Institutional 13F · Context Only · Never a Buy List机构 13F · 仅供背景参考 · 非买入清单
Duquesne Family Office (Druckenmiller)
macro_satellite
A
Reliability stable可靠性稳定
leaderboard rank榜单排名 #8
Book持仓规模
$3M
long US listed only仅美股多头
Positions持仓数
68
91% resolved已解析
Top-10 concentration前十集中度
58%
% of book占组合%
Turnover换手
MED
34.7% per quarter每季
Median excess中位超额
-1%
buys vs SPY, since filing买入相对SPY，自申报起 · n 292
Hit rate胜率
48%
share of buys beating SPY跑赢SPY的买入占比
Core lean — the 10-second read核心倾向 — 10秒速读
Core lean: Diagnostics — added NTRA (+18.1pp of book this quarter)核心倾向：Diagnostics — 本季度加仓 NTRA（占组合 +18.1pp）
DiagnosticsDiagnostics
+18.1pp
18.1% of book held占组合持有
· 1 names标的
· Healthcare & Biotech
NTRA
Technology (Equal-Weight)信息技术（等权）
+4.8pp
4.8% of book held占组合持有
· 8 names标的
· US Sectors (EW)
AVGO
SNDK
JBL
INTC
Q
COHR
MU
LITE
AI InfrastructureAI 基础设施
+2.9pp
2.9% of book held占组合持有
· 5 names标的
· AI & Technology
AVGO
ARMCOHRMULITE
Non-AI Tech & Hardware非AI科技与硬件
+2.7pp
2.7% of book held占组合持有
· 1 names标的
· Semiconductors & Hardware
STM
AI SemiconductorsAI半导体
+2.3pp
2.3% of book held占组合持有
· 2 names标的
· Semiconductors
AVGOARM
Ads & MediaAds & Media
+2.1pp
2.1% of book held占组合持有
· 1 names标的
· E-commerce
ROKU
Descriptive read of the latest filing — themes clustered from curated baskets (Finviz fallback), added-pp = Σ % of book bought this quarter. Not a forecast.基于最新申报的描述性解读——主题按精选篮子聚类（Finviz 兜底），added-pp = 本季度买入占组合百分比之和。非预测。
Grade & excess history评级与超额历史
per-quarter buy cohorts, scored on public filing dates vs SPY — descriptive ranks in a curated survivor cohort按季度买入队列，以公开申报日为锚相对SPY评分——精选幸存者队列中的描述性排名Reliability可靠性: stable稳定 · 12 scored quarters已评分季度 · 33% positive为正 · recent-4 median近4季中位 -4% vs all-time对全期 -4%
Median excess by quarter各季度中位超额: ▁▂▆▇▃▆█▃▄▄▄▅ (oldest → newest, shifted by the series minimum so negatives render由旧到新，按序列最小值平移以呈现负值)
| Quarter季度 | Buys买入数 | Median excess中位超额 | Hit胜率 | Median fwd 63d中位前瞻63日 |
|---|---|---|---|---|
| 2023-06-30 | 24 | -29% | 38% | +0% |
| 2023-09-30 | 17 | -21% | 41% | +2% |
| 2023-12-31 | 25 | +7% | 52% | +1% |
| 2024-03-31 | 31 | +16% | 64% | -5% |
| 2024-06-30 | 17 | -13% | 41% | +15% |
| 2024-09-30 | 28 | +7% | 61% | -3% |
| 2024-12-31 | 26 | +19% | 62% | -1% |
| 2025-03-31 | 14 | -10% | 43% | -13% |
| 2025-06-30 | 32 | -3% | 47% | +0% |
| 2025-09-30 | 32 | -6% | 41% | +0% |
| 2025-12-31 | 25 | -5% | 36% | -9% |
| 2026-03-31 | 21 | -1% | 43% | — |
Sector exposure & rotation行业配置与轮动
value-weighted, latest filing; QoQ deltas vs prior quarter按市值加权，最新申报；季度环比变化对上季Current weights当前权重 · 2026-03-31
Unclassified
77.8%
▲ +6.0pp
Technology
4.8%
▲ +4.0pp
Materials
3.7%
▲ +1.6pp
Industrials
3.7%
▼ -4.0pp
Health Care
2.4%
▲ +0.6pp
Communication Services
2.1%
▼ -2.0pp
Basic Materials
1.8%
▲ +0.5pp
Information Technology
1.6%
▼ -3.1pp
Consumer Cyclical
1.5%
▼ -3.1pp
Healthcare
0.7%
▲ +0.7pp
