Duquesne's Q4 Rotation Playbook: New EWZ/XLF/RSP Sleeves While Legacy Tech Exposure Was Pruned
Duquesne Family Office's Q4 2025 13F shows selective macro rotation: new financials/equal-weight/Brazil ETF exposure, paired with multiple single-name exits and trims.
Duquesne''s Q4 filing is less about raw AUM growth (+10.65%) and more about where new risk was placed: financials (XLF), equal-weight US equities (RSP), and Brazil exposure (EWZ calls). This sits alongside notable pruning, including a full META exit.
TL;DR
- Portfolio value: $4.06B -> $4.49B (+$432M, +10.65%)
- Breadth: 64 -> 60 unique holdings (-4), but high turnover (27 new, 31 sold)
- Concentration: top-1 and top-5 eased; top-10 rose slightly (+0.99 pts)
- Largest adds: XLF, EWZ (calls), RSP, AMZN (increased), GOOGL (increased)
- Largest cuts: TEVA down, VRNA sold, INSM down, META sold
- Primary source: SEC 13F-HR accession 0001536411-26-000002 vs 0001536411-25-000017
What Makes This Filing Distinct
Unlike pure stock-picking quarters, Duquesne''s largest Q4 additions include ETF sleeves that can express macro and breadth views quickly. XLF and RSP suggest a willingness to own a broader domestic equity/financial regime; EWZ introduces explicit international cyclicality exposure.
SEC source links: Q4 filing package, Q3 filing package. ETF references: XLF fund page, EWZ fund page.
Duquesne Concentration Profile: Q3 vs Q4
Adds vs Cuts: High Churn, Targeted Intent
Turnover was heavy, but not random. The biggest adds and biggest cuts both cluster in macro-sensitive and high-beta pockets. That pattern is consistent with active regime re-positioning rather than passive drift.
Largest Q4 Adds (Millions USD)
Largest Q4 Cuts and Exits (Millions USD)
Researcher View: Duquesne Is Trading Regimes, Not Narratives
The mix of ETF sleeves plus selective single-name adjustments suggests Duquesne is optimizing for adaptability: preserve upside to broad participation while keeping the book fluid enough to rotate again if macro changes. Readers tracking this style should compare with our broader season context and activist/insider flow pages.
Related links: Duquesne filer page, XLF holders, RSP holders, EWZ holders, Citadel rebalance reference, 13D/G activist flow.
Q&A
What did Duquesne buy in Q4 2025?
Top additions were XLF ($301.0M), EWZ calls ($247.2M), and RSP ($224.9M), with increased AMZN and GOOGL exposure as well.
Did Duquesne sell Meta in Q4 2025?
Yes. META was fully exited from a prior-quarter value of $55.9M.
What did Thoma Bravo buy in Q4 2025?
Our dedicated answer is here: Thoma Bravo Q4 2025 analysis.
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