Stanley Druckenmiller's Trades and Holdings in Q2 2026

Breaking down the stocks Stanley Druckenmiller (Duquesne) bought, sold, and held in Q2 2026, including their holdings at the end of the quarter. All data sourced from Duquesne's 13F filed on August 14, 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
Q2 '26 13F filed with SEC

Holdings in Q2 2026

Current Investment Strategy

Stanley Druckenmiller's Duquesne Family Office continued its hallmark top-down, high-turnover style in the second quarter of 2026, rotating out of chipmakers and healthcare-services names like Broadcom, Option Care Health, Figure Technology, Restaurant Brands and Lattice while building fresh stakes in Insmed, Alphabet, Fox, CDW and Bitdeer, the latter underscoring a renewed bet on AI-driven data-center and crypto-mining infrastructure. With a top-ten list still anchored by concentrated, high-conviction bets in biotech and healthcare innovators such as NewAmsterdam Pharma, Caris Life Sciences and Nuvation Bio alongside broad index exposure via Invesco, iShares and the SPDR S&P 500 ETF, Druckenmiller's portfolio reflects his enduring macro playbook of pairing thematic, second-order growth wagers with diversified core holdings and swift repositioning as market narratives evolve.

New Investments

Insmed

Stanley Druckenmiller bought $143.94M of Insmed in Q2 2026. The new position was established as Insmed's fundamentals inflect, with quarterly revenues rising from $306.0M in Q1 2026 to $425.5M in Q2 2026 while net losses narrow from $163.6M to just $13.2M over that period.[42] Growth is now dominated by BRINSUPRI and ARIKAYCE, as BRINSUPRI delivered $309.2M in Q2 and, together with ARIKAYCE, drove first-half 2026 revenues to $731.5M (up 265% year over year), supported by positive Phase 3b ENCORE data for ARIKAYCE, an sNDA filing planned for H2 2026, and increased combined peak revenue guidance of over $14B for BRINSUPRI, TPIP, and ARIKAYCE.[34][35] Following the Q2 print, the stock has rerated with shares up roughly 30–35% from prior levels and a market cap around $29–30B, while a broad analyst base maintains Buy/Strong Buy ratings with average 12‑month price targets near $200–205, implying roughly 35–60% upside from recent prices.[42]

• Q2 2026 revenue was $425.5M, up 296% year over year, with diluted EPS improving to -$0.06 from -$1.70 and net loss falling to $13.2M..
• Q1 2026 revenue reached $306.0M, up approximately 230% YoY, with BRINSUPRI contributing $207.9M and ARIKAYCE $98.1M, and EPS improving to -$0.76 from -$1.42.[38].
• First-half 2026 revenues totaled $731.5M (up 265% YoY), while net loss narrowed to $176.8M from $578.3M, and the company ended Q1 with approximately $1.2B in cash, equivalents, and marketable securities.[42].

Alphabet

Stanley Druckenmiller bought $120.18M of Alphabet in Q2 2026. Over the last two quarters, Alphabet has delivered accelerating financial performance, with Q2 2026 revenue up 24% year over year to $119.8B and operating income up 30% to about $40.8B, extending a 12‑quarter streak of double‑digit revenue growth. Q1 2026 revenue of $109.9B grew 22% year over year and operating margins peaked around 36%, while Q2 margins normalized to 34% as the company ramped AI infrastructure and raised full‑year capex guidance to $195B–$205B, but underlying demand strengthened with Cloud revenue growth accelerating from about 63% in Q1 to 82% in Q2, indicating the business is gaining momentum rather than slowing. With net income of $62.6B in Q1 and $112.2B in Q2 supported by roughly $136B in unrealized gains on equity securities and cash and marketable securities of about $242B, Alphabet enters coming quarters with exceptional financial flexibility to fund AI, Cloud, and data‑center investments, and its combination of >20% revenue growth and mid‑30s operating margins positions it favorably among mega‑cap tech peers and supports further valuation upside as AI adoption scales.

• Q2 2026 revenue up 24% YoY to $119.8B; operating income up 30% to about $40.8B; operating margin expanded to 34% from roughly 32%.
• Q1 2026 revenue $109.9B, up 22% YoY; operating income $39.7B; operating margin about 36.1%; diluted EPS $5.11, up roughly 82% YoY.
• Combined Q1–Q2 2026 net income approximately $174.8B, including about $37B and $99B of gains on equity securities in Q1 and Q2 respectively, with cash and marketable securities around $242B.