Theme categories主题类别
AI & Technology 4.8%
US Sectors (EW) 4.1%
Semiconductors & Hardware 2.7%
Semiconductors 0.7%
Consumer Cyclical 0.7%
Healthcare 0.7%
Rotating into (QoQ)轮入（环比）
Technology +4.0pp
Materials +1.6pp
Healthcare +0.7pp
Rotating out of (QoQ)轮出（环比）
Industrials -4.0pp
Consumer Cyclical -3.1pp
Information Technology -3.1pp
Quarter history — top-3 sectors季度历史 — 前三大行业
| 2026-03-31 | Unclassified 78% · Technology 5% · Materials 4% |
| 2025-12-31 | Unclassified 72% · Industrials 8% · Information Technology 5% |
| 2025-09-30 | Unclassified 68% · Industrials 8% · Consumer Cyclical 5% |
| 2025-06-30 | Unclassified 58% · Industrials 10% · Technology 7% |
| 2025-03-31 | Unclassified 61% · Industrials 12% · Consumer Defensive 6% |
| 2024-12-31 | Unclassified 54% · Industrials 17% · Technology 10% |
| 2024-09-30 | Unclassified 57% · Technology 13% · Industrials 9% |
| 2024-06-30 | Unclassified 38% · Technology 20% · Industrials 9% |
| 2024-03-31 | Unclassified 47% · Technology 23% · Industrials 12% |
| 2023-12-31 | Unclassified 33% · Technology 31% · Industrials 11% |
| 2023-09-30 | Unclassified 28% · Technology 27% · Communication Services 12% |
| 2023-06-30 | Technology 29% · Unclassified 25% · Healthcare 10% |
Full book完整持仓
every resolved position as filed — click a column header to sort. Conviction is a descriptive composite, not a forecast.截至申报日的全部已解析持仓——点击列头排序。信念分为描述性综合指标，非预测。62 positions shown项持仓 · resolved已解析 62/68 (91%) · unresolved CUSIPs are excluded from this table but counted in book totals未解析CUSIP不列入本表，但计入组合总额
| #↕ | Ticker标的 ↕ | Company公司 ↕ | % book仓位% ↕ | Value金额 ↕ | Action动作 ↕ | Δ sharesΔ股数 ↕ | Add streak连加季数 ↕ | Conviction信念分 ↕ | Sector行业 ↕ | Themes主题 | Since filing自申报 ↕ |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | NTRA |
Natera Inc | 18.1% | $612691 | add | +22% | 1q | 75 · HIGH | — | Diagnostics | — |
| 2 |  EWZ |
Ishares Inc | 8.7% | $294228 | hold | -2% | — | 69 · MODERATE | — | — | -3% |
| 3 |  INSM |
Insmed Inc | 5.6% | $188717 | trim | -22% | — | 69 · MODERATE | — | — | — |
| 4 |  TSM |
Taiwan Semiconductor Manufac | 5.0% | $167380 | hold | -9% | — | 68 · MODERATE | — | Compute, Compute, Foundries | +0% |
| 5 |  RSP |
Invesco Exchange Traded Fd T | 4.7% | $157566 | trim | -30% | — | 68 · MODERATE | — | — | +5% |
| 6 |  YPF |
Ypf Sociedad Anonima | 4.4% | $149566 | add | +433% | 2q | 77 · HIGH | — | — | — |
| 7 |  AA |
Alcoa Corp | 2.9% | $99057 | hold | +8% | — | 67 · MODERATE | Materials | Industrial | -27% |
| 8 |  SE |
Sea Ltd | 2.7% | $91083 | add | +16% | 2q | 76 · HIGH | — | — | +19% |
| 9 | STM |
Stmicroelectronics N V | 2.7% | $90275 | add | +238% | 2q | 76 · HIGH | — | Non-AI Tech & Hardware | — |
| 10 |  WWD |
Woodward Inc | 2.2% | $75648 | trim | -64% | — | 65 · MODERATE | Industrials | — | +13% |
| 11 |  TEVA |
Teva Pharmaceutical Inds Ltd | 2.1% | $71604 | trim | -60% | — | 49 · MODERATE | — | — | — |
