Duquesne Family Office (Druckenmiller)

Druckenmiller concentrated hard: Natera jumped to 18% of the book (was 12.8%), top-3 weight 25% → 32%, but offset by ~10 small exits and trims. Big new conviction: YPF Sociedad Anonima scaled +433% — Argentina/Milei bet. STM Microelectronics also scaled +238%. Big de-risking: Alphabet fully exited after 26 quarters held, Coupang -61%, Amazon -71%, Teva -60%, Woodward -64% on a +142% gain. This looks like macro Druckenmiller selling broad index/tech and concentrating into specific high-conviction single-name themes.

• ★ HELD
  Natera Inc NTRA

  Shares +22% and weight 12.8% → 18.1% — now solo top position. Druckenmiller built this stake patiently and is now concentrating into it.

• × EXIT
  Alphabet Inc GOOGL

  Closed after 26 quarters — a 6+ year tech anchor sold completely.

• × EXIT
  Select Sector Spdr Tr XLF

  Cleared the financials ETF wrapper held for 8 quarters — index-like exposure dumped in favor of single-name conviction.

• ▲ ADDED
  Ypf Sociedad Anonima YPF

  Shares +433% in one quarter — the Argentina/Milei macro bet scaled to 4.4%. Classic Druckenmiller country-level theme.

• ▲ ADDED
  Stmicroelectronics N V STM

  Shares +238% — European semis added alongside the persistent TSMC position.

• ▼ REDUCED
  Amazon Com Inc AMZN

  Cut -71% in shares — alongside the GOOGL exit, mega-cap-US-tech being unwound.

• ▼ REDUCED
  Woodward Inc WWD

  Cut -64% even at +142% unrealized — taking profit on the aerospace-power winner.

• ◐ CONCENTRATION

  Top-3 weight 25% → 32% — a major concentration step into Natera + Insmed + TSMC.