Fox

Stanley Druckenmiller bought $114.99M of Fox in Q2 2026. Over the last two fiscal quarters, the company moved from a more mixed Q2 FY2026—where revenue grew 2% to $5.18 billion but net income and adjusted EBITDA declined year over year as higher expenses offset top-line gains—into a much stronger trajectory driven by major sports rights and scaling streaming assets. In the current quarter (Q4 FY2026), revenue climbed 28% year over year to $4.2 billion, adjusted EPS jumped 41% to $1.79, and EBITDA improved 27% to $1.2 billion, supported by the 2026 FIFA Men’s World Cup, advertising growth of 78%, and momentum in Tubi and the new FOX One streaming service—key catalysts for further value appreciation. These results capped a fiscal year in which revenue rose 5% to a record $17.1 billion and adjusted EBITDA increased 8% to a record $3.9 billion, with shares reacting positively around the Q4 print, underscoring improving fundamentals, stronger digital economics, and a more attractive setup for investors over the next 12 months.

• Q4 FY2026 revenue up 28% year over year to $4.2 billion, with EBITDA improving 27% to $1.2 billion..
• Fiscal 2026 annual revenue rose 5% to $17.1 billion, while adjusted EBITDA increased 8% to $3.9 billion..
• Q2 FY2026 adjusted EPS was $0.82, down from $0.96 in the prior-year quarter, on revenue growth of 2% to $5.18 billion, though it surpassed consensus estimates..

CDW

Stanley Druckenmiller bought $104.63M of CDW in Q2 2026. CDW has delivered accelerating top-line growth over the last two quarters, with Q2 2026 net sales reaching $6.57 billion (up 10% year over year) and Q1 2026 net sales at $5.68 billion (up 9.2%), indicating share gains in infrastructure modernization, AI readiness, and security solutions even as mix shifts toward lower-margin hardware. Profitability is growing more slowly than revenue—Q2 2026 gross margin slipped to 20.1% (down 70 bps year over year) and Q1 margin to 21.0% (down 60 bps)—but non-GAAP EPS still reached record levels at $2.91 in Q2 (up 11.9%) and $2.28 in Q1 (up 6.3%), with Q4 2025 also beating earnings estimates, underscoring resilient earnings power and supporting a constructive view on the equity. Recent catalysts—including a Q1 dividend increase alongside continued investment in AI-driven offerings and July workforce reductions tied to an AI cost-efficiency drive—suggest management is focused on balancing growth and margin recovery, which could drive multiple expansion if CDW sustains double-digit sales growth while stabilizing cash flow and profitability.

• Q2 2026 net sales $6.57 billion, up 10.0% year over year, with non-GAAP EPS $2.91, up 11.9% and above the $2.80 consensus estimate..
• Q1 2026 net sales $5.68 billion, up 9.2% year over year, with non-GAAP EPS $2.28, up 6.3% and broadly in line with analyst expectations..
• Gross margin declined from 20.8% to 20.1% in Q2 2026 and from 21.6% to 21.0% in Q1 2026, while non-GAAP operating income rose 7% in Q2 to $556 million and 1.8% in Q1 to $452 million..

Bitdeer

Stanley Druckenmiller bought $64.67M of Bitdeer in Q2 2026. Over the last two quarters, the company has delivered strong top-line momentum, with Q1 2026 revenue of $188.9 million and Q2 2026 revenue climbing to $228.8 million, up roughly 170% and 47% year over year, respectively, driven by expanded self-mining capacity and a rapidly scaling AI cloud business. Current-quarter profitability is improving but still deeply negative, as gross loss narrowed from about $39.0 million in Q1 2026 to $8.5 million in Q2 2026 and adjusted EBITDA swung to a positive $31.1 million, yet the company still posted a $92.3 million net loss and relied on a $457 million at-the-market equity raise to bolster liquidity. Recent operational updates, including a June 2026 surge in Bitcoin output to 990 BTC (up 388% year over year), a self-mining hash rate of 73.0 EH/s, and a $4.7 billion, 16-year AI/HPC data center lease in Norway, support a strengthening competitive position and could underpin further valuation upside if the company continues to narrow losses.

• Q2 2026 revenue increased 21% sequentially and 47% year over year to $228.8 million..
• Adjusted EBITDA improved to $31.1 million in Q2 2026, up about 575% year over year and 116% sequentially..
• Net loss narrowed from $159.5 million (EPS -0.68) in Q1 2026 to $92.3 million (EPS -0.37) in Q2 2026..

