Stanley Druckenmiller's Trades and Holdings in Q1 2026

Breaking down the stocks Stanley Druckenmiller (Duquesne) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Duquesne's 13F filed on May 15, 2026.

Who are Stanley Druckenmiller and Duquesne?

Duquesne manages the personal wealth of legendary investor Stanley Druckenmiller achieving an impressive average annual return of 30% without a single down year over 30 years. The firm employs Druckenmiller's signature top-down, macro-focused investment approach, capitalizing on his renowned ability to identify emerging opportunities and anticipate second and third-order market effects.

Duquesne.com
Wikipedia.org
Q1 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

Deploying his signature top-down macro framework, Stanley Druckenmiller's Duquesne Family Office used Q1 2026 to rotate away from financial sector exposure and large-cap tech names — exiting positions in Financial Select Sector SPDR, Alphabet, and MercadoLibre — while pivoting toward a blend of semiconductor infrastructure, speculative-stage biopharma, and emerging market geopolitical plays, initiating new stakes in Broadcom, Revolution Medicines, Caris Life Sciences, and SanDisk. The portfolio's enduring anchors in iShares MSCI Brazil, NewAmsterdam Pharma, and the S&P 500 — alongside a fresh bet on iShares MSCI Argentina — reflect Druckenmiller's continued conviction in Latin American frontier opportunities and healthcare innovation, underscoring a high-conviction, concentrated approach that rapidly repositions capital as his macroeconomic thesis evolves.

New Investments

Broadcom AVGO

Stanley Druckenmiller bought $60.65M of Broadcom in Q1 2026. Over the last two quarters the company has delivered modest beats on both revenue and EPS (latest quarter EPS $2.05 vs $2.03 consensus and revenue $15.95B vs $15.83B), while net income declined about 16.6% sequentially to $4.14B as integration and investment spending weighed on bottom-line growth. Despite that near-term earnings dip, profitability remains strong with net margin around 27.4%—more than double the S&P 500’s ~12.7%—and the stock has nearly doubled from its $221.60 52‑week low to trade near record highs around $430–$440, implying a rich trailing P/E of roughly 85.8x versus most large-cap peers. For the current quarter, the Street is looking for revenue to climb to roughly $17.44B, and continued evidence that the company can grow at this pace while sustaining ~27% margins—leveraging AI-focused chip demand and the VMware software portfolio—would be the main catalyst for further upside despite already elevated valuation.

• Latest reported EPS was $2.05, beating the $2.03 consensus estimate for a positive surprise of about 0.93%.
• Latest-quarter revenue came in at $15.95B versus expectations of $15.83B, with net income of $4.14B down from $4.96B in the prior quarter (a 16.6% sequential decline) and net margin at roughly 27.4% vs the S&P 500’s ~12.7%.
• The stock currently trades around $430–$440, near its $442.36 52‑week high and well above the $221.60 52‑week low, with a market capitalization around $1.8–2.0T and a trailing P/E near 85.8x.

MSCI Argentina ARGT

Stanley Druckenmiller bought $36.15M of MSCI Argentina in Q1 2026. Over the last two quarters, the ETF has been trading toward the upper end of its 52‑week range, with the price around $90.44 versus a 52‑week band of $66.49–$96.58, implying a recovery of roughly 36% off the 12‑month low and indicating positive momentum rather than a drawdown over this period. Valuation at a trailing P/E of about 21.95x and a modest dividend yield near 1.2% screens as relatively full versus broad emerging‑market benchmarks, but is underpinned by improving earnings expectations and a weighted average ROE around the mid‑teens (approximately 14.4%) for the underlying holdings. In the current quarter, the fund’s resilience in the upper part of its range appears tied to stronger performance in the MSCI Argentina Index (itself oscillating between roughly 5,233 and 10,005 over the past year), ongoing optimism around domestic fiscal/monetary reforms, and risk‑on flows into high‑beta Latin American equities, although FX volatility and policy execution risk remain key caps on further multiple expansion.

