet, not a one off stock pick.
Argentina positioning tripled in one quarter
YPF shares grew 433% while he added two new Argentina plays, totaling $196M in country exposure.
A new basket of chip and AI hardware names
Rather than one big semiconductor bet, Druckenmiller planted a row of seeds. New positions in the quarter include Broadcom ($60.7 million), Sandisk ($24.2 million), Jabil ($21.8 million), Intel ($18.2 million, 411,400 shares), Arm Holdings ($16.1 million), Cloudflare ($10.8 million), Coherent ($9.6 million), Celestica ($9.4 million), Micron ($7.9 million) and Lumentum ($4.9 million). He also grew STMicroelectronics by 238% to 2.6 million shares. Interestingly, he trimmed Taiwan Semiconductor by 8.8% at the same time, so this reads like a rotation within the theme rather than new money chasing it.
New semiconductor buys span the supply chain
Broadcom leads the new chip positions, but he also added design (Arm), manufacturing (TSMC trim), and components plays.
On our numbers, these names are a mixed bag. Broadcom carries the highest moat score of the group at 82 out of 100 on our Broadcom page, and analyst targets imply roughly 40% upside from the current price near $374. Intel is the opposite case: our DCF model values it at $28 against a $97 price, so the market is paying for a turnaround the trailing numbers do not yet show. A DCF is a model built on assumptions, not a prophecy, and Druckenmiller is famous for betting on where the puck is going rather than where it is.
Intel versus Broadcom: divergent conviction
One chip name shows massive upside (Broadcom), another requires a turnaround (Intel). Drag the sliders to see how sensitive each case is to your assumptions about growth and margin.
What he sold tells its own story
The trims are as interesting as the buys. Amazon common stock was cut 93.8%, from 737,940 shares to 45,800. But before you read that as bearish, note that his Amazon call options doubled from 100,000 to 200,000 contracts in the same quarter. He kept the upside exposure and freed the capital.
Other big reductions: MercadoLibre down 94.1%, Bloom Energy down 81.6%, Wabtec down 68.4%, Lattice Semiconductor down 65.1%, Restaurant Brands down 62.4%, Coupang down 60.6%, and Teva down 59.5%. He also cut his IWM small cap call position by 65% while opening a new $157.6 million call position in RSP, the equal weight S&P 500 ETF. That swap suggests he wants breadth exposure beyond the mega caps without going all the way down the size spectrum.
Major portfolio exits and their signals
Amazon was nearly eliminated but calls doubled, a tactical restructure, not a loss of conviction. Other exits were cleaner.
The honest caveats
A 13F is a snapshot of US listed long positions, filed up to 45 days after quarter end. This one shows March 31 holdings, and Druckenmiller is one of the fastest traders among the big names, so some of these positions may already be gone. The filing also excludes shorts, most foreign listings, and currency or bond trades, which have historically been a big part of how he makes money. Treat it as a map of where his equity conviction was, not a live feed.
You can track every Duquesne filing, compare it against 80 plus other managers, and see which stocks the most funds agree on in our free guru tracker. If a name here catches your eye, run it through the screener to see its fair value estimate, moat score and analyst targets before doing anything with it.
The bottom line
Druckenmiller is making three clear bets in Q1 2026: genetic testing (Natera at nearly one-fifth of the book), Argentina's resource upside, and a diversified play across the semiconductor value chain. The exits are equally purposeful, suggesting a portfolio rotation rather than capitulation. This is conviction packaged in specificity.
This article is educational information, not financial advice. Do your own research before making investment decisions.
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