Delta Air Lines Inc

Stanley Druckenmiller bought $56.48M of Delta Air Lines Inc in Q2 2026. Over the last two quarters, Delta has delivered record revenues, with Q2 2026 operating revenue of $19.8 billion (up ~19% year over year) and adjusted EPS of $1.56, a clear step up from Q1 profitability that underscores resilient demand and pricing power despite record fuel costs. This follows a solid Q1 2026 base, where adjusted revenue reached $14.2 billion (up ~9% year over year), adjusted EPS was $0.64, operating margin improved to 4.6%, and free cash flow came in at $1.2 billion, showing the company already returning to profitable growth before the current quarter’s acceleration. Management has reaffirmed full‑year EPS guidance of $6.50–$7.50 (around 20% growth), targets double‑digit operating margins in the second half, and announced a 15% dividend increase for the September quarter, all of which, alongside strong travel demand, are key catalysts that can drive further value as fuel headwinds ease.

• Q2 2026 operating revenue of $19.8 billion, up 19% year over year, with adjusted EPS of $1.56 and operating margin of roughly 9%.
• Q1 2026 adjusted revenue of $14.2 billion, up 9.4% year over year, adjusted EPS of $0.64, pretax profit of $530 million, and operating margin of 4.6%.
• Full‑year 2026 outlook calls for EPS of $6.50–$7.50 (about 20% growth) with double‑digit operating margins, supported by a planned 15% dividend increase and first‑half free cash flow of $1.4 billion.

Tesla

Stanley Druckenmiller bought $53M of Tesla in Q2 2026. Over the last two quarters, Tesla has delivered strong top-line growth, with Q1 2026 revenue of $22.39B up 16% year-over-year and Q2 2026 revenue reaching a record $28.24B, up about 26% year-over-year. Despite this revenue momentum, earnings and margins have deteriorated in the current quarter, as non-GAAP EPS fell to $0.33 in Q2 2026 (down about 18% YoY) and GAAP operating margin compressed to roughly 1.4%, versus much healthier profitability in Q1 when non-GAAP EPS was $0.41 and GAAP gross margin about 21%. The stock’s near-term setup reflects this mix of robust growth and weaker profitability, with investors weighing margin pressure and negative recent free cash flow against Tesla’s stepped-up investment in AI infrastructure, robotaxi and robotics platforms that could materially expand the company’s earnings power and valuation over time.

• Q1 2026 revenue $22.39B, up 16% year-over-year, with non-GAAP EPS of $0.41 up 52% YoY, both ahead of consensus expectations..
• Q2 2026 revenue record $28.24B, up about 26% year-over-year, while non-GAAP EPS fell to $0.33, down roughly 18% YoY and about 30% below consensus, as GAAP operating margin slid to about 1.4%..
• Q1 2026 GAAP gross margin about 21.1% and GAAP operating income around $0.9B, versus automotive gross margin excluding credits of about 16.3% in Q2 2026 and recent negative free cash flow driven by heavy AI and robotics capex..

Fluor Corp

Stanley Druckenmiller bought $51.46M of Fluor Corp in Q2 2026. Over the last two quarters, Fluor has moved from a challenged Q1—when revenue fell 8% to $3.6B, adjusted EBITDA dropped to $60M and adjusted EPS slid to $0.14 on roughly $133M in legal and project charges—to a very strong Q2 with revenue up 9% to $4.3B, adjusted EBITDA of $149M and adjusted EPS of $0.91, more than doubling year over year and beating expectations. Current-quarter momentum looks positive as backlog expanded to about $26.9B on $6.1B of new awards, cash generation was solid excluding a one-time tax payment tied to the NuScale exit, and the stock rose around 13% after the print, signaling renewed confidence in execution and margin quality. While full-year 2026 adjusted EBITDA guidance has been trimmed to roughly $500–$525M (from a prior range above $525M), the combination of a growing, largely reimbursable backlog, reduced volatility from NuScale monetization, and an active capital-return framework including a targeted buyback of up to about $1.4B supports a constructive medium-term view on earnings power and valuation.