• Price at $90.44 is approximately 36% above the 52‑week low of $66.49 and about 6% below the 52‑week high of $96.58.
• The ETF’s trailing P/E ratio is about 21.95x, with a trailing dividend yield near 1.2% and a weighted average ROE around 14.4% on the underlying portfolio.
• The MSCI Argentina Index 52‑week range of roughly 5,233–10,005 implies a peak level nearly 91% above the low, highlighting the elevated volatility regime that has driven recent quarter‑to‑quarter moves in the ETF.

Caris Life Sciences CAI

Stanley Druckenmiller bought $33.87M of Caris Life Sciences in Q1 2026. Over the last two quarters, Caris Life Sciences has moved from a loss-making trailing twelve-month profile with TTM EPS of about -1.27 to reporting quarterly net income of roughly $14.6M on revenue of approximately $280.9M, signaling early operating leverage but not yet sustained profitability. Despite this improvement, the stock has de-rated from the mid‑$20s late last year toward the mid‑$10s recently—down roughly 30–40% and far below its $42.50 52‑week high—suggesting investors remain cautious about the durability of earnings and ongoing cash burn. The combination of growing top-line scale, the first quarter of positive net income, and evidence of high share‑price sensitivity to incremental news (including a recent single‑day move of about +24% to roughly $26) implies that further clinical, reimbursement, or partnership updates and repeatable profitability could catalyze a re‑rating from current levels.

• Latest reported quarterly revenue approximately $280.9M with net income of about $14.6M, marking a positive quarter after a loss-making trailing period.
• Trailing-twelve-month revenue around $412.3M and EPS of roughly -1.27, leaving P/E ratio effectively N/A and putting more focus on growth and margin inflection than on current earnings multiples.
• Share price has declined from a 52-week high of $42.50 to the mid‑$10s recently (down roughly 60%+), with notable volatility including a recent single-day gain of about +24%.

Revolution Medicines RVMD

Stanley Druckenmiller bought $30.72M of Revolution Medicines in Q1 2026. Over the last 12 months, shares have rerated sharply, up roughly 278% and trading near the top of the $34.00–$155.70 52‑week range, significantly outperforming the broader biotech space. Over the last two quarters, shares have moved from the high‑$70s to the $140s–$150s, with the current quarter driven by another leg higher after strong Phase 1 daraxonrasib data in metastatic pancreatic cancer showed high response and disease control rates, reinforcing the perceived value of the RAS(ON) pipeline. Despite a trailing net loss of ~$961M, EPS (ttm) -5.19 and normalized ROE ~-45%, the company maintains a strong liquidity profile (quick ratio 7.86x, current ratio 8.05x) and a Strong Buy consensus from about 17 analysts, as investors focus on clinical momentum rather than near‑term profitability.

• Shares are up about 278.0% over the past 12 months, recently trading in the $140s within a $34.00–$155.70 52‑week range.
• Trailing twelve‑month net income -$960.98M with EPS (ttm) -5.19 and normalized ROE -45.40% underscores the high cash‑burn typical of a clinical‑stage biotech.
• Liquidity is robust with a quick ratio 7.86x and current ratio 8.05x, while the Street’s earlier $77.47 12‑month target (set when shares were only about 0.5% below that level) has been overtaken by the subsequent rally.

SanDisk SNDK

Stanley Druckenmiller bought $24.24M of SanDisk in Q1 2026. SanDisk is demonstrating exceptional growth momentum in the current quarter with dramatic improvements in key financial metrics, though profitability remains a concern as reflected in its negative EPS. Despite recent price volatility including a 7.6% decline followed by a 5% pre-market rebound, the company's performance has significantly outpaced its sector with analysts expressing strong confidence through numerous upward revisions. The combination of explosive revenue growth and substantially improved liquidity positions SanDisk for potential continued outperformance despite the current negative earnings picture.

