Duquesne Family Office managed a $3.38 billion portfolio in Q1 2026, reporting 68 distinct holdings. The filing revealed 30 new positions, establishing Entrada Therapeutics (NTRA) as the largest allocation at 18.1% of assets. Significant capital also flowed into EWZ (8.7%), INSM (5.6%), Taiwan Semiconductor (TSM) (5.0%), and RSP (4.7%).

Stanley Druckenmiller initiated a $60.6 million position in Broadcom Inc. during Q1 2026, marking his largest new allocation. This bet on a semiconductor giant indicates continued confidence in technology infrastructure demand, even as interest rates persist at elevated levels. He also allocated $36.2 million to the Global X Fds Argentina ETF, signaling a direct macro wager on a specific nation’s economic trajectory. The third significant new purchase was $33.9 million into Caris Life Sciences Inc., a private biotech firm. This points to a calculated play within the innovation economy, potentially anticipating breakthroughs in medical research.

Duquesne’s full slate of Q1 purchases reveals a distinct investment approach. Beyond the top three, Druckenmiller also bought $30.7 million in Revolution Medicines Inc., $24.2 million in SanDisk Corp., and $23.8 million in Humana Inc. The additions of Broadcom, Caris, Revolution Medicines, and SanDisk collectively represent a clear emphasis on technology and biotechnology sectors. These areas typically thrive on innovation and access to capital. This concentration in growth-sensitive names, coupled with the opportunistic Argentina ETF purchase, aligns with Druckenmiller’s stated method of visualizing markets 18 months ahead, with liquidity and Federal Reserve policy as primary drivers. He positions for specific pockets of secular growth, sensitive to shifts in global capital flows and interest rate environments.

Duquesne Family Office signaled strong conviction in specific names during Q1 2026, dramatically expanding existing positions. The firm’s largest percentage increase came in YPF, boosting its stake by 433% to $149.6 million. Druckenmiller also added 22% to NTRA, raising its value to $612.7 million. Lesser, though still significant, additions included TBBB, up 16% to $110.0 million, and SE, higher by 17% to $91.1 million. A 9% add to AA pushed that position to $99.1 million. These moves reflect a specific calculated view.

A macro investor who forecasts 18 months out, Druckenmiller believes liquidity and Federal Reserve policy drive markets more than corporate earnings. His Q1 additions suggest particular sectors or geographies align with that long-term outlook. Known for extreme concentration and willingness to reverse positions instantly, these substantial increases in existing names signal current conviction in their future performance.

Q1 2026 filings disclose Duquesne Family Office significantly trimmed its portfolio. The firm slashed its EWZ position by 51%, offloaded 60% of its Teva Pharmaceutical Industries shares, and cut Woodward Inc. holdings by 64%. Smaller but still significant reductions included a 30% trim of the Invesco Exchange Traded Fd T (RSP) and a 22% decrease in Insmed Inc. (INSM) exposure. Even Taiwan Semiconductor Manufacturing (TSM) saw a 9% reduction, indicating broad de-risking.

Duquesne’s portfolio adjustments reflect a recalibration of the world 18 months ahead. This investor, who believes liquidity and Federal Reserve policy drive markets more than corporate earnings, appears to anticipate a shift. Extreme concentration defines Duquesne’s strategy, yet its instant mental flexibility allows reversals when facts change. These widespread cuts suggest a defensive posture, perhaps signaling altered expectations for global liquidity or central bank actions affecting broader market conditions.