Druckenmiller 13F backs Mexican discount grocer, Argentine oil

Stanley Druckenmiller’s Duquesne Family Office has filed its latest 13F, revealing a top-five long portfolio that largely abandons the mega-cap technology consensus. Instead, the billionaire investor has concentrated his capital on a Mexican discount grocer, a rare-disease biotech company, an Argentine oil producer and a single semiconductor holding.

For market participants tracking institutional flows, the filing signals a deliberate rotation toward idiosyncratic, operational turnaround stories rather than broad macro tech momentum. The positioning suggests a thesis that consumer trade-down dynamics and infrastructure unlocks in emerging markets currently offer better risk-reward profiles than crowded technology trades.

The anchor of the portfolio is BBB Foods, a $4.84 billion Mexican hard-discount grocer operating under the Tiendas 3B banner. The company benefits directly from a weakening Mexican consumer, capturing wallet share through private-label goods. In the first quarter of 2026, revenue grew 33.44% year-over-year to roughly Ps.22.86 billion.

Same-store sales increased 16.0% as the chain expanded its footprint by 123 net openings to reach 3,469 locations. CEO K. Anthony Hatoum attributed the performance to the company's value proposition. "Despite a soft consumer environment in Mexico, we achieved same-store sales (SSS) growth of 16.0% in 1Q26, underscoring the strength of our value proposition and increasing customer loyalty," Hatoum said. Analysts currently project a one-year base-case target of $50.82, implying 26.89% upside, with 75% rating the stock bullish and zero