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Stan Druckenmiller's Duquesne Family Office ran an active Q2 2026 book ($5.2B, 90 names, top holding Natera at 16.6% — held through the quarter). 10+ new positions include CDW ($140M), Alphabet A ($120M), Fox ($115M), Bitdeer, Delta Air Lines, Tesla, Fluor, D.R. Horton, AMD and Palo Alto. Massive adds: Amazon +307.2%, IWM (Russell 2000) +317.7%, Bitdeer/similar +140%, Seagate +140.6%, United Airlines +202.8%, TSM +19.1%, STMicro +18.8%, Revolution Medicines +26.5%. Trims: Woodward -68.2%, Roku -75.5%, Teva -73.7%, Wabtec -40.4%, Arm -73.7%, Alcoa -87.6% (near-exits). Small exits: Broadcom, Intel, Bloom Energy, Cloudflare, Lattice, Twilio.
| Ticker | Company | Value | Shares | % of book | |
|---|---|---|---|---|---|
| CDW | CDW Corp | $139.8M | 994K shares | 2.7% | |
| GOOGL | Alphabet Class A | $120.2M | 336.3K shares | 2.3% | |
| FOXA | Fox Corp | $115M | 2.2M shares | 2.2% | |
| BTDR | Bitdeer | $64.7M | 4.1M shares | 1.2% | |
| DAL | Delta Air Lines | $56.5M | 603K shares | 1.1% | |
| TSLA |
| Tesla |
| $53M |
| 126K shares |
| 1.0% |
| FLR | Fluor | $51.5M | 982.2K shares | 1.0% |
| DHI | D.R. Horton | $48.7M | 299K shares | 0.9% |
| AMD | Advanced Micro Devices | $42.3M | 72.9K shares | 0.8% |
| PANW | Palo Alto Networks | $39.8M | 116.7K shares | 0.8% |
| HUT | HUT 8 CORP | $36.3M | 314.1K shares | 0.7% |
| FOX | FOX CORP - CLASS B | $29.6M | 632.6K shares | 0.6% |
| META | Meta Platforms Inc | $28.2M | 50K shares | 0.5% |
| CVCO | CAVCO INDUSTRIES INC | $24.3M | 39.5K shares | 0.5% |
| PURR | HYPERLIQUID STRATEGIES | $23.1M | 2.9M shares | 0.4% |
| RMBS | RAMBUS INC | $23M | 173K shares | 0.4% |
| RYTM | RHYTHM PHARMACEUTICALS INC | $22.6M | 203.6K shares | 0.4% |
| SKY | CHAMPION HOMES INC | $22.4M | 254.4K shares | 0.4% |
| ENTG | ENTEGRIS INC | $21.3M | 118.3K shares | 0.4% |
| AEVA | Aeva Technologies Inc | $20.7M | 720.2K shares | 0.4% |
| RIOT | Riot Platforms Inc | $20.7M | 754.8K shares | 0.4% |
| EQIX | Equinix Inc (REIT) | $19.2M | 18.4K shares | 0.4% |
| LRCX | Lam Research Corp | $18.9M | 43.6K shares | 0.4% |
| DFTX | DEFINIUM THERAPEUTICS INC | $16.8M | 356.6K shares | 0.3% |
| TXG | 10X GENOMICS INC-CLASS A | $15.5M | 403.1K shares | 0.3% |
| LLY | ELI LILLY & CO | $14.8M | 12.4K shares | 0.3% |
| RGEN | REPLIGEN CORP | $10.6M | 77.4K shares | 0.2% |
| RKT | ROCKET COS INC-CLASS A | $10.3M | 652.2K shares | 0.2% |
| BIDU | Baidu Inc (ADR) | $10.1M | 88.2K shares | 0.2% |
| CVNA | CARVANA CO | $9.9M | 151K shares | 0.2% |
| RDDT | REDDIT INC-CL A | $9.8M | 56.5K shares | 0.2% |
| TMO | THERMO FISHER SCIENTIFIC INC | $9.6M | 19.2K shares | 0.2% |
| DHR | DANAHER CORP | $9.6M | 50.3K shares | 0.2% |
| FFIV | F5 Inc | $9.2M | 22K shares | 0.2% |
| SKE | SKEENA RESOURCES LTD | $8M | 300.2K shares | 0.2% |