• Gross profit surged by 138% since the previous quarter, indicating robust revenue growth and margin expansion.
• Quick ratio has soared by 101% from the previous quarter and by 86% YoY, demonstrating significantly improved short-term liquidity position.
• Year-over-year revenue growth stands at 23.6% compared to the sector average of just 10.01%, highlighting SanDisk's outperformance.

Humana HUM

Stanley Druckenmiller bought $23.84M of Humana in Q1 2026. Over the last 12 months, shares have gained roughly 25%, outpacing many large managed-care peers while trading on a trailing P/E of about 16.6x and a forward P/E of about 14.3x, with mid‑range leverage (debt‑to‑equity around 0.75). In the most recent quarter, the company delivered EPS of 10.31 versus the 10.24 consensus and revenue of $32.39B versus $31.87B expected, but net income declined to $545M from $1.24B the prior quarter (a drop of about 56%), underscoring pressure on medical cost trends despite solid top-line growth. For the current quarter, the Street is looking for revenue of roughly $32.0B and mid‑single‑digit annualized growth, and any signs of stabilizing utilization, better Medicare Advantage margins, or guidance revisions toward analyst price targets as high as $347 could support further multiple expansion from current levels.

• Last quarter EPS was 10.31 versus consensus of 10.24, on revenue of $32.39B versus $31.87B expected.
• Net income in the last quarter was $545M, down 56.19% sequentially from $1.24B, indicating significant margin compression.
• Shares are up about 25.24% over the past year, with a 52‑week range of roughly $163 to $315, and the stock trades at a trailing P/E of 16.6x and forward P/E of 14.34x.

Twilio TWLO

Stanley Druckenmiller bought $22.87M of Twilio in Q1 2026. Over the last two reported quarters, the company has moved into a clear upswing, with EPS rising from $1.19 in Q2 2025 to $1.50 in Q1 2026 and revenue growth accelerating from 13.5% to 20% year over year as customer engagement volumes recover. These upside surprises versus consensus and improving profitability have pushed the stock toward the upper end of its $77.51–$151.95 52‑week range (recently around $135.86), and the recent breakout from a multi‑week trading range suggests momentum that has outpaced many cloud communications peers. Looking ahead, sustaining high‑teens to low‑20s revenue growth and further margin expansion will be critical to justifying the still‑premium valuation, with a forward P/E near 78x leaving room for additional upside if execution remains strong.

• Q1 2026 EPS of $1.50 beat consensus of $1.27 by $0.23 (roughly 18%), with revenue growth re‑accelerating to about 20% year over year.
• Q2 2025 EPS of $1.19 exceeded estimates of $1.02 on revenue of $1.23 billion, up 13.5% year over year and ahead of the roughly $1.19 billion consensus.
• Shares recently traded around $135.86 within a $77.51–$151.95 52‑week range, and the stock carries a trailing P/E near 939x and forward P/E around 78x, reflecting elevated growth expectations.

Jabil JBL

Stanley Druckenmiller bought $21.84M of Jabil in Q1 2026. Over the last 12 months, Jabil has shifted from a historically modest 2.9% 5‑year revenue CAGR to much stronger momentum, with the latest quarter delivering 23.1% year‑on‑year sales growth to $8.28 billion and roughly 39% adjusted EPS growth to $2.69. Current-quarter performance beat expectations (revenue 6.8% above consensus and EPS 7.2% ahead), and management raised full‑year guidance to $34 billion of revenue and $12.25 of adjusted EPS, indicating the company is gaining momentum even as consumer, EV, and renewable markets remain soft. Looking to the next 1–2 quarters, guidance for about 8.6% sales growth next quarter, a projected 42% year‑over‑year surge in Regulated Industries, and longer‑term upside from the new AI infrastructure facility together create a constructive setup for further value accretion if execution and macro conditions hold.

• Latest-quarter revenue was $8.28 billion, up 23.1% year over year and 6.8% above analyst expectations.
• Latest-quarter adjusted EPS rose to $2.69 from $1.94 a year ago (approximately 39% growth), beating consensus by 7.2%.
• Management lifted full-year guidance to $34 billion of revenue (up 4.9%) and $12.25 of adjusted EPS (up 6.1%), and is guiding to about 8.6% year-on-year sales growth next quarter.

