Duquesne Family Office LLC

Stanley Druckenmiller's Duquesne Family Office trimmed its 13F book by nearly 25% quarter over quarter, from $4.5 billion to $3.4 billion, but the shrinkage wasn't broad-based selling — it was concentration. Natera grew from 12.8% to 18.1% of the portfolio as Duquesne added another 22% to its share count, cementing the genetic-testing stock as by far the largest single-name bet in a 70-position book. The other side of the ledger tells a rotation story: Duquesne exited its entire Select Sector SPDR Financial ETF stake ($301 million), sold out of Alphabet ($121 million) and MercadoLibre ($95 million) outright, and cut Amazon by 71% and Teva by 60% — while building a new Argentina-focused position (Global X's ARGT ETF) alongside a 433% jump in YPF, the Argentine state oil company, and a fresh 238% add to STMicroelectronics. Reading the quarter as a single move: money came out of US financials, mega-cap tech, and LatAm e-commerce, and went into a concentrated genetic-testing wager plus an outsized bet on Argentina's energy sector.