---
title: "The Macro-Architectural Reconfiguration: An Analysis of Duquesne Family Office's Q4 2025 Institutional Holdings"
author: "DeepValues Research"
publisher: "DeepValues Research (DeepValues / LuLu Ventures LLC)"
type: "Research article"
date: "2026-02-19"
language: "en"
section: "Guru Attention"
answer: "DeepValues Research, “The Macro-Architectural Reconfiguration: An Analysis of Duquesne Family Office's Q4 2025 Institutional Holdings” (Feb 19, 2026): The global institutional investment landscape underwent a significant structural pivot during the final calendar quarter of 2025, a shift most prominently articulated in the latest 13F regulatory filing from Stanley Druckenmiller's Duquesne Family Office LLC."
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cite_as: "DeepValues Research, The Macro-Architectural Reconfiguration: An Analysis of Duquesne Family Office's Q4 2025 Institutional Holdings, https://research.deepvalues.ai/gurus/druckenmillers-13f-holdings-analysis-q4-2025/"
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---
# The Macro-Architectural Reconfiguration: An Analysis of Duquesne Family Office's Q4 2025 Institutional Holdings

The global institutional investment landscape underwent a significant structural pivot during the final calendar quarter of 2025, a shift most prominently articulated in the latest 13F regulatory filing from Stanley Druckenmiller's Duquesne Family Office LLC. As of the reporting period ending December 31, 2025, the firm managed approximately $4.49 billion in 13F securities, representing a notable expansion from the $4.06 billion reported in the preceding quarter. This capital appreciation was not merely a byproduct of market beta but the result of an aggressive and calculated tactical overhaul-a total reconfiguration of the portfolio that saw the liquidation of prominent Silicon Valley mainstays in favor of deep-value rotations into Brazilian equities, American financials, and cyclical industrial infrastructure. The current positioning reflects a manager who has historically thrived at macroeconomic inflection points, transitioning from the high-growth "AI first wave" to a more diversified, liquidity-sensitive framework that prioritizes capital preservation alongside concentrated bets in emerging market volatility and domestic regulatory easing.

## The Architect: Stanley Druckenmiller and the Duquesne Philosophy

To understand the specific movements within the Duquesne Family Office portfolio, it is essential to first analyze the individual driving the investment strategy. Stanley Freeman Druckenmiller is widely regarded as one of the most consistent and successful money managers in the history of the hedge fund industry. Born on June 14, 1953, in Pittsburgh, Pennsylvania, Druckenmiller's early life was marked by a middle-class upbringing in the Philadelphia suburbs and a keen entrepreneurial spirit, evidenced by his operation of a hot dog stand while studying at Bowdoin College-a venture he shared with Lawrence B. Lindsey, who would later become a high-ranking economic policy adviser. He graduated Magna Cum Laude from Bowdoin in 1975 with degrees in Economics and English before briefly pursuing a Ph.D. at the University of Michigan, from which he eventually dropped out to begin his financial career.

His professional trajectory commenced in 1977 as a management trainee at Pittsburgh National Bank, where he ascended to head the equity research group in just one year. In 1981, he founded Duquesne Capital Management with $800,000 in capital. His performance caught the attention of the Dreyfus Corporation and, eventually, George Soros, who hired him in 1988 to serve as the Lead Portfolio Manager of the Quantum Fund. Together, Druckenmiller and Soros famously "broke the Bank of England" in 1992 by shorting the British pound, an event known as Black Wednesday that yielded over $1 billion in profit. Druckenmiller's career at Soros Fund Management saw him serve as Chief Investment Officer from 1989 to 2000, managing assets that peaked at $22 billion.

Druckenmiller's investment framework is a sophisticated blend of top-down macroeconomic analysis and aggressive, concentrated betting. His philosophy is distilled into several core tenets that drive the current Q4 2025 portfolio structure. First, he posits that liquidity drives markets far more than corporate earnings, emphasizing the critical importance of tracking Federal Reserve balance sheet expansion, Treasury issuance, and net liquidity flows. Second, he advocates for "forward projection," arguing that investors must visualize where a security or macroeconomic situation will be 18 months in the future rather than investing in the present. Third, he rejects the traditional dogma of diversification, preferring to put "all eggs in one basket and then watching the basket very carefully". Finally, he embraces the "pig" mentality-a term derived from his mentor George Soros-which suggests that when conviction is high, an investor must "go for the jugular" and size the position aggressively.

