Druckenmiller's Duquesne Q2 2026: Broadcom Out, Amazon Up Tenfold

Stanley Druckenmiller's Duquesne Family Office is one of the most turnover-heavy portfolios you can follow in 13F data. The filing for the quarter ended June 30, 2026 (filed August 14) is a good example: according to InsiderSet's summary, it contains roughly 40 new positions, 15 increases, 9 reductions and 20 full exits. Figures below come from that third-party summary, which has a data caveat we flag below, so check the SEC filing before relying on exact numbers.

Exits: AI hardware takes a back seat

The most notable full exits reported were Broadcom (AVGO), Bloom Energy (BE), Coherent (COHR) and Celestica (CLS). Together they form a cluster of AI infrastructure and power-related names. Arm Holdings (ARM) was also cut by roughly 74%.

It is tempting to read this as a verdict on the AI trade. Be careful: a 13F only shows long equity positions at quarter-end, so a sale could reflect profit-taking, a rotation, or a hedge that the filing cannot show. We covered that limitation in our post on what 13Fs cannot show.

Amazon: the standout add

Amazon (AMZN) was increased by about 495,800 shares, a change of more than 1,000% that leaves the position near 541,600 shares. Starting from a small base makes the percentage dramatic, but it matters that Amazon has been a repeated destination for top managers this year. Klarman's Baupost also added to it, as we noted in our Baupost Q2 review. You can see which other investors hold the stock on the overlap page.

A long list of new, cyclical-leaning buys

The new positions skew toward economically sensitive and domestic businesses rather than pure tech. Reported entries include:

• Fox Corp (FOXA and FOX): the largest new buys by share count, with roughly 2.2 million Class A and 633,000 Class B shares.
• Delta Air Lines (DAL): about 603,000 shares.
• D.R. Horton (DHI): about 299,000 shares, a homebuilder bet.
• CDW and Fluor (FLR): IT reseller and engineering and construction exposure.
• Carvana (CVNA), Equinix (EQIX), Danaher (DHR) and AMD: smaller stakes spread across consumer, data centers, life sciences and semiconductors.

Airlines, homebuilders and construction names are rate- and cycle-sensitive. If you want to know whether other macro-oriented funds are leaning the same way, the macro consensus page is a good place to compare.

Adds in industrials and materials

Beyond Amazon, Duquesne increased Cleveland-Cliffs (CLF) by about 82%, CRH by about 47%, ADMA Biologics by about 80% and Daktronics by about 100%. It also trimmed Alcoa (AA) by nearly 88%. Taken together with the homebuilder and construction purchases, that points to a thesis around building activity and industrial demand, though the filing alone cannot confirm the reasoning.

A caution on the numbers

InsiderSet's value column does not reconcile with the share counts. Amazon at nearly 500,000 shares cannot be worth only around $129,000, so the values are likely reported in thousands or millions. Use share counts and direction of change as the more reliable signals here, and verify values on EDGAR.

How to use this

With turnover this high, a single Duquesne quarter is a snapshot of a fast-moving book, not a durable conviction. Positions that were bought in Q2 may already be gone by the time you read the filing, given the 45-day reporting lag we explain in how to use the 13F delay. A more useful approach is to look for names that appear in several top portfolios at once. Start with the investors page to compare Duquesne with other managers, and use the flow page to see aggregate net buying and selling.

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Data sourced from public SEC 13F filings. Educational research only — not investment advice.