S&P GSCI Commodity GSG

Stanley Druckenmiller bought $20.74M of S&P GSCI Commodity in Q1 2026. The iShares S&P GSCI Commodity-Indexed Trust has delivered a very strong rebound over the last 12 months, returning roughly +59.3% versus SPY at about +28.6%, with units trading near the top of their $21.03–$34.74 52‑week range, a market cap around $1.09B, and a low equity beta of approximately -0.46 with only 0.07 correlation to SPY. Over roughly the last two quarters, performance has been front‑loaded into the prior quarter—about +38.7% over the last three months versus SPY’s +9.3%—while in the current quarter gains have started to plateau, with the fund up only low single digits in the most recent two weeks (+2.7% vs SPY’s +4.3%) as markets consolidate prior commodity strength and reassess inflation and growth expectations. We have not seen major structural changes or fund-specific news recently; near-term upside from here is more likely to come from macro developments such as renewed strength in front‑month energy and industrial metals futures, supply disruptions, or upside inflation surprises, all of which would flow through quickly to NAV given the fund’s futures-based, production‑weighted exposure.

• +59.3% 12‑month total return versus SPY at +28.6%, with units trading near the top of a $21.03–$34.74 52‑week range.
• +38.7% return over the last 3 months, materially ahead of SPY’s +9.3%, indicating that most of the 12‑month outperformance has come in the recent half‑year.
• Recent 2‑week performance of +2.7% has lagged SPY’s +4.3%, with near-term trading statistically centered between support at about $33.77 and resistance around $35.05.

Linde LIN

Stanley Druckenmiller bought $20.43M of Linde in Q1 2026. Linde delivered robust Q1 2026 results with adjusted EPS surging 10% year-over-year to $4.33, exceeding consensus by $0.06 amid strong industrial gas demand and cost discipline. Despite a near-term -5.47% monthly stock correction reflecting broader market volatility, the company maintained its bullish trajectory with revenue beating estimates for two consecutive quarters and net income rising 5.56% sequentially. Healthy guidance for Q2 2026 (EPS estimate $4.18, revenue $8.61B) and technical indicators signaling recovery toward $333 resistance support sustained institutional confidence in Linde's operational momentum.

• Q1 2026 adjusted EPS grew 10% YoY to $4.33, beating estimates by 1.4%.
• Revenue reached $8.49B in Q1, exceeding projections by 1.56% with sequential net income growth of 5.56%.
• The stock has gained 13.74% over the past year despite recent -5.47% monthly decline, trading at a normalized P/E of 28.58.

Seagate STX

Stanley Druckenmiller bought $19.86M of Seagate in Q1 2026. Over the last two quarters, the stock has re-rated sharply, now trading around $794—up over 100% year-on-year and more than 6x above its $103.73 52‑week low—with a trailing P/E of ~76x on $10.55 of EPS, implying a rich multiple versus most hardware peers. In the most recent quarter, revenue grew to $2.63B (vs. consensus $2.55B), net income increased 43.5% QoQ to $488M, and management raised the quarterly dividend to $0.74 per share, signaling strengthening demand and improving mix toward higher-capacity drives. Compared with the prior quarter’s $340M of net income, the current run-rate and Street expectations for next-quarter revenue of $2.67B and EPS of roughly $2.70 point to continued earnings momentum this quarter, while the rapid rerating leaves the stock more sensitive to any moderation in the cloud and AI-driven storage spending that has underpinned its recent value increase.

• Share price around $794, up over 100% in the last 12 months and more than 6x above the $103.73 52‑week low, trading at a trailing P/E of ~76x on $10.55 EPS.
• Most recent quarter revenue of $2.63B beat the $2.55B consensus, while net income rose 43.5% QoQ to $488M from $340M.
• Quarterly dividend increased to $0.74 per share (annualized yield ~0.37% at the current price), and next-quarter Street estimates call for EPS of about $2.70 on revenue of $2.67B.