• Q2 2026 revenue grew 9% year over year to $4.3B, with adjusted EPS of $0.91 versus $0.43 last year and roughly 30% above consensus.
• Q1 2026 revenue declined 8% year over year to $3.6B, and adjusted EPS fell to $0.14 from $0.73 due to a combined $133M legal and project charge.
• Backlog increased from roughly $25.7B in Q1 to $26.9B in Q2 on $6.1B of new awards, and full-year 2026 adjusted EBITDA guidance now stands at $500–$525M.

D.R. Horton

Stanley Druckenmiller bought $48.7M of D.R. Horton in Q2 2026. Over the last two quarters, the company has delivered resilient but moderating performance, with Q3 fiscal 2026 revenue of $9.23 billion, net income of $904.9 million, and EPS of $3.20 that beat consensus yet declined year over year. Q2 fiscal 2026 results showed revenue of $7.6–7.56 billion, pre-tax income of $867.4 million, EPS of $2.24, and net income down about 20% year over year, indicating early margin compression as affordability and cost pressures weighed on earnings. Management has responded by trimming its full-year revenue outlook and slightly reducing delivery guidance while maintaining a quarterly dividend of $0.45 per share, signaling a focus on protecting profitability and shareholder returns in an uncertain housing backdrop.

• Q3 FY26 revenue $9.23 billion (roughly flat year over year), net income $904.9 million, and diluted EPS $3.20, with EPS down about 5% and net income down 12% versus the prior-year quarter..
• Q2 FY26 revenue $7.6 billion, pre-tax income $867.4 million, pre-tax margin 11.5%, and EPS $2.24, with net income down about 20% year over year..
• Q3 FY26 EPS of $3.20 beat consensus by approximately 7% and revenue of $9.23 billion exceeded forecasts by about 0.5%, while the quarterly dividend was maintained at $0.45 per share..

AMD

Stanley Druckenmiller bought $42.35M of AMD in Q2 2026. Over the past 12 months, the stock has appreciated roughly 170%, with year-to-date gains around 120%, materially outperforming major semiconductor peers and the broader market as investors price in the shift toward AI accelerators and data center growth[39][38][44]. Fundamentals have inflected sharply in the last two quarters: Q2 2026 revenue reached a record $11.5B, up about 50% year-over-year and 13% sequentially, while non-GAAP EPS rose to $1.66, reflecting expanding margins and operating leverage versus Q1’s strong but lower $10.3B of revenue and $1.37 EPS. Management now guides Q3 2026 revenue to roughly $13B, above prior expectations, with growth driven by AI infrastructure, EPYC CPUs, and Instinct GPUs as data center sales more than double year-over-year, indicating the company is still gaining share and has further upside to earnings power.

• Q2 2026 revenue $11.5B, up ~50% year-over-year and 13% sequentially; GAAP gross margin expanded to 54%.
• Q1 2026 revenue $10.3B, up 38% year-over-year, with non-GAAP EPS of $1.37 and free cash flow of about $2.6B.
• Share price has gained roughly 170% over the last 12 months and about 120% year-to-date, significantly outpacing Nvidia and broader semiconductor indices[39][38][44].

Palo Alto Networks

Stanley Druckenmiller bought $39.78M of Palo Alto Networks in Q2 2026. Over the past two quarters, revenue has accelerated from about $2.6B in Q2 FY26 (up 15% year over year) to $3.0B in Q3 FY26 (up 31%), keeping the company at the high end of large-cap cybersecurity growth profiles and supporting the decision to add exposure. In the current quarter, non-GAAP EPS of $0.85 beat expectations of $0.78–$0.80, NGS ARR reached $8.18B with 60% year-over-year growth, and non-GAAP operating income expanded to $814M, highlighting strengthening earnings power despite GAAP losses driven by investment and stock-based compensation. Recent AI-focused initiatives—such as secure-by-design AI factories, NGTS for automated certificate security, and the planned acquisition of Koi to secure agentic endpoints—underscore a strategy aligned with accelerating AI cybersecurity demand, which should be supportive of valuation over the coming quarters.

• Q3 FY26 revenue $3.0B, up 31% year over year, with NGS ARR of $8.18B growing 60% year over year..
• Q2 FY26 revenue $2.6B, up 15% year over year, and non-GAAP EPS $1.03, up about 27% year over year..
• FY26 adjusted EPS guidance raised to $3.77–$3.79 and revenue outlook to roughly $11.3B, above prior targets..

