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.
$Teva Pharmaceutical(TEVA)$
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.
$Coupang, Inc.(CPNG)$
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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- jinxie·02-02 10:05Solid strategy! Healthcare and tech bets align with Fed shifts. [强]LikeReport