In 2010, Druckenmiller closed Duquesne Capital Management to outside investors, returning $12 billion in assets and citing the "high emotional toll" of maintaining his rigorous performance standards. Since then, he has operated as a single-family office, Duquesne Family Office LLC, headquartered in New York. Despite the change in structure, the firm continues to employ a elite team of analysts and professionals to monitor global trends.

### Duquesne Family Office Leadership and Advisory Team

| Individual            | Role                                  | Background and Expertise                                                                      |
|-----------------------|---------------------------------------|-----------------------------------------------------------------------------------------------|
| Stanley Druckenmiller | Chairman & CEO                        | Former CIO of Soros Fund Management; Specialist in global macro trading and currency.         |
| Michael Buckley       | Portfolio Manager & Managing Director | Joined in 2015; Previously at CPMG and Bain Capital; Oversees the research and analyst team.  |
| William Axtman        | General Counsel & CCO                 | Joined in 2021; Former partner at Jones Day; Responsible for legal and regulatory compliance. |
| Kevin Warsh           | Extended Advisory Member              | Former Governor of the Federal Reserve System; Nominated as Fed Chair in 2026.                |
| Scott Bessent         | Historical Associate                  | Former protege of Druckenmiller; Currently serving as U.S. Treasury Secretary.                |

A third-order insight of significant consequence is the "mentor-disciple" relationship Druckenmiller shares with current leaders in U.S. economic policy. The fact that both Scott Bessent and Kevin Warsh have entered the inner circle of U.S. policymaking-as Treasury Secretary and Fed Chair nominee, respectively-suggests that "Druckenmiller Economics"-an approach focused on anti-inflation, anti-deficit spending, and liquidity awareness-may exert a profound influence on global monetary and fiscal policy throughout 2026 and beyond.

## Portfolio Composition and Statistical Summary of Q4 2025

The Duquesne Family Office maintains a high-conviction profile, with the top ten holdings accounting for 52.3% of the total 13F portfolio value. During the reporting period ending December 31, 2025, the firm exhibited extraordinary turnover, initiating 28 new stock positions while completely exiting 31 others. This level of activity-yielding a turnover rate of 63.44%-signals a fundamental reassessment of the global macroeconomic environment and a pivot away from the technology concentration that characterized the first half of the 2025 fiscal year.

### Portfolio Metrics: Q4 2025 vs. Q3 2025

\| Metric \| Q3 2025 Value \| Q4 2025 Value \| Year-over-Year / Q-over-Q Change \| \| :--- \| :--- \| :--- \| :--- \| \| Total Managed 13F Assets \| $4,062,003,000 \| $4,494,450,000 \| +10.6% \| \| Total Number of Holdings \| 65 \| 62 \| -3 Positions \| \| Top 10 Concentration \| 53.93% \| 52.3% \| -1.63% \| \| Turnover Rate \| 92.3% \| 63.44% \| Decreased Activity \| \| New Purchases \| 29 \| 28 \| Consistent Rotation \| \| Sold Out Positions \| - \| 31 \| Aggressive Exit \|

The hierarchy of the portfolio is currently dominated by a mix of specialized biotechnology, financial sector ETFs, and broad market equal-weighted exposures. This represents a definitive departure from the tech-heavy concentration of previous years, where Microsoft and Nvidia often occupied the top slots.