| 12 | ROKU |
Roku Inc | 2.1% | $70983 | add | +29% | 1q | 54 · MODERATE | Communication Services | Ads & Media, Video | +16% |
| 13 | AVGO |
Broadcom Inc | 1.8% | $60650 | new | — | 1q | 53 · MODERATE | Technology | AI Infrastructure, AI Semiconductors, Technology (Equal-Weight) | -13% |
| 14 |  SPY |
State Str Spdr S&p 500 Etf T | 1.7% | $58531 | hold | +0% | — | 48 · MODERATE | — | — | +0% |
| 15 |  AMZN |
Amazon Com Inc | 1.5% | $51193 | trim | -71% | — | 47 · MODERATE | Consumer Cyclical | Magnificent Seven, Consumer Discretionary (Equal-Weight) | -7% |
| 16 |  CPNG |
Coupang Inc | 1.5% | $50362 | trim | -61% | — | 36 · LOW | — | E-Commerce, Grocery | +3% |
| 17 |  OPCH |
Option Care Health Inc | 1.5% | $50301 | hold | +7% | — | 36 · LOW | Health Care | — | +11% |
| 18 |  CRH |
Crh Plc | 1.2% | $39689 | trim | -20% | — | 35 · LOW | Basic Materials | Materials (Equal-Weight) | -1% |
| 19 |  FIGR |
Figure Technology Solutio | 1.2% | $39057 | trim | -25% | — | 35 · LOW | — | — | — |
| 20 |  ARGT |
Global X Fds | 1.1% | $36152 | new | — | 1q | 39 · LOW | — | — | — |
| 21 |  CAI |
Caris Life Sciences Inc | 1.0% | $33873 | new | — | 1q | 29 · LOW | — | — | — |
| 22 |  QSR |
Restaurant Brands Intl Inc | 1.0% | $33583 | trim | -62% | — | 33 · LOW | — | — | — |
| 23 |  RVMD |
Revolution Medicines Inc | 0.9% | $30717 | new | — | 1q | 28 · LOW | — | — | — |
| 24 |  LSCC |
Lattice Semiconductor Corp | 0.9% | $29974 | trim | -65% | — | 32 · LOW | Information Technology | Edge, Next-Gen, Machine Vision | +8% |
| 25 | SNDK |
Sandisk Corp | 0.7% | $24241 | new | — | 1q | 36 · LOW | Technology | Memory, HBM & Storage, Technology (Equal-Weight) | -1% |
| 26 |  UAL |
United Airls Hldgs Inc | 0.7% | $24168 | trim | -25% | — | 32 · LOW | Industrials | Travel & Experiences, Industrials (Equal-Weight) | +28% |
| 27 |  HUM |
Humana Inc | 0.7% | $23842 | new | — | 1q | 25 · LOW | Healthcare | Managed Care & Insurers, Health Care (Equal-Weight) | +32% |
| 28 |  WAB |
Wabtec | 0.7% | $23715 | trim | -68% | — | 30 · LOW | Industrials | Industrials (Equal-Weight) | -1% |
| 29 |  TWLO |
Twilio Inc | 0.7% | $22869 | new | — | 1q | 34 · LOW | Information Technology | PaaS, CRM, Collaboration | +3% |
| 30 | JBL |
Jabil Inc | 0.7% | $21835 | new | — | 1q | 24 · LOW | Technology | Technology (Equal-Weight) | -8% |
| 31 |  SCCO |
Southern Copper Corp | 0.6% | $20964 | hold | +1% | — | 28 · LOW | — | Materials, Industrial | — |
| 32 |  GSG |
Ishares S&p Gsci Commodity- | 0.6% | $20737 | new | — | 1q | 22 · LOW | — | — | -11% |
| 33 |  LIN |
Linde Plc | 0.6% | $20425 | new | — | 1q | 22 · LOW | Basic Materials | Materials (Equal-Weight) | -0% |
| 34 |  IWM |
Ishares Tr | 0.6% | $19592 | trim | -65% | — | 26 · LOW | — | — | +5% |
| 35 |  CLF |
