Key Findings

Natera (NTRA) is the six-quarter constant. It has been the #1 holding in every quarter tracked, ranging from 12.8% (Q4 2025) to 18% (Q1 2026). This is Druckenmiller’s highest-conviction position — a biotech anchor in a macro-driven portfolio.

Q2 2026 marks the broadest portfolio in the tracked period — 95 positions, up from 70 in Q1. AUM grew from $3.4B to $5.2B (+54%), the largest single-quarter expansion.

Taiwan Semiconductor (TSM) rose to the #2 position at 5.4%, signaling growing AI semiconductor conviction alongside the biotech core. STMicroelectronics entered at 4.5% — a European semiconductor name that signals supply-chain diversification.

Options remain central to the strategy. ETF options (EWZ calls, RSP calls) feature prominently alongside direct equity positions. The fund uses options for macro expressions and sector tilts.