### Comprehensive Ranking of Top 10 Holdings (Q4 2025)

| Rank | Ticker | Company Name                              | % of Portfolio | Market Value ($MM) | Change in Shares |
|------|--------|-------------------------------------------|----------------|--------------------|------------------|
| 1    | NTRA   | Natera, Inc.                              | 12.80%         | $575.33            | -21.87%          |
| 2    | XLF    | State Street Financial Select Sector SPDR | 6.70%          | $300.99            | NEW              |
| 3    | INSM   | Insmed Incorporated                       | 5.74%          | $257.88            | -38.86%          |
| 4    | RSP    | Invesco S&P 500 Equal Weight ETF          | 5.00%          | $224.88            | NEW              |
| 5    | TEVA   | Teva Pharmaceutical Industries Ltd.       | 4.08%          | $183.35            | -64.60%          |
| 6    | WWD    | Woodward, Inc.                            | 3.98%          | $178.65            | -6.65%           |
| 7    | AMZN   | Amazon.com, Inc.                          | 3.79%          | $170.33            | +68.84%          |
| 8    | TSM    | Taiwan Semiconductor Manufacturing        | 3.67%          | $165.04            | -29.02%          |
| 9    | CPNG   | Coupang, Inc.                             | 3.55%          | $159.77            | +46.18%          |
| 10   | GOOGL  | Alphabet Inc. (Class A)                   | 2.68%          | $120.50            | +276.71%         |

## Individual Holdings Analysis: A Detailed Investigation

The following sections provide a granular, security-by-security explanation of the Duquesne Family Office holdings, incorporating business model analysis, recent financial results, and the strategic rationale for their inclusion or exclusion from the portfolio.

### Healthcare and Biotechnology: The Defensive Anchor

Despite a volatile market, Druckenmiller has retained a significant portion of his portfolio in healthcare and biotechnology, which he views as having "idiosyncratic" growth drivers that are less dependent on general economic conditions than traditional cyclical stocks.

#### Natera, Inc. (NTRA)

Natera remains the single largest holding in the Duquesne portfolio, accounting for 12.8% of managed assets. Headquartered in Austin, Texas, Natera is a global leader in cell-free DNA (cfDNA) and precision medicine, focusing on oncology, organ health, and women's health. The primary driver for Natera's growth is Signatera, a molecular residual disease (MRD) test that allows for the non-invasive detection of cancer recurrence.

In the fourth quarter of 2025, Natera reported record financial results, with full-year revenue increasing by approximately 35% year-over-year to $2.3 billion, significantly exceeding analyst forecasts. The company processed over 3.5 million tests in 2025, representing a 15% surge in volume. Despite the strong performance, Druckenmiller trimmed the share count by 21.87% in Q4 2025, likely a tactical decision to take profits following the stock's 42% gain over the trailing twelve months. The long-term rationale for this holding stems from Natera's successful integration of its tests into the standard-of-care, creating a high-margin recurring revenue stream that mimics a SaaS-like business model within the diagnostics space.

#### Insmed Incorporated (INSM)

Insmed occupies the third position in the portfolio with a 5.74% weight. A biopharmaceutical company focused on serious and rare pulmonary diseases, Insmed's trajectory has been defined by the commercial launch of ARIKAYCE and the monumental European approval of BRINSUPRI (brensocatib) in November 2025. BRINSUPRI is a first-in-class dipeptidyl peptidase 1 (DPP1) inhibitor for non-cystic fibrosis bronchiectasis (NCFB), a condition with an estimated 500,000 patients in the U.S. alone.

Analysts forecast that BRINSUPRI could reach peak annual sales of up to $6 billion, representing immense economic potential as a "first-in-disease" therapy. While Druckenmiller reduced his position by 38.86% in Q4, the remaining stake is valued at approximately $257 million. The retention of a top-three position underscores a conviction in the company's regulatory exclusivity and the specialty pricing model-ARIKAYCE carries an estimated annualized cost per patient of around $300,000.

#### Teva Pharmaceutical Industries Limited (TEVA)

Teva, an Israeli-based global leader in generic and innovative medicines, accounts for 4.08% of the portfolio. During Q4 2025, Duquesne liquidated a substantial 64.6% of its previous position, a move that likely reflects the stock reaching the firm's price target after a long turnaround period. Teva's "Pivot to Growth" strategy, launched in late 2024, focused on complex generics and a new pipeline of biosimilars. Despite the sell-off, it remains a top-five holding, providing exposure to a defensive sector that offers stability in a volatile macroeconomic environment.

#### Additional Biotech Stakes

Beyond the top three, the portfolio includes several high-growth, specialized pharmaceutical names:

-   **NewAmsterdam Pharma Company (NAMS)**: Increased allocation by 59.6% in Q4, reaching a 2.55% portfolio weight. The company focuses on transformative therapies for metabolic diseases.