Cleveland-Cliffs Inc New | 0.6% | $19549 | add | +32% | 1q | 31 · LOW | Materials | Industrial | -7% |
| 36 |  NUVB |
Nuvation Bio Inc | 0.6% | $19476 | new | — | 1q | 21 · LOW | — | — | — |
| 37 |  BE |
Bloom Energy Corp | 0.6% | $18470 | trim | -82% | — | 25 · LOW | — | Hydrogen | — |
| 38 | INTC |
Intel Corp | 0.5% | $18155 | new | — | 1q | 19 · LOW | Technology | Technology (Equal-Weight) | -12% |
| 39 |  BLTE |
Belite Bio Inc Sponsored | 0.5% | $16917 | new | — | 1q | 18 · LOW | — | — | — |
| 40 |  PTGX |
Protagonist Therapeutics Inc | 0.5% | $16832 | hold | +0% | — | 24 · LOW | Health Care | — | +30% |
| 41 |  U |
Unity Software Inc | 0.5% | $16209 | add | +80% | 1q | 27 · LOW | — | Gaming, Design, Software | +10% |
| 42 | ARM |
Arm Holdings Plc | 0.5% | $16142 | new | — | 1q | 27 · LOW | — | AI Infrastructure, AI Semiconductors | +24% |
| 43 |  OLMA |
Olema Pharmaceuticals Inc | 0.4% | $14714 | new | — | 1q | 16 · LOW | — | — | — |
| 44 | Q |
Qnity Electronics Inc | 0.4% | $14498 | new | — | 1q | 16 · LOW | Technology | Technology (Equal-Weight) | -13% |
| 45 |  ADMA |
Adma Biologics Inc | 0.4% | $13926 | add | +513% | 2q | 30 · LOW | Health Care | — | +3% |
| 46 |  XENE |
Xenon Pharmaceuticals Inc | 0.4% | $13875 | new | — | 1q | 15 · LOW | — | — | — |
| 47 |  DAKT |
Daktronics Inc | 0.3% | $11000 | trim | -34% | — | 19 · LOW | — | — | — |
| 48 |  NET |
Cloudflare Inc | 0.3% | $10840 | new | — | 1q | 14 · LOW | — | AI Software & Platforms, Cybersecurity | +36% |
| 49 |  VIST |
Vista Energy S.a.b. De C.v. | 0.3% | $10166 | new | — | 1q | 13 · LOW | — | — | — |
| 50 |  TWST |
Twist Bioscience Corp | 0.3% | $9789 | new | — | 1q | 12 · LOW | — | Genomics | — |
| 51 | COHR |
Coherent Corp | 0.3% | $9624 | new | — | 1q | 22 · LOW | Technology | AI Infrastructure, Technology (Equal-Weight) | -29% |
| 52 |  CLS |
Celestica Inc | 0.3% | $9373 | new | — | 1q | 11 · LOW | — | — | — |
| 53 |  STUB |
Stubhub Hldgs Inc | 0.2% | $8531 | trim | -41% | — | 16 · LOW | — | — | — |
| 54 |  DBVT |
Dbv Technologies S A Sponsored | 0.2% | $8008 | new | — | 1q | 10 · LOW | — | — | — |
| 55 | MU |
Micron Technology Inc | 0.2% | $7905 | new | — | 1q | 20 · LOW | Technology | AI Infrastructure, Memory, HBM & Storage, Technology (Equal-Weight) | +16% |
| 56 |  SATS |
Echostar Corp | 0.2% | $7114 | hold | +0% | — | 14 · LOW | — | Satellites, Satcom | — |
| 57 |  ALM |
Almonty Inds Inc | 0.2% | $6804 | hold | +0% | — | 13 · LOW | — | Critical Minerals & Rare Earths | -26% |
| 58 |  PCT |
Purecycle Technologies Inc | 0.1% | $4999 | trim | -66% | — | 13 · LOW | — | — | — |
| 59 | LITE |
Lumentum Hldgs Inc | 0.1% | $4893 | new | — | 1q | 7 · LOW | Technology | AI Infrastructure, Technology (Equal-Weight) | -29% |
| 60 |  MELI |
Mercadolibre Inc | 0.1% | $4782 | trim | -94% | — | 12 · LOW | — | E-Commerce, Marketplaces | +19% |
| 61 |  SOLS |
