What if you had copied Duquesne Family Office?
Stanley Druckenmiller
The verdict
Copying Duquesne Family Office's 13F filings from Feb 2020 would have turned $10,000 into $39,348, more than the S&P 500 did.
The S&P 500 turned the same $10,000 into $24,639 over the same days. The copy returned +22.6% a year against +14.4% for the S&P 500, 8.2 points a year ahead. Its worst fall was 36.2%, from Nov 8, 2021 to Jun 16, 2022. The S&P 500's worst fall over the test was 33.7%.
Copied Feb 18, 2020 to Nov 9, 2026 · SEC 13F filings and daily closes
What $10,000 became
- Copying Duquesne Family Office$39,348
- S&P 500$24,639
- Bought their first portfolio and never traded$22,875
If you had bought their first portfolio and never traded, you would have ended at $22,875, so following every move earned $16,473 more.
- $10,000 copied
- $39,348
- +293.5%, +22.6% a year
- In the S&P 500
- $24,639
- +146.4%, +14.4% a year
- No trading
- $22,875
- Bought their first portfolio and never traded
- Worst fall
- −36.2%
- Nov 8, 2021 to Jun 16, 2022
- Trades
- 922
- 485 buys, 437 sales over 27 filings; about 135% of the copy traded a year
The moves that made the most
- NTRANatera+$7,600
Held since Nov 2022, the stock up 838%
- NVDANVIDIA+$2,986
Held from Feb 2023 to Nov 2024, the stock up 524%
- VSTVistra+$2,043
Held from Nov 2023 to Feb 2026, the stock up 348%
- WWDWoodward+$1,753
Held since Feb 2024, the stock up 144%
- LLYEli Lilly+$1,731
Held from Aug 2022 to Nov 2025, the stock up 266%
- TSMTaiwan Semiconductor+$1,324
Held since May 2021, the stock up 193%
The moves that cost the most
- DOCUDocuSign−$637
Held from May 2025 to May 2026, the stock down 47%
- CVNACarvana−$610
Held from Nov 2020 to May 2022, the stock down 81%
Held since May 2025
- CPNGCoupang−$473
Held since May 2021, the stock down 50%
Held since Feb 2026
- STUBStubhub−$215
Held from Nov 2025 to May 2026, the stock down 27%
Year by year
| Year | Copy | S&P 500 | Gap, pts |
|---|---|---|---|
| 2020from Feb 2020 | +26.9% | +13.1% | +13.8 |
| 2021 | +19.5% | +28.7% | −9.2 |
| 2022 | −24.6% | −18.2% | −6.5 |
| 2023 | +44.5% | +26.2% | +18.3 |
| 2024 | +61.7% | +24.9% | +36.8 |
| 2025 | +32.9% | +17.7% | +15.2 |
| 2026to Nov 2026 | +10.9% | +11.5% | −0.6 |
A historical test on paper, before costs and taxes. It trades at the close of the first trading day after each filing comes out, up to 45 days after the quarter, and skips delisted companies, which flatters it.