Hut 8

Stanley Druckenmiller bought $36.27M of Hut 8 in Q2 2026. Over the last two quarters, revenue has grown from $71.0M in Q1 2026 to $74.9M in Q2 2026, driven primarily by strong Compute segment performance as the business transitions from pure Bitcoin mining toward a broader digital and energy infrastructure platform. Despite this top-line growth, profitability has deteriorated, with a net loss of $253.1M in Q1 and $177.1M in Q2, largely reflecting non-cash unrealized losses on digital assets of about $295.7M in Q1 and $138.6M in Q2 tied to Bitcoin price volatility. Fundamentally, the current quarter shows operational improvement—adjusted EBITDA swung from $(250.5)M in Q1 to a positive $10.4M in Q2 and gross margin expanded to roughly 64%—but the scale of GAAP losses and ongoing mark-to-market exposure, including about $1.3B of cash and Bitcoin holdings, means performance remains highly sensitive to digital asset prices rather than steady earnings compounding.

• Q1 2026 revenue $71.0M; net loss $253.1M, including approximately $295.7M of primarily unrealized losses on digital assets..
• Q2 2026 revenue $74.9M, up roughly 81% year over year, with EPS of -$1.27 missing the consensus estimate of -$0.55..
• Adjusted EBITDA improved from $(250.5)M in Q1 2026 to $10.4M in Q2 2026, while gross margin expanded to about 64% in the current quarter..

Meta

Stanley Druckenmiller bought $28.16M of Meta in Q2 2026. After a very strong first quarter, where EPS rose to $7.31 (about 13.7% growth year‑over‑year) on revenue of $56.3B and net income of $26.8B, Meta entered mid‑2026 with solid profitability but a clear message that AI‑driven capital spending would step up materially. In the most recent quarter, revenue climbed 28% year‑over‑year to $60.8B with ad revenue up 27%, but EPS fell to $6.18 (roughly 13% lower than a year ago) and operating margin contracted to 31% as total expenses jumped 55%, including $2.4B in legal charges and $1.2B in severance tied to May workforce reductions. The stock is reacting to the trade‑off between current profitability and future growth, but management’s decision to raise 2026 capex guidance to $125–$145B, build a cloud business to sell excess AI compute capacity, and pursue large‑scale layoffs to improve efficiency creates meaningful upside if AI and infrastructure investments begin to yield stronger returns.

• In Q1 2026, EPS increased to $7.31, approximately 13.7% year‑over‑year, on revenue of $56.3B and net income of $26.8B.
• In Q2 2026, total revenue reached $60.8B (up 28% YoY) with ad revenue up 27%, while operating income declined to $18.8B (‑8% YoY) and operating margin to 31%.
• Q2 2026 EPS fell to $6.18 (about 13% below last year and roughly $1.01 under consensus), as total expenses surged 55% to $42B, including $2.4B in legal charges and $1.2B in severance.

Cavco Industries

Stanley Druckenmiller bought $24.27M of Cavco Industries in Q2 2026. Over the last 12 months, revenue and earnings have expanded strongly, with fiscal 2026 diluted EPS up 15.8% to $23.98 and net income up about 11%, underscoring solid fundamentals versus most factory-built housing peers. In the most recent quarter, revenue grew roughly 9–10% year over year to about $610 million while net income fell about 18% and diluted EPS declined to $5.43 from $6.42, indicating that the business is currently experiencing margin compression and higher operating costs even as demand remains healthy. The latest earnings release, which beat revenue expectations (consensus around $590.5 million) but missed EPS consensus (approximately $5.69), is the major recent catalyst and creates an opportunity if management can rebuild margins, suggesting upside potential in valuation as the firm’s strong revenue trajectory is re‑aligned with earnings growth.

• Fiscal 2026 diluted EPS increased 15.8% year over year to $23.98, with net income rising about 11% to roughly $190.6 million..
• Latest quarter revenue rose approximately 9.5% year over year to about $610 million, exceeding the roughly $590.5 million analyst consensus..
• Latest quarter diluted EPS declined about 18% year over year to $5.43, below the roughly $5.69 analyst consensus despite higher revenue..