-   **Verona Pharma (VRNA)**: A "no change" position at 2.6% of the portfolio. Verona is developing ENSIFENTRINE for chronic obstructive pulmonary disease (COPD).

-   **Cogent Biosciences (COGT)**: A significant addition of 1.15 million shares, increasing the position by 109%. Cogent is focused on precision medicines for genetically defined diseases.

-   **ADMA Biologics (ADMA)**: A notable new stake addition of approximately 252,000 shares.

### The Technology and AI Rotation: From Hardware to Applications

Druckenmiller shocked the market in late 2024 and early 2025 by exiting top-performing AI players like Nvidia and Palantir. His latest filing reveals a refined approach to the AI boom, pivoting from "training" infrastructure toward "inferencing" and software application layers.

#### Amazon.com, Inc. (AMZN)

Amazon was a primary beneficiary of increased capital allocation in Q4 2025, with share counts rising by 68.84% to a total of approximately 738,000 shares. Now occupying 3.79% of the portfolio, Amazon is viewed by Druckenmiller as a "margin expansion story". The rationale centers on Amazon Web Services (AWS), where operating margins reached 11.1% as infrastructure scales. As the market transitions from training large models to applying them to real-life situations-a process known as inferencing-Amazon's cloud dominance and retail scale create an "unassailable moat".

#### Alphabet Inc. (GOOGL)

Alphabet saw the most dramatic increase in allocation among the mega-cap tech cohort, with the firm boosting its stake by 276.71% in the fourth quarter. This move makes Alphabet a top-ten holding at 2.68%. Druckenmiller identifies Alphabet as the "cheapest AI exposure available". Despite regulatory concerns, the search monopoly continues to generate record margins (32.2%) and robust profit growth (35.3% in Q3 2025). Trading at a forward P/E of approximately 30x, it offers a more favorable valuation than peers with similar growth profiles.

\#\#\#\# Taiwan Semiconductor Manufacturing Company (TSM) TSM remains the firm's primary exposure to AI hardware, though the position was reduced by 29% in the fourth quarter to a 3.67% portfolio weight. As the foundry for the world's most advanced chips, TSM is the quintessential "pick and shovel" play. The reduction in the stake likely reflects geopolitical caution and a desire to rebalance into the software layer, rather than a lack of confidence in TSM's technical lead.

\#\#\#\# The Meta Exit One of the most significant changes in the latest filing was the complete liquidation of the firm's stake in **Meta Platforms (META)**. Previously a core holding, the exit of 76,000 shares suggests a concern over Meta's rising capital expenditures related to artificial intelligence, which are expected to double in 2026 compared to 2025. Furthermore, the market's focus on Meta's "Year of Efficiency" may have reached its limit, prompting Druckenmiller to rotate capital into names with lower valuation premiums like Alphabet.

### The "Samba Strategy": Pivoting to Brazil

Perhaps the most distinct thematic shift in the Q4 2025 filing is the initiation of a massive bet on Brazil via the iShares MSCI Brazil ETF (EWZ). This move reflects Druckenmiller's ability to spot inflection points before the herd, rotating out of expensive Silicon Valley darlings and into undervalued emerging markets.

#### Brazilian Equity Positioning Analysis

| Instrument                    | Type          | Portfolio Weight | Market Value ($MM) |
|-------------------------------|---------------|------------------|--------------------|
| iShares MSCI Brazil ETF (EWZ) | Call Options  | 2.99%            | $134.55            |
| iShares MSCI Brazil ETF (EWZ) | Common Shares | 2.51%            | $112.86            |
| **Total Brazil Exposure**     |               | **5.50%**        | **$247.41**        |

The rationale for the Brazil trade is rooted in three macroeconomic factors. First, emerging markets like Brazil have broadly benefited from a weakening U.S. dollar. Second, the EWZ index is heavily weighted toward commodity producers like the oil giant Petrobras (PBR) and the miner Vale (VALE), both of which have seen surging demand from global investors. Third, Brazil features a burgeoning fintech sector, led by Nu Holdings (NU), providing a growth engine that complements the commodity-heavy base. This trade has already proven lucrative, with the Brazil fund surging 19% in the first six weeks of 2026.

