Stanley Druckenmiller's Q1 2026 13F moves
TL;DR
Duquesne Family Office's Q1 2026 13F-HR (filed 2026-05-15) shows a diversification pivot: Natera conviction deepened to 18.1% of the portfolio (single largest position), brand-new positions in YPF (Argentina oil), Alcoa, STMicroelectronics, BBB Foods (Mexico discount retail), and NewAmsterdam Pharma, while Amazon and Alphabet were trimmed out of the top 12. Total AUM contracted 24.7% to $3.38B from $4.49B in Q4; holdings count rose from 59 to 68. Every move is reconstructable from EDGAR using Form 13F-HR.
The Q1 2026 picture
Druckenmiller's Q1 2026 13F is shaped by two overlapping forces. First, the portfolio shrank — total reported AUM dropped from $4.49B at Q4 close to $3.38B at Q1 close, a 24.7% contraction. Second, despite the smaller portfolio, the holdings count rose from 59 to 68 — meaning Duquesne added more positions while reducing size in several existing ones. The combined effect is a more diversified, less concentrated book at lower aggregate dollars.
New positions (top 12)
- YPF Sociedad Anonima (YPF) — Argentine national-oil-company stake at 4.4% of the portfolio. YPF is a macro bet on Argentina's reform trajectory and Vaca Muerta shale economics. Adding YPF while trimming AMZN is the cleanest signal of the macro rotation.
- BBB Foods Inc. (TBBB) — Mexican discount-retail operator (Tiendas 3B) at 3.3%. Hard-discount grocery in emerging Mexico — a classic Druckenmiller “long-runway secular growth” pattern.
- Alcoa (AA) — aluminum at 2.9%. Materials / commodity exposure has been almost absent from Duquesne's recent books; the new position signals either an aluminum-supply thesis or a broader commodity tilt.
- NewAmsterdam Pharma (NAMS) — clinical-stage biotech at 2.9%. Druckenmiller has historically held both early-stage biotech (NTRA, INSM) and large-cap pharma (TEVA).
- STMicroelectronics (STM) — European semiconductor at 2.7%. Sitting alongside TSM (5.0%), the position extends Duquesne's global-semi exposure beyond Asia.
Position adds / conviction increases
- Natera (NTRA) — already the largest position going into Q1; weighting deepened from 12.8% to 18.1% of a smaller portfolio. The absolute dollar value also climbed ($575M → $612M). NTRA is now Duquesne's clearest single-name conviction holding.
- iShares Inc. (broad-market ETF) — climbed from 5.5% to 8.7% as the portfolio shrank around it. Indexed exposure deepening is consistent with a more-diversified-less-concentrated stance.
Trims and exits (top-12 changes)
- Amazon (AMZN) — was 4.3% in Q4, no longer in the top 12 (now under 2.2%). Mega-tech weight continues to decline across the book.
- Alphabet (GOOGL) — was 2.7% in Q4, no longer in the top 12 (now under 2.2%). Trimmed alongside AMZN.
- Teva Pharmaceutical (TEVA) — was 8.3% in Q3, 4.1% in Q4, and no longer in the top 12 in Q1. The TEVA position has been a multi-quarter wind-down.
- Coupang (CPNG) — was 3.6% in Q4, no longer in the top 12. Korean e-commerce exposure reduced.
- Woodward (WWD) — trimmed from 4.0% in Q4 to 2.2% in Q1. Aerospace/defense engineering exposure reduced.
What the pattern signals
The combined picture is macro + commodity diversification away from mega-cap tech. The new YPF, Alcoa, BBB Foods, and STMicroelectronics positions span emerging-market resources, European semis, and discount retail — categories Duquesne held little of in Q3-Q4 2025. Meanwhile AMZN, GOOGL, and CPNG all fell out of the top 12, continuing a multi-quarter drift away from the late-2024 mega-tech concentration.
The Natera move is the more interesting standalone signal. Going from 12.8% to 18.1% of the portfolio — at the same time the broader portfolio shrank — is a deepening of conviction in a single name, not just relative weighting math. NTRA is the kind of long-horizon biotech bet (cell-free DNA testing for cancer + transplant + reproductive health) where multi-year holding is plausible and 13F-traceable.
The 24.7% AUM contraction is worth context: Duquesne Family Office is a single-family office, so AUM changes can reflect tax-driven distributions, charitable giving (the Druckenmiller Foundation has been an active donor), or strategic risk-off. The 13F alone cannot distinguish among these — it only shows the long U.S.-listed equity book at quarter-end.
How to verify this yourself
Every position change above is reconstructable from public SEC EDGAR filings. Steps:
- Open Duquesne Family Office's 13F-HR filing history on EDGAR (CIK 0001536411).
- Compare the Q1 2026 13F (filed 2026-05-15) line-by-line against the Q4 2025 13F (filed Feb 2026).
- Position changes appear as: new CUSIP rows (new positions like YPF and Alcoa), increased share counts (adds like NTRA), decreased share counts (trims like Woodward), removed CUSIP rows (exits or out-of-top-12 trims).
- Cross-reference with HoldLens's machine-readable /api/v1/snapshot/2026-Q1.json for a pre-computed summary across all 30 tracked managers including Duquesne.
Our view
Six historical trades reconstructable from SEC EDGAR alone. Each essay traces the trade through 13F + Form 4 + DEF 14A filings.
Berkshire's 1988-89 KO purchase — $1.3B → ~$28B, untouched 37 years.
Berkshire's 2016-onward AAPL accumulation — largest equity position in firm history.
The $5B preferred + 700M-share warrants at $7.14 strike. ~$13B paper gain at 2017 exercise.
Appaloosa's $2B March 2009 distressed-bank bet (BAC + C + AIG). ~$7B returned. $4B Tepper payday.
Scion Capital's 2005-2008 subprime CDS trade — ~489% net return.
Pershing Square's 2012-2018 multi-year activist campaign.
September 16, 1992. The single-day macro trade that broke the Bank of England.
1997-2023 hold + board seat — the canonical long-duration value position.
2013-2016 long-side activism — public letter to Tim Cook, ~$2B realized gain.
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Recommended reading
The six books that map the mental model behind every 13F on this site.
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Not investment advice. Sourced from public SEC EDGAR Form 13F-HR filings (Duquesne Family Office CIK 0001536411). All position changes verifiable from Form 13F-HR alone. 13F-HR data is a 45-day-lagged snapshot of long-only U.S.-listed positions — see 45-day lag explained and methodology.