Hyperliquid Strategies Inc

Stanley Druckenmiller bought $23.15M of Hyperliquid Strategies Inc in Q2 2026. Over the last two quarters, Hyperliquid Strategies Inc has moved into a phase of strong profitability, reporting $152.5 million net profit in the quarter ended March 31, 2026 as HYPE token-driven treasury gains flow through earnings. The company’s treasury now holds 17,600,000 HYPE worth $995.13 million, up 668.4% on an initial cost basis of $129.5 million, creating $865.63 million in unrealized profit and supporting an equity market cap near $899.26 million. As the leading HYPE-focused digital asset treasury vehicle, with recent catalysts such as its Nasdaq listing via the Sonnet BioTherapeutics merger and an S-1 filing to raise up to $1 billion for further HYPE accumulation, the company appears to be gaining strategic and valuation momentum in the current quarter.

• Reported net profit of $152.5 million in the quarter ended March 31, 2026, following the December 31, 2025 reporting period.
• Treasury holds 17,600,000 HYPE worth $995.13 million, acquired for $129.5 million at an average price of $7.36 per token, implying unrealized profit of $865.63 million and a 668.4% gain.
• Currently controls 1.842% of total HYPE supply and supports an equity market cap of approximately $899.26 million.

Rambus

Stanley Druckenmiller bought $22.96M of Rambus in Q2 2026. Over the last two quarters, Rambus has delivered accelerating growth, with revenue rising from $180.2M in Q1 2026 to a record $207.4M in Q2 2026 and non-GAAP EPS expanding from $0.63 to $0.77, signaling a clear gain in operating performance. The current quarter was particularly strong, as Q2 revenue grew 20% year over year and 15% sequentially, driven by 22% product revenue growth to $99.2M, robust royalties, and non-GAAP operating margins of about 45%, levels that sit at the high end of the semiconductor IP peer group. Looking ahead, management expects Q3 2026 revenue between $210M and $216M and has initiated a $100M accelerated share repurchase program, both of which reinforce a positive near-term outlook and potential for further value creation.

• Q2 2026 total revenue increased 20% year over year and 15% sequentially to $207.4M..
• Product revenue grew 22% year over year to $99.2M, while non-GAAP operating margin reached roughly 45% in Q2 2026..
• Non-GAAP diluted EPS rose from about $0.63 in Q1 2026 to $0.77 in Q2 2026, up 24% year over year and 21% sequentially..

Rhythm Pharmaceuticals

Stanley Druckenmiller bought $22.61M of Rhythm Pharmaceuticals in Q2 2026. In Q2 2026, Rhythm Pharmaceuticals delivered strong upside to expectations, with net product revenue from IMCIVREE reaching $71.3 million (up 46.9% year over year) and EPS of $(0.73), beating consensus by about $0.08. Across the last two quarters, net product revenue climbed from $60.1 million in Q1 2026 to $71.3 million in Q2 2026 while net loss per share improved from $(0.83) to $(0.73), underscoring accelerating IMCIVREE adoption after its label expansion. Recent catalysts—including the March 2026 FDA approval of IMCIVREE for acquired hypothalamic obesity (the first and only therapy for this indication) and positive Phase 3 TRANSCEND data—position the company for continued value creation, though a separate obesity trial that failed its primary endpoint introduces some clinical risk.

• Net product revenue increased from $60.1M in Q1 2026 to $71.3M in Q2 2026, a sequential rise of roughly 18.7%..
• Q1 2026 net product revenue grew 59% year over year (from $37.7M to $60.1M), while Q2 2026 revenue grew 46.9% year over year (from $48.5M to $71.3M)..
• Net loss per share was $(0.83) in Q1 2026 and improved to $(0.73) in Q2 2026, with cash and investments around $330–$341M supporting at least 24 months of runway..

Champion Homes

Stanley Druckenmiller bought $22.42M of Champion Homes in Q2 2026. The new position is supported by a strong current quarter, with net sales rising 11% year over year to about $684 million, gross margin expanding to roughly 27.5%, and diluted EPS increasing to around $1.03, a profile of double-digit growth and margin expansion that compares well to many housing manufacturers. Over the last two reported quarters the company is clearly gaining rather than declining, as Q1 net sales grew 11.7% year over year to $701.3 million and net income surged 41.3%, driving a 43% increase in diluted EPS to roughly $1.13, while the current quarter continued to show higher unit volumes, stronger captive and independent retail channels, and about 12% growth in adjusted EBITDA. Record fiscal 2025 results—net sales of roughly $2.5 billion (up 22.7% year over year), Adjusted EBITDA of about $285.1 million, and over 26,000 homes delivered—combined with brand recognition such as being named America’s Most Trusted manufactured home builder provide positive recent catalysts that can underpin valuation and support further upside as earnings compound.