Nuvation Bio NUVB

Stanley Druckenmiller bought $19.48M of Nuvation Bio in Q1 2026. Over the last 12 months, the stock has re-rated sharply, gaining roughly 120%+ and now trading around $4.7 for a market cap of about $1.6B, materially outperforming most small-cap biotech peers while still trading as a high-beta name (beta ~1.8). In the most recent quarter (Q1 2026), the company delivered its first positive EPS of 0.01 versus consensus -0.03 and a prior-quarter loss of roughly -0.15 per share, on revenue of $83.23M versus $66.22M expected, a step-change that has driven a roughly 50% move in the stock over the past month as investors price in a better earnings trajectory. Despite trailing net income of about -$204.6M (TTM EPS -0.43) and normalized ROE near -128%, the balance sheet remains robust (quick ratio ~8.9x, current ratio ~9.0x) and Street forecasts now call for losses to narrow from roughly -0.52 to -0.19 EPS next year, suggesting the market is increasingly focused on improving fundamentals rather than mere cash runway.

• Q1 2026 EPS of 0.01 beat consensus of -0.03 by $0.04, and revenue of $83.23M exceeded estimates of $66.22M by about 26%.
• The stock is up roughly 120.7% over the last 12 months and about 49% over the last month, with current market capitalization around $1.64B.
• Trailing revenue is approximately $143.1M versus net income of about -$204.6M (TTM EPS -0.43), while liquidity remains strong with a quick ratio of ~8.85x and current ratio of ~9.01x.

Intel INTC

Stanley Druckenmiller bought $18.16M of Intel in Q1 2026. Over the last two quarters, shares have re-rated aggressively, climbing roughly 196% year to date to around $109, far outpacing most semiconductor peers but leaving the stock trading at a lofty forward P/E above 100x and at a premium to some intrinsic value estimates (for example, Morningstar fair value of about $89), with the price now consolidating below its recent highs. Fundamentally, results are improving—2025 revenue was essentially flat year over year (down only about 0.47% to $52.85 billion) and losses shrank to roughly $267 million (an improvement of about 98.6% versus 2024), while the latest reported quarter (Q1 2026) delivered a return to positive EPS of $0.29 versus $0.01 consensus and revenue growth of 7.4%, indicating that the turnaround in core businesses is gaining traction. In the current quarter, the stock is seeing increased volatility rather than a continued melt-up as investors weigh major upside drivers—accelerated AI and foundry investment, potential US/EU fab subsidy support, and leadership/strategic updates focused on manufacturing and AI—against concerns about stretched valuation, recent downgrades and 'buyer exhaustion,' and a Street 12‑month price target clustered in the roughly $68–$77 range that implies roughly 30–40% downside if execution stumbles or AI/data-center spending moderates.

• Share price has risen about 196% since the start of 2026 to roughly $109, now trading approximately 18% below its 52‑week high of $132.75.
• In 2025, revenue declined only 0.47% year over year to $52.85 billion, while net loss narrowed to about $267 million, a roughly 98.58% improvement versus 2024.
• Most recent reported quarter (Q1 2026) produced EPS of $0.29 vs. $0.01 consensus and revenue growth of 7.4% year over year, even as the stock trades at a forward P/E near 110x and the average 12‑month Street target around $68 implies roughly 37% downside from current levels.

Belite Bio BLTE

Stanley Druckenmiller bought $16.92M of Belite Bio in Q1 2026. Over the last two quarters, shares have pulled back from about $159.96 at the start of 2026 to roughly $149.95 now (down ~6.3%), after a very strong prior 12 months that saw a $56.10–$200.00 trading range, leaving the stock well above its 52-week low but about 25% below its high. Operationally, the company remains a clinical-stage biotech with no meaningful revenues and trailing EPS of roughly -2.30, ROE of about -19.5% and ROA near -19.1%, but consensus expects losses to narrow sharply next year to around -0.23 per share, which underpins a constructive medium-term growth narrative despite recent share consolidation. In the current quarter, the stock has traded broadly flat around $150, while a very strong balance sheet (current ratio ~50x, negligible leverage) and a Street Moderate Buy consensus with an average target of $202.33 (roughly 34.9% implied upside; target range $132–$266) provide potential support for valuation upside as upcoming clinical and regulatory milestones are digested.

