From Powell to Warsh: The High-Conviction Buys Smart Money Is Watching

On Friday, President Donald Trump tapped Kevin Warsh to replace Jerome Powell as Federal Reserve Chair, ending a prolonged saga that plunged the central bank into rare and unprecedented turmoil.

Let me break down the U.S. stocks associated with him.

Warsh has been a partner and advisor at Duquesne Family Office since 2011. This family office is well known—its founder, Stanley Druckenmiller, is famous for his aggressive, high-conviction, all-in style of investing.

The most recent holdings we can find are from their 2025 Q3 disclosure:

Top 10 Core Holdings

$Natera(NTRA)$  – ~US$517 million (12.74%)

Increased by 129,300 shares in Q3. A core healthcare holding, betting on greater penetration of genetic testing.

$Insmed(INSM)$   – ~US$349 million (8.59%)

Increased by 170,000 shares in Q3. Focused on rare-disease drug development, with steady pipeline progress.

$Teva Pharmaceutical(TEVA)$  – ~US$335 million (8.25%)

Increased by 625,000 shares in Q3. A generic-drug giant benefiting from cost optimization and improving cash flow.

$Taiwan Semiconductor Manufacturing(TSM)$   – ~US$214 million (5.27%)

Position unchanged. A key beneficiary of tight AI chip capacity; a critical macro-level bet.

$Coupang, Inc.(CPNG)$  – ~US$204 million (5.02%)

Position unchanged. Korea’s leading e-commerce platform; notable as Warsh serves on the board.

$FLUT (Flutter Entertainment PLC) – ~US$180 million (4.43%)

Increased in Q3. A global sports betting leader, betting on expansion in the U.S. market.

$DOCU (DocuSign Inc.) – ~US$87.48 million (2.90%)

New position in Q2, unchanged in Q3. Leader in digital signatures, benefiting from ongoing digital transformation.

$WWD (Woodward Inc.) – ~US$70 million (2.10%)

Reduced by 215,900 shares in Q3. An aerospace supplier facing short-term cyclical fluctuations.

$AMZN (Amazon) – ~US$95.97 million (2.36%)

New position in Q3. A bet on recovery in e-commerce and cloud, aligned with a macro consumer rebound.

$EEM (iShares MSCI Emerging Markets ETF) – ~US$101 million (2.49%)

One of the largest new additions in Q3, positioning for upside in emerging-market equities.

Core Investment Thesis at the Time

The strategy was anchored on an impending Fed rate-cut cycle plus a rebound in global tech spending. The dual core themes were healthcare (innovative drugs and diagnostics) and technology (AI chips and e-commerce). The portfolio was highly concentrated, with the largest single position exceeding 12%—a classic all-in style.

Given the mentor-like relationship between the family office founder and Warsh, it’s worth closely watching future Fed policy direction with extra attention.

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