Stanley Druckenmiller Portfolio: Reading Duquesne's 13F

The Stanley Druckenmiller portfolio that the public can verify is the Duquesne 13F: the Form 13F-HR that Duquesne Family Office LLC (CIK 0001536411) files with the SEC each quarter. For the quarter ended 30 June 2026 it reported 90 US-listed positions worth $5.21B, with Natera Inc the largest at $864.9M (16.6% of reported value). The filing is SEC accession 0001536411-26-000006 and its EDGAR index page shows a Filing Date of 14 August 2026 (read 19 September 2026). Duquesne is the clearest example among the filers Flock tracks of a high-turnover 13F, so the way to read it matters as much as the numbers. Not investment advice.

What the Duquesne 13F for Q2 2026 reported

The six largest positions by reported value, from the Q2 2026 filing as decoded on Flock's Duquesne Family Office 13F page, read 19 September 2026:

Source: Duquesne Family Office Form 13F-HR for the period ended 30 June 2026, SEC EDGAR. The stored filing history on the same page: Q1 2026, 68 positions, $3.38B; Q4 2025, 60 positions, $4.49B; Q3 2025, 64 positions, $4.06B; Q2 2025, 67 positions, $4.07B.

What changed between the Q1 2026 and Q2 2026 filings?

Flock matches the two filings position by position and ranks on share-count changes, because a value change alone can be the quarter's price move. From the "Changes vs Q1 2026" section, read 19 September 2026:

• Newly reported (45 lines): the ten largest by value are CDW Corp (993,950 shares, $139.8M), Alphabet Inc (336,300, $120.2M), Fox Corp Class A (2,204,600, $115.0M), Bitdeer Technologies Group (4,074,993, $64.7M), Delta Air Lines (603,000, $56.5M), Tesla (126,000, $53.0M), Fluor Corp (982,200, $51.5M), D R Horton (299,000, $48.7M), Advanced Micro Devices (72,900, $42.3M) and Palo Alto Networks (116,650, $39.8M), with 35 more on the page.
• No longer reported: Broadcom Inc (195,955 shares, $60.6M in the Q1 filing), Option Care Health (1,868,550 shares, $50.3M), Figure Technology Solutions (1,150,415 shares, $39.1M) and Restaurant Brands International (454,435 shares), among others listed on the page.
• Increases in continuing positions: Insmed (+1,620,600 shares), Amazon.com (+755,100), STMicroelectronics (+490,000), Natera (+122,700) and Taiwan Semiconductor (+94,400).

Duquesne appears in Flock's consensus adds for Q2 2026 as one of the filers that increased or newly reported Amazon, Alphabet Class A, Meta Platforms, Advanced Micro Devices, Taiwan Semiconductor and Tesla.

How to read a high-turnover 13F

Half the lines can be new. Forty-five of the 90 positions in the Q2 2026 filing had no line in the Q1 filing. For a filer like this, a single quarter's table is a snapshot of a book that may look different again by the next quarter-end, and the filing says nothing about what was held on any day between 31 March and 30 June.

A new line is not necessarily a new idea. A position can be reported, exit before the next quarter-end, and reappear. Position-by-position matching only sees the two endpoints, so "newly reported" means "absent from the previous filing", nothing more.

Value scales can trip a decoder. The 13F information table reports values in a fixed unit, and a parser that applies the wrong unit to one filer produces figures off by a factor of a thousand. Flock repaired a value-scale defect on this filer's history before these pages were published; the figures above are the repaired ones, and every line links to the filing so you can check them against EDGAR.

Quarter-end, filed six weeks later. Positions are as of 30 June 2026 and became public on 14 August 2026. The Q3 2026 filing is due within 45 days of 30 September 2026.

Long US-listed positions only. Short positions, futures, currencies and non-US listings, all of which a macro-oriented manager may use, are not Section 13(f) securities and are not on the form. The 90 lines are the disclosed long US equity book.

Where to go next

The Duquesne Family Office 13F page carries all 90 lines, the full list of 45 new and the exited positions, the stored history and the EDGAR link. The Stanley Druckenmiller superinvestor page frames the same filing by the investor who leads the filer. For the background, read what a 13F filing is and what a 13F tracker does. For lower-turnover filers, compare the Berkshire Hathaway 13F (15 of 29 lines unchanged quarter over quarter) and the Carl Icahn portfolio (12 lines, one large increase).

The Duquesne 13F is a quarter-end record of a book that moves a great deal between quarter-ends. Read it as two snapshots, not a film. What any of it means for you is your call to make.