• Stock is down about 6.3% year-to-date, from roughly $159.96 at the start of 2026 to around $149.95 currently, and trades about 25% below its $200.00 52-week high while remaining well above the $56.10 low.
• Trailing EPS is approximately -2.30 with ROE around -19.49% and ROA about -19.05%, but Street models call for EPS improvement from about -2.20 to -0.23 next year (roughly a 90% narrowing of losses).
• Consensus target price of $202.33 (range $132–$266) from 8 covering analysts implies roughly 34.9% upside from the current share price, alongside a current ratio near 50.0x and negligible financial leverage.

Arm Holdings ARM

Stanley Druckenmiller bought $16.14M of Arm Holdings in Q1 2026. Over the last two quarters, Arm has delivered strong fundamental momentum, with trailing-twelve-month revenue rising from $4.01B to about $4.92B and EPS in the most recent quarter reaching $0.60 versus $0.55 a year ago. In the latest reported quarter, the company beat EPS expectations of $0.54 by roughly 11% and continued to gain traction in servers, with Arm-based CPUs reaching about 17.7% unit share, reinforcing the view that it is taking incremental compute share from incumbent architectures. The stock is up 56.36% over the past 12 months, trades just over 10% below its $239.50 52-week high at an elevated ~270x P/E, and is supported by a consensus target of $214.64 and roughly 81% Buy-or-better analyst ratings, indicating that recent share gains in cloud, AI, and edge workloads are a key driver of the current valuation.

• Trailing-twelve-month revenue has grown about 23%, from $4.01B to approximately $4.92B.
• Most recent quarterly EPS was $0.60, up from $0.55 in the prior-year quarter and about 11% above the $0.54 consensus estimate.
• Shares are up 56.36% over the last year, with a current P/E of roughly 270x and a 52-week trading range of $100.02–$239.50.

Olema Pharmaceuticals OLMA

Stanley Druckenmiller bought $14.71M of Olema Pharmaceuticals in Q1 2026. Olema Pharmaceuticals continues to operate in the pre-revenue stage with negative earnings, though the company has shown modest improvement against Wall Street expectations in its most recent quarter with an EPS of -$0.52 beating estimates by 2.02%. Despite reporting net losses of -$43.78M in the previous quarter (representing a 44.08% increase in losses from the prior period), the stock has delivered extraordinary performance with a 210.44% gain over the past year, reflecting significant market optimism about its pipeline potential. However, recent weakness has emerged with the stock down 20.15% over the last week and trading at $8.19, suggesting investors may be taking profits after the substantial run-up or growing concerned about the path to profitability despite bullish OBV divergence since late February.

• EPS of -$0.52 beat estimates of -$0.53 in the last quarter despite zero revenue, with next quarter's EPS estimate at -$0.47.
• Stock has shown extreme volatility with a beta of 1.84 and a 52-week range from $3.89 to $36.26.
• Market capitalization currently stands at $562.11M after decreasing 20.15% over the last week despite year-to-date gains of 242%.

Qnity Electronics Q

Stanley Druckenmiller bought $14.5M of Qnity Electronics in Q1 2026. Over the last two quarters, the company has shown clear momentum, with Q1 2026 revenue up roughly 18% year over year to about $1.3 billion and EPS of $1.08, delivering a second consecutive beat versus expectations and helping drive a near-100% move in the share price from its $70.50 52-week low toward the recent $171.52 high. Growth is being powered by more than 20% volume expansion in Interconnect and over 30% growth in AI-focused PCBs and Thermal Management, while a raised 2026 net sales outlook to $5.225–$5.375 billion and Street EPS growth expectations of about 13% next year support further upside even as valuation is stretched at roughly 80–86x trailing earnings and about 39x forward earnings.