• Q2 FY26 net sales up 11% year over year to approximately $684 million; gross margin expanded to about 27.5% and adjusted EBITDA to roughly $83 million..
• Q1 FY26 net sales grew 11.7% year over year to $701.3 million, while net income rose 41.3% to about $64.7 million and diluted EPS increased 43% to around $1.13..
• Fiscal 2025 delivered record net sales of roughly $2.5 billion (up 22.7% year over year) and Adjusted EBITDA of about $285.1 million on more than 26,000 homes delivered..

Added, Trimmed, and Exited

Added

Duquesne added most aggressively to its AI/data infrastructure and mega-cap tech winners, boosting Natera by 122,700 shares (value up 41.2% to $864.9M, now the firm's largest position), STMicroelectronics by 490,000 shares (up 157.4% to $232.4M), TSMC by 94,400 shares (up 68.2% to $281.6M), and building a sizable new stake in Amazon from a starter position, adding 495,800 shares (up over 1,253% to $129.1M). Airlines and industrials also saw conviction buying, with United Airlines Holdings up 532,300 shares (up 347.2% to $108.1M) and Cleveland-Cliffs up 1.9M shares (up 102.5% to $39.6M), alongside adds to CRH, Revolution Medicines, PureCycle Technologies, ADMA Biologics, Daktronics, and a large iShares call position (up 406.1% to $99.1M). Notably, Insmed shares were increased by 270,600 even as reported value fell 19.5%, reflecting share price weakness rather than reduced conviction.
What it means: The pattern of adds shows Duquesne doubling down on secular AI/semiconductor beneficiaries (Natera's genomic testing scale, STMicroelectronics and TSMC's chip exposure) while simultaneously increasing cyclical bets on airlines and industrial materials (United Airlines, Cleveland-Cliffs) that benefit from a resilient consumer and reflationary backdrop. Combined with the sizable new Amazon build and continued Insmed accumulation despite a price pullback, this signals a barbell strategy—compounding conviction in both premium secular growth and cyclically-levered value names—consistent with Druckenmiller's macro-driven approach of pressing winners while opportunistically adding to names experiencing temporary weakness.

Trimmed

The largest reductions came from Alcoa, cut by 1.3M shares (value down 90.2% to $9.7M), Teva Pharmaceutical, cut by 1.75M shares (down 70.4% to $21.2M), Woodward, cut by 144,161 shares (down 62.2% to $28.6M), and Roku, cut by 566,135 shares (down 64.2% to $25.4M), with a smaller reduction in YPF (down 4.6%). Bbb Foods Inc saw a modest share reduction (-207,469) but its value still rose 10.0% to $120.9M on price appreciation.
What it means: The sharp trims in Alcoa, Teva, Woodward, and Roku suggest Duquesne is rotating out of names where the risk/reward has become less compelling—likely following strong prior run-ups (Woodward, Roku) or emerging fundamental concerns (Alcoa's aluminum exposure, Teva's generics pressure). This wave of de-risking, paired with the aggressive adds elsewhere, points to active portfolio rotation rather than a broad reduction in risk appetite, as capital is being redeployed from mature or challenged positions into higher-conviction growth and cyclical names.

Exited

Duquesne fully exited twenty positions this quarter, the largest being Broadcom ($60.7M), Option Care Health ($50.3M), Figure Technology ($39.1M), Restaurant Brands ($33.6M), Lattice Semiconductor ($30.0M), and Humana ($23.8M), alongside smaller liquidations of Twilio, Jabil, iShares S&P Gsci Commodity-, Bloom Energy, Intel, Cloudflare, Lyondellbasell Industries Nv, Twist Bioscience, Coherent, Celestica, Stubhub Hldgs Inc, Micron, EchoStar, and Almonty Inds Inc.
What it means: This is an unusually high number of full exits for a single quarter, signaling a major portfolio reshuffling rather than incremental trimming. The exits span diverse sectors—semiconductors (Broadcom, Lattice, Micron, Coherent, Celestica), healthcare (Option Care Health, Humana), and commodities/industrials (Lyondellbasell, Almonty)—suggesting Duquesne is consolidating its book around fewer, higher-conviction themes (AI infrastructure leaders like Natera, STMicroelectronics, TSMC, and new mega-cap growth like Amazon and Insmed) rather than maintaining broad diversified exposure, consistent with a more concentrated, high-conviction top-down macro stance heading into the back half of 2026.

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