### Financials and Market Breadth: The XLF and RSP Trades

Druckenmiller's largest new addition in the fourth quarter was the **State Street Financial Select Sector SPDR ETF (XLF)**, which now represents 6.70% of the portfolio. This move represents a classic "liquidity play" and a bet on a changing regulatory environment.

#### Rationale for Financials and Equal Weight ETFs

The purchase of 5.5 million shares of XLF signals a belief that the easing of financial regulations and a favorable interest rate environment will significantly boost bank profitability in 2026. Concurrently, the firm initiated a 5.00% position in the **Invesco S&P 500 Equal Weight ETF (RSP)**. By choosing the equal-weighted index over the market-cap-weighted SPY, Druckenmiller is betting on "market breadth"-the idea that mid-cap and value stocks will outperform the concentrated tech giants as the economic recovery broadens.

#### Specific Financial Holdings

While the ETF provides broad exposure, Druckenmiller also initiated specific stakes in major financial institutions:

-   **Goldman Sachs (GS)**: A new position of approximately 28,000 shares. Goldman is viewed as a primary beneficiary of a resurgence in M&A and IPO activity.

-   **Citigroup (C)**: Reduced the position by 22.7% but retained a 1.29% portfolio weight.

-   **Bank of America (BAC)**: Increased the position by 189%, bringing it to a 1.26% weight.

-   **SPDR S&P Bank ETF (KBE)**: A new stake addition of 482,000 shares.

\#\#\# Industrials, Energy, and the "AI Power Crunch"

A notable sub-theme in the new positions is a focus on the physical infrastructure required to sustain the digital economy. This is most evident in the firm's investment in **Bloom Energy (BE)**.

#### Bloom Energy (BE)

According to the latest 13F, Druckenmiller made a $64 million bet (at initial entry) on Bloom Energy, which has since grown to a 2.66% portfolio weight valued at $108 million. Bloom Energy's business model addresses a catastrophic bottleneck for the AI industry: a global shortage of electricity for data centers. Their solid oxide fuel cells provide an "on-site" power solution that bypasses the 3-to-5-year waiting list for traditional utility grid connections. With a product backlog that surged to $6 billion in late 2025, Bloom is positioned as a critical "time-to-power" solution for hyperscalers like Oracle and Amazon.

#### Industrial Infrastructure and Commodities

-   **Woodward, Inc. (WWD)**: A top-six holding at 3.98%, Woodward focuses on energy control and optimization for turbines and generators. It is a long-term holding that benefits from the increased demand for data center power infrastructure.

-   **Wabtec (WAB)**: Increased the position by 77.36% in Q4, reaching 1.52% of the portfolio. Wabtec is a leader in locomotive and rail technology, benefiting from industrial onshoring trends.

-   **Alcoa Corporation (AA)**: A major new position representing 1.73% of the portfolio. As a vertically integrated aluminum company, Alcoa is a play on rising commodity prices and record production across its smelters and refineries.

-   **General Electric Vernova (GEV)**: A new entry at 1.17% of the portfolio, focusing on the energy transition and grid modernization.

### International Growth and E-commerce: Coupang and Sea Limited

Druckenmiller continues to display high conviction in international e-commerce platforms that replicate the vertically integrated strategy of early-stage Amazon.

#### Coupang, Inc. (CPNG)

The firm increased its stake in Coupang by 46.18% in Q4 2025, making it the ninth-largest holding at 3.55%. Coupang dominates the South Korean market, with 24.7 million active customers-nearly half the population. Their "Rocket Delivery" system, which promises items by 7 a.m. the next day, has created a level of convenience that competitors struggle to match. Druckenmiller appears to be betting on Coupang's ability to expand its margins from the current 2% to 10% or higher as its logistics network matures and it scales into Taiwan.

#### Sea Limited (SE)

Sea Limited, the Singapore-based parent of Shopee and Garena, saw a massive 244% increase in allocation during the fourth quarter. Now accounting for 2.85% of the portfolio, Sea's business is "firing on all cylinders," with e-commerce revenue growing 35% and its digital finance (Monee) loan balances growing by 70%. Druckenmiller is likely attracted to the rapid return to profitability and the potential for Sea to beat the market for a third consecutive year in 2026.

