Duquesne Family Office (Druckenmiller)
hedge-fund, famous-pm, druckenmiller, macro, active
Quarter Analysis
13F change notes for Duquesne Family Office (Druckenmiller) in 2025-12-31.
Druckenmiller diversified out by reaching for ETF wrappers: three new ETF positions (XLF, EWZ Brazil, RSP equal-weight S&P) at combined 17% of book — unusual for him to use index wrappers but consistent with hedging concentrated single-name exposure. Single-name conviction adds: Amazon +92%, Alphabet +277%, Sea Ltd +244%, Cogent Bio +109%, BBB Foods +126%. Big trims: Insmed -39% after +118% run, Teva -65%. Top-3 concentration came down 30% → 25%. Reads as 'spread bets, take some profits, keep building Natera + Insmed core'.
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★ HELD
Natera Inc NTRA
Top weight 12.8%, +155% unrealized, 14 quarters — the long-running biotech compounder anchor that doubles next quarter.
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+ NEW
Select Sector Spdr Tr XLF
New 6.7% financials ETF — Druckenmiller occasionally uses ETF wrappers for thematic exposure; this is the financials version.
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+ NEW
Ishares Inc EWZ
Brazil ETF new at 5.5% — country-level macro bet.
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+ NEW
Invesco Exchange Traded Fd T RSP
Equal-weight S&P 500 ETF at 5.0% — broad market hedge / counterweight to the concentrated single-name book.
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▲ ADDED
Alphabet Inc GOOGL
Shares +277% — built up significantly before being fully exited just one quarter later in Q1-2026.
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▲ ADDED
Sea Ltd SE
Shares +244% to 2.7% — emerging-markets internet add.
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▼ REDUCED
Teva Pharmaceutical Inds Ltd TEVA
Cut -65% at +49% gain — taking profit on the long-running generic-pharma bet.
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◐ CONCENTRATION
Top-3 weight 30% → 25% — temporary de-concentration before the Q1-2026 reconcentration into Natera.