• Q1 2026 revenue grew about 18% year over year to approximately $1.3B, with EPS of $1.08 beating consensus by roughly $0.16.
• Management is guiding 2026 net sales to $5.225–$5.375B and targeting an incremental $100M EBITDA run-rate benefit by the end of 2028.
• The stock trades at a trailing P/E of roughly 86x (forward ~39x), versus a market average near 44x, after climbing from a $70.50 52-week low to as high as $171.52.

ADMA Biologics ADMA

Stanley Druckenmiller bought $13.93M of ADMA Biologics in Q1 2026. Over the last twelve months, ADMA Biologics has transitioned firmly into profitability, generating trailing EPS of $0.68 and net income of about $147 million while trading at a P/E of roughly 12.5x. In the most recent quarter, revenue was essentially flat year over year at $114.5 million (vs. $114.8 million), but ASCENIV revenue grew 28% while BIVIGAM declined 54%, driving gross margin expansion from 53% to 71% and GAAP net income growth of 68% to $45.3 million even as EPS of $0.17 missed the $0.20 consensus. Management issued strong 2026 guidance (revenue $530–$560 million, Adjusted Net Income $170–$200 million) and highlighted Q1 operating cash flow of $58 million with net leverage below 0.5x, so if current margin gains prove sustainable the stock’s 12.5x earnings multiple and expected EPS growth of about 25% (from $0.84 to $1.05) leave room for valuation upside despite near-term concern over a slight top-line decline.

• Q1 2026 revenue was $114.5 million, down 0.3% year over year and below the roughly $140 million consensus estimate.
• Q1 2026 GAAP net income grew 68% year over year to $45.3 million, with Adjusted EBITDA up 24% to $59.7 million and gross margin expanding to 71% from 53% in the prior-year period.
• FY 2026 guidance calls for revenue of $530–$560 million and Adjusted Net Income of $170–$200 million, versus trailing EPS of $0.68 and forecast EPS growth of about 25% from $0.84 to $1.05 next year.

Xenon Pharmaceuticals XENE

Stanley Druckenmiller bought $13.88M of Xenon Pharmaceuticals in Q1 2026. Over the last two quarters, the stock has moved from a long consolidation into a strong uptrend, now trading around $56 and up roughly 25%+ in recent months and ~60% over 12 months, significantly outperforming most small- and mid-cap biotech peers despite continuing losses. In the most recent quarter, the company reported EPS of -1.17 (slightly better than the -1.18 consensus) on essentially $0 revenue, with net loss widening to about $84.7M from $65.1M the prior quarter as R&D spending ramps ahead of key neurology readouts. Analysts remain broadly constructive, with a consensus Buy rating and average price targets in the $72–77 range—implying roughly 35–40% potential upside from current levels—reflecting expectations that upcoming clinical and regulatory milestones could further re-rate the shares despite near-term negative earnings.

• Share price is up roughly 25%+ over the last quarter and about ~60% over 12 months, versus a 52-week trading range of $28.19–63.95.
• Latest reported quarter delivered EPS of -1.17 vs consensus -1.18, with net loss increasing to about $84.7M from $65.1M the prior quarter (a roughly 30% deeper loss) on $0 product revenue.
• Street consensus price target around $72–77 implies approximately 35–40% upside from the recent $56 share price, supported by a Buy/Strong Buy skew of 16 out of 17 analyst ratings.