### New IPOs and Specialized Stakes

The Duquesne Family Office is also active in the venture and recent-IPO space, establishing concentrated positions in newly public companies.

-   **Figure Technology Solutions (FIGR)**: A blockchain-driven financial services firm that went public in September 2025. Duquesne established a 1.49% position, though they trimmed the stake by 27% toward the end of the year.

-   **StubHub Holdings (STUB)**: A new purchase in Q4, representing 1.73% of the portfolio. StubHub is an online ticket reseller that has faced valuation pressure since its public debut, presenting a value opportunity for a macro trader.

-   **BBB Foods Inc (TBBB)**: A new position disclosed in late January 2026, where the firm took a 5% ownership stake. This reflects a continued interest in Latin American consumer markets.

## Summary Table: Full 13F Activity Q4 2025

The following table summarizes the market values and share changes for the most significant positions in the Duquesne Family Office portfolio as of December 31, 2025.

| Ticker           | Portfolio % | Market Value ($MM) | Share Change % | Status          |
|------------------|-------------|--------------------|----------------|-----------------|
| **NTRA**         | 12.80%      | $575.33            | -21.87%        | Top Holding     |
| **XLF**          | 6.70%       | $300.99            | NEW            | New Leader      |
| **INSM**         | 5.74%       | $257.88            | -38.86%        | Top Healthcare  |
| **RSP**          | 5.00%       | $224.88            | NEW            | Breadth Play    |
| **TEVA**         | 4.08%       | $183.35            | -64.60%        | Significant Cut |
| **WWD**          | 3.98%       | $178.65            | -6.65%         | Industrial Core |
| **AMZN**         | 3.79%       | $170.33            | +68.84%        | Added           |
| **TSM**          | 3.67%       | $165.04            | -29.02%        | Reduced         |
| **CPNG**         | 3.55%       | $159.77            | +46.18%        | Added           |
| **SE**           | 2.85%       | $120.44            | +244.32%       | Major Add       |
| **EWZ (Call)**   | 2.99%       | $134.55            | NEW            | Macro Option    |
| **GOOGL**        | 2.68%       | $120.50            | +276.71%       | Major Add       |
| **VRNA**         | 2.60%       | $106.90            | No Change      | Hold            |
| **BE**           | 2.66%       | $108.00            | NEW            | New Energy      |
| **EWZ (Shares)** | 2.51%       | $112.86            | NEW            | Brazil Play     |
| **MELI**         | 2.25%       | $94.97             | -19.19%        | Reduced         |
| **AA**           | 1.73%       | $73.12             | NEW            | Commodity Play  |
| **STUB**         | 1.73%       | $71.73             | NEW            | Recent IPO      |
| **QSR**          | 1.95%       | $82.49             | +6.86%         | Added           |
| **DOCU**         | 1.65%       | $69.70             | -39.55%        | Reduced         |

## Strategic Synthesis and Macro Outlook for 2026

The latest 13F filing from the Duquesne Family Office serves as a blueprint for navigating a post-AI-euphoria market regime. By liquidating Meta and trimming Nvidia, Druckenmiller has signaled that the first wave of the AI boom-the hardware and training phase-has reached a level of maturity where the risk-reward profile is no longer overwhelmingly favorable.

Instead, the portfolio has been re-architected to capture second and third-order effects:

1.  **The Application Layer**: Increasing stakes in Amazon and Alphabet highlights a shift toward the platforms that will monetize AI through consumer and enterprise software.

2.  **Global Macro Rotation**: The massive entry into Brazil suggests a belief that emerging markets are poised for a significant rally as the U.S. dollar weakens and commodity demand persists.

3.  **Financial Deregulation**: The heavy weighting in XLF and individual bank stocks represents a tactical bet on the policy shifts expected to occur under the current U.S. administration, which are perceived as highly favorable to the financial sector.

4.  **Physical Infrastructure Constraints**: The investments in Bloom Energy, Woodward, and Wabtec reflect a sophisticated understanding that digital growth is ultimately limited by physical bottlenecks, specifically power and logistics.