Solstice Advanced Matls Inc | 0.1% | $4762 | new | — | 1q | 7 · LOW | Materials | — | -30% |
| 62 |  WLK |
Westlake Corporation | 0.1% | $2476 | new | — | 1q | 6 · LOW | Materials | — | -15% |
Rotation detail轮动明细
this filing cycle, uncapped — adds/new and trims from the resolved book, exits from the rotation feed本申报周期，不设上限——新建/加仓与减持取自已解析持仓，清仓取自轮动数据Rotated into轮入 (35)
| NTRA add |
18.1% | — |
| YPF add |
4.4% | — |
| SE add |
2.7% | +19% |
| STM add |
2.7% | — |
| ROKU add |
2.1% | +16% |
| AVGO new |
1.8% | -13% |
| ARGT new |
1.1% | — |
| CAI new |
1.0% | — |
| RVMD new |
0.9% | — |
| SNDK new |
0.7% | -1% |
| HUM new |
0.7% | +32% |
| TWLO new |
0.7% | +3% |
| JBL new |
0.7% | -8% |
| GSG new |
0.6% | -11% |
| LIN new |
0.6% | -0% |
| CLF add |
0.6% | -7% |
| NUVB new |
0.6% | — |
| INTC new |
0.5% | -12% |
| BLTE new |
0.5% | — |
| U add |
0.5% | +10% |
| ARM new |
0.5% | +24% |
| OLMA new |
0.4% | — |
| Q new |
0.4% | -13% |
| ADMA add |
0.4% | +3% |
| XENE new |
0.4% | — |
| NET new |
0.3% | +36% |
| VIST new |
0.3% | — |
| TWST new |
0.3% | — |
| COHR new |
0.3% | -29% |
| CLS new |
0.3% | — |
| DBVT new |
0.2% | — |
| MU new |
0.2% | +16% |
| LITE new |
0.1% | -29% |
| SOLS new |
0.1% | -30% |
| WLK new |
0.1% | -15% |
Rotated out of轮出 (28)
| INSM trim |
-22% | — |
| RSP trim |
-30% | +5% |
| WWD trim |
-64% | +13% |
| TEVA trim |
-60% | — |
| AMZN trim |
-71% | -7% |
| CPNG trim |
-61% | +3% |
| CRH trim |
-20% | -1% |
| FIGR trim |
-25% | — |
| QSR trim |
-62% | — |
| LSCC trim |
-65% | +8% |
| UAL trim |
-25% | +28% |
| WAB trim |
-68% | -1% |
| IWM trim |
-65% | +5% |
| BE trim |
-82% | — |
| DAKT trim |
-34% | — |
| STUB trim |
-41% | — |
| PCT trim |
-66% | — |
| MELI trim |
-94% | +19% |
 AAL exit |
-100% | +25% |
 AGX exit |
-100% | -18% |
 CMG exit |
-100% | +3% |
 DAL exit |
-100% | +20% |
 DASH exit |
-100% | +16% |
 DOCU exit |
-100% | +5% |
 EEM exit |
-100% | -2% |
 ENTG exit |
-100% | -0% |
 GOOGL exit |
-100% | -12% |
 GS exit |
-100% | +14% |
Trade log交易记录
last 40 graded trades, filing-date anchored, newest first — variable hold vs SPY最近40笔已评分交易，以申报日为锚，最新在前——持有期不定，相对SPYNo graded trades available for this fund.该基金暂无已评分交易。
Caveats注意事项 —
13F = quarterly, ~45-day lag, long-only US listed ≥$100M. No shorts, no cash, no non-US positions. This desk is context — ownership is never a directional signal here.13F = 季度披露，约45天滞后，仅含美股多头且持仓≥1亿美元。不含空头、现金或非美股仓位。本台仅为背景参考——持仓数据在此永远不是方向性信号。
Grades and reliability are descriptive ranks within a curated survivor cohort — they measure what filings did after their filing dates, not a manager-selection edge. Conviction and core-lean reads are descriptive composites earning a forward record via the pre-registered ledger (L5); sector/theme classification applies the current map to history.评级与可靠性为精选幸存者队列中的描述性排名——衡量申报日之后持仓的表现，而非经理选择能力。信念分与核心倾向为描述性综合指标，通过预注册账本（L5）积累前瞻记录；行业/主题分类将当前映射应用于历史。