Added, Trimmed, and Exited

Added

Duquesne dramatically increased its exposure to YPF (YPF) (up ~434% in share count) and STMicroelectronics (STM) (up ~238%), while also adding meaningfully to Natera (NTRA) (+552K shares), Cleveland-Cliffs (CLF) (+568K shares), BBB Foods (TBBB) (+434K shares), Unity Software (U) (+329K shares), and Roku (ROKU) (+167K shares).
What it means: The massive additions to YPF (YPF) and STMicroelectronics (STM), alongside the brand-new position in MSCI Argentina (ARGT), point to a concentrated, high-conviction macro bet on Argentina's economic recovery under Milei—pairing the direct energy/oil upside of YPF (YPF) with broad equity index exposure. The continued build in Natera (NTRA), already one of the portfolio's largest holdings, reinforces a long-running genomic diagnostics thesis. The adds to Cleveland-Cliffs (CLF) and STMicroelectronics (STM) suggest Stanley Druckenmiller sees value in beaten-down industrials and semiconductors, while the additions to Roku (ROKU) and Unity Software (U) hint at selective re-engagement with growth names that have lagged the broader tech rally.

Trimmed

Duquesne made significant cuts across a broad range of existing positions, most notably slashing Bloom Energy (BE) by ~71%, Coupang (CPNG) by ~61%, Teva (TEVA) by ~60%, Wabtec (WAB) by ~63%, Restaurant Brands (QSR) by ~59%, Woodward (WWD) by ~58%, Lattice (LSCC) by ~56%, Amazon (AMZN) calls by ~73%, and S&P 500 Equal Weight (RSP) calls by ~30%, with smaller trims to Insmed (INSM), Figure Technology (FIGR), and MSCI Brazil (EWZ).
What it means: The breadth and depth of these cuts signals a meaningful de-risking from positions that had either run significantly or where the fundamental outlook deteriorated. The near-elimination of Amazon (AMZN) calls and the sharp reduction in S&P 500 Equal Weight (RSP) calls suggest reduced conviction in a broad U.S. equity recovery, consistent with rotating proceeds into more idiosyncratic, high-beta ideas. Heavy trims to industrials like Bloom Energy (BE), Wabtec (WAB), and Woodward (WWD) may reflect concern about slowing capital spending cycles or stretched valuations in those sub-sectors, while cutting Coupang (CPNG) and Teva (TEVA) by roughly 60% each suggests these positions have served their purpose and Druckenmiller is recycling capital into fresher, higher-conviction ideas.

Exited

Duquesne fully liquidated 17 positions in Q1 2026, with the largest exits being Financial (XLF) (~$301M), Alphabet (GOOGL) (~$121M), MercadoLibre (MELI) (~$95M), Cogent (COGT) (~$79M), Entegris (ENTG) (~$71M), DocuSign (DOCU) (~$70M), Delta (DAL) (~$45M), StubHub (STUB) (~$31M), ON Semiconductor (ON) (~$29M), Flutter Entertainment (PDYPF) (~$25M), PureCycle Technologies (PCT) (~$25M), Aeva (AEVA) (~$24M), Goldman Sachs (GS) (~$24M), Daktronics (DAKT) (~$17M), RH (RH) (~$16M), Chipotle (CMG) (~$14.5M), and Zillow Group (Z) (~$13M).
What it means: The single biggest signal is the complete exit from Financial (XLF), which was the largest liquidated position at ~$301M—implying Stanley Druckenmiller has turned less bullish on the U.S. financial sector broadly, a notable pivot given financials had been a high-conviction macro trade. Exiting Alphabet (GOOGL) and Goldman Sachs (GS) simultaneously reinforces the idea that capital is being pulled from large-cap U.S. winners and redeployed into earlier-stage or more idiosyncratic opportunities. Selling MercadoLibre (MELI) while aggressively building Argentina exposure via YPF (YPF) and MSCI Argentina (ARGT) suggests a deliberate rotation within LatAm—away from a diversified e-commerce platform and toward a purer, higher-beta Argentina recovery play. The exits from consumer-facing names like Chipotle (CMG), RH (RH), and Delta (DAL) may reflect caution around the U.S. consumer outlook, while closing out speculative names like Aeva (AEVA) and PureCycle Technologies (PCT) points to pruning positions where the catalysts failed to materialize on the expected timeline.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.