Druckenmiller's move to increase the portfolio's cash generation-evidenced by the record inflows of $100 million at Natera-complements his historical focus on capital preservation. With a Sharpe Ratio of 1.79 and a Sortino Ratio of 3.76, the fund's strategy remains focused on minimizing downside volatility while maintaining the "pig-like" aggression required to capture once-in-a-decade rotations like the current shift into Brazil and Financials.

As 2026 progresses, the influence of Druckenmiller's philosophy on the broader market will likely be magnified by his former proteges holding the levers of U.S. economic power. For the professional peer observing these filings, the message is clear: the era of blind tech-momentum is giving way to a more disciplined, macro-driven environment where liquidity, valuation, and physical infrastructure are the new primary drivers of alpha. By following the "Samba Strategy" and the pivot into deregulation plays, the Duquesne Family Office has positioned itself to once again be ahead of the herd at a critical market inflection point.

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Natera to Report its Fourth Quarter and Full Year Results on February 26, 2026, https://investor.natera.com/news/news-details/2026/Natera-to-Report-its-Fourth-Quarter-and-Full-Year-Results-on-February-26-2026/default.aspx 20. Natera to Report its Fourth Quarter and Full Year Results on February 26, 2026 - Stock Titan, https://www.stocktitan.net/news/NTRA/natera-to-report-its-fourth-quarter-and-full-year-results-on-rjlb1hcspn4b.html 21. Natera Announces Strong Preliminary Fourth Quarter and 2025 Financial Results Driven by Record Signatera™ Growth, https://investor.natera.com/news/news-details/2026/Natera-Announces-Strong-Preliminary-Fourth-Quarter-and-2025-Financial-Results-Driven-by-Record-Signatera-Growth/default.aspx 22. Natera, Inc. (NTRA) Reports Preliminary Q4 Revenue - Finviz, https://finviz.com/news/291378/natera-inc-ntra-reports-preliminary-q4-revenue 23. Duquesne Family Office Portfolio \| Stanley Druckenmiller 13F Holdings & Trades, https://hedgefollow.com/funds/Duquesne+Family+Office 24. Is It Too Late To Consider Natera (NTRA) After Its Strong 1-Year Share Price Run?, https://simplywall.st/stocks/us/pharmaceuticals-biotech/nasdaq-ntra/natera/news/is-it-too-late-to-consider-natera-ntra-after-its-strong-1-ye 25. Insmed Incorporated (INSM): history, ownership, mission, how it works & makes money - DCFmodeling.com, https://www.dcfmodeling.com/blogs/history/insm-history-mission-ownership 26. Duquesne Family Office Portfolio 2025 \| Holdings & 13F Tracker - Value Sense, https://valuesense.io/superinvestors/duquesnefamily 27. Stanley Druckenmiller's Duquesne initiates position in Goldman Sachs, exits Meta in Q4, https://seekingalpha.com/news/4552799-stanley-druckenmillers-duquesne-initiates-position-in-goldman-sachs-exits-meta-in-q4 28. Billionaire Stanley Druckenmiller Just Went All in on AI, Buying Amazon, Meta Platforms, and Alphabet. Could AI Stocks Still Deliver Big Returns in 2026? \| The Motley Fool, https://www.fool.com/investing/2026/01/02/billionaire-stanley-druckenmiller-buys-ai-stocks/ 29. Stanley Druckenmiller cut his Nvidia stake in late March, says AI may be a bit overhyped short term - Reddit, https://www.reddit.com/r/NVDA\_Stock/comments/1cmafes/stanley\_druckenmiller\_cut\_his\_nvidia\_stake\_in/ 30. Stanley Druckenmiller's Duquesne Family Office: Top 5 Growth-at-Reasonable-Price Picks, https://247wallst.com/investing/2026/01/29/stanley-druckenmillers-duquesne-family-office-top-5-growth-at-reasonable-price-picks/ 31. Duquesne Family Office