| GLUE | MONTE ROSA THERAPEUTICS INC | $7.2M | 297.6K shares | 0.1% |
| RLAY | RELAY THERAPEUTICS INC | $6.5M | 349K shares | 0.1% |
| CCC | CCC INTELLIGENT SOLUTIONS HO | $6M | 1.2M shares | 0.1% |
| UWMC | UWM HOLDINGS CORP | $5.9M | 2.6M shares | 0.1% |
| NVTS | NAVITAS SEMICONDUCTOR CORP | $5.6M | 311.1K shares | 0.1% |
| FTAI | FTAI AVIATION LTD | $5.5M | 20.2K shares | 0.1% |
| BEAM | BEAM THERAPEUTICS INC | $5.3M | 153.6K shares | 0.1% |
| AUR | Aurora Innovation Inc | $4.3M | 633.7K shares | 0.1% |
| IREN | IREN Limited | $4M | 87.1K shares | 0.1% |
| GGAL | GRUPO FINANCIERO GALICIA-ADR | $3M | 59.5K shares | 0.1% |
| Ticker | Name | Note |
|---|---|---|
| AVGO | Broadcom | exited Broadcom ($61M) |
| OPCH | Option Care Health | |
| FIGR | Figure Technology | |
| QSR | Restaurant Brands | |
| LSCC | Lattice Semiconductor | |
| HUM | Humana | |
| TWLO | Twilio | |
| JBL | Jabil | |
| GSG | iShares S&P GSCI ETF | |
| BE | Bloom Energy | exited Bloom Energy ($18M) |
| INTC | Intel | exited Intel ($18M) |
| NET | Cloudflare | exited Cloudflare ($11M) |
| LYB | LYONDELLBASELL INDU-CL A | |
| TWST | TWIST BIOSCIENCE CORP | |
| COHR | Coherent Corp | |
| CLS | Celestica Inc | |
| STUB | STUBHUB HOLDINGS INC-CLASS A | |
| MU | Micron Technology | |
| ECHO | ECHOSTAR CORP-A | |
| AII | ALMONTY INDUSTRIES INC | |
| ALM | ALMONTY INDUSTRIES INC | |
| LITE | Lumentum Holdings | |
| MLB1 | MERCADOLIBRE INC | |
| MELI | MERCADOLIBRE INC | |
| UEO | WESTLAKE CORP | |
| WLK | WESTLAKE CORP |
| Ticker | Q2 value | Change | Direction |
|---|---|---|---|
| NTRA | $864.9M | +4% | ADD |
| IM8N | $295.8M | +140.4% | ADD |
| TSM | $281.6M | +19.1% | ADD |
| AMZN | $238.6M | +307.2% | ADD |
| STM | $232.4M | +18.8% | ADD |
| RSP | $190.5M | +9.1% | ADD |
| YPF | $142.7M | -3% | TRIM |
| TBBB | $120.9M | -6.7% | TRIM |
| STX | $117.7M | +140.6% | ADD |
| UAL | $108.1M | +202.8% | ADD |
| IWM | $99.1M | +317.7% | ADD |
| SNDK | $79.4M | -8.5% | TRIM |
| RVMD | $74.8M | +26.5% | ADD |
| CRH | $59.2M | +46.6% | ADD |
| CLF | $39.6M | +82.2% | ADD |
| ARGT | $30M | -15.1% | TRIM |
| WWD | $28.6M | -68.2% | TRIM |
| PTGX | $25.6M | +30.8% | ADD |
| ROKU | $25.4M | -75.5% | TRIM |
| ADMA | $23.3M | +80.1% | ADD |
The Q2 pattern is quintessential Druckenmiller: a broad-market bullish deployment through IWM +318% and RSP steady + Amazon +307%, layered onto a healthcare/biotech concentration (Natera as #1 at 17%). CDW, Fluor and DHI express US infra/AI-capex; Bitdeer + TSM + STMicro + Seagate are the semi hardware picks. The exit basket (AVGO, INTC, BE, NET, LSCC) is a targeted trim of standalone AI names in favor of index and Natera concentration.
Figures are computed from the latest 13F-HR filing (period 2026-06-30); the filing is authoritative.