Initiates Position in Goldman Sachs (GS) - GuruFocus, https://www.gurufocus.com/news/8624671/duquesne-family-office-initiates-position-in-goldman-sachs-gs 32. Stanley Druckenmiller Ditched Meta Platforms Stock. Should You? - Barchart.com, https://www.barchart.com/story/news/291174/stanley-druckenmiller-ditched-meta-platforms-stock-should-you 33. Stanley Druckenmiller made a big bet on this country, and it's ..., https://www.morningstar.com/news/marketwatch/20260218121/stanley-druckenmiller-made-a-big-bet-on-this-country-and-its-already-paid-off 34. 2026 U.S. Outlook: The Bull Market's Underappreciated Narrative - YouTube, https://www.youtube.com/watch?v=VHPpX1mKFvw 35. Duquesne Family Office 13F filings and top holdings and stakes - stockzoa, https://stockzoa.com/fund/duquesne-family-office/ 36. Stanley Druckenmiller: 1 Bloom Energy Corp transactions (Duquesne - Stockcircle, https://stockcircle.com/portfolio/stanley-druckenmiller/be/transactions 37. AI Power Crunch: Why Bloom Energy Is the Hidden Winner, https://www.marketbeat.com/originals/ai-power-crunch-why-bloom-energy-is-the-hidden-winner/ 38. Bloom Energy Is Up 497% Over the Past Year. Is It Too Late to Buy? \| The Motley Fool, https://www.fool.com/investing/2026/02/12/bloom-energy-is-up-497-over-the-past-year-is-it-to/ 39. How AI-Driven Backlog Surge and Bold 2026 Targets Could Impact Bloom Energy (BE) Investors - Simply Wall St, https://simplywall.st/stocks/us/capital-goods/nyse-be/bloom-energy/news/how-ai-driven-backlog-surge-and-bold-2026-targets-could-impa 40. Alcoa Corporation Reports Fourth Quarter and Full Year 2025 Results, https://news.alcoa.com/press-releases/press-release-details/2026/Alcoa-Corporation-Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx 41. Alcoa (AA) Achieves Record Production and Robust Financial Performance in Q4 2025, https://www.gurufocus.com/news/8545478/alcoa-aa-achieves-record-production-and-robust-financial-performance-in-q4-2025?mobile=true 42. Billionaire Stanley Druckenmiller Just Bought More Shares of 2 Unstoppable E-Commerce and Technology Stocks \| The Motley Fool, https://www.fool.com/investing/2025/11/21/billionaire-stanley-druckenmiller-just-bought-more/ 43. Should Investors Follow Billionaire Stanley Druckenmiller Into Coupang Stock? - Nasdaq, https://www.nasdaq.com/articles/should-investors-follow-billionaire-stanley-druckenmiller-into-coupang-stock 44. I Called Sea Limited an Attractive Stock Heading Into in 2025 -- Here's Why I Was Right and Why I Think It Will Beat the Market Again in 2026 \| The Motley Fool, https://www.fool.com/investing/2026/01/29/i-called-sea-limited-an-attractive-stock-heading-i/ 45. Duquesne Family Office LLC 13F Stock Portfolio Holdings - Inside Arbitrage, https://www.insidearbitrage.com/holdings/0001536411/duquesne-family-office-llc/ 46. Stanley Druckenmiller - Duquesne Capital - 2026 13F Holdings, Performance, and AUM - Insider Monkey, https://www.insidermonkey.com/hedge-fund/duquesne+capital/295/ 47. 13F: What Druckenmiller, Dalio, Tepper, & NVIDIA are Buying \| Nasdaq, https://www.nasdaq.com/articles/13f-what-druckenmiller-dalio-tepper-nvidia-are-buying 48. 13F: What Druckenmiller, Dalio, Tepper, & NVIDIA are Buying - February 18, 2026 - Zacks.com, https://www.zacks.com/commentary/2871529/13f-what-druckenmiller-dalio-tepper-nvidia-are-buying 49. StanleyDruck13F January 2026 eToro FactSheet - BullAware, https://bullaware.com/factsheet/StanleyDruck13F 50. Mastering Macro Trading with Stanley Druckenmiller's Strategies - TradingView, https://in.tradingview.com/chart/NIFTY/s0pqlzlU-Mastering-Macro-Trading-with-Stanley-Druckenmiller-s-Strategies/