저자: ZackBakos · 외국인
요약 보기
드러켄밀러의 13F 공개 포트폴리오를 분석하며 AI 비중을 줄이고 헬스케어·바이오(Natera, INSM), 아마존, 구글 등으로 이동 중이라고 설명. 인텔·마이크론은 200% 수익 후 매도됐고, 단기적으로 4분기 전 조정 가능성을 언급. 장기 보유 기간(18개월~3년)을 강조.
다듬은 글
Sally Joker Miller is one of the best financial managers who ever lived. And for 30 consecutive years, he has n't had a single losing year in the stock market. Not only that, it managed to generate an average of 30% per year over three decades, outpacing the S&P 500's average annual return of 11%. Sometimes I find investors like that and think: just take my money.
I don't even want to deal with this anymore. But unfortunately, even if you wanted him to manage your funds, he no longer does. He actually retired about 15 years ago with a net worth of billions of dollars. But he still has his own hedge fund where he manages his own wealth. And he has to report every 3 months on his assets and the changes he makes to his investment portfolio.
This information is publicly available, and I'll show it to you in this video. So, if you look at his investment portfolio, you'll see that 37% of his portfolio is concentrated in five major positions, but overall he has about 95 positions. And in this video, we'll look at three key questions and what they mean for your investment approach.
Number one: what are his biggest investments and why is he betting so heavily on them? Number two: why did he sell Intel and Micron in the very quarter when those stocks tripled? And number three: how does he decide when it's a good time to invest? How does he even choose investments for his own portfolio?
Essentially, it is something that every investor can borrow from him, learn from him, and implement into their own approach as an investor and trader. Again, as I mentioned, in 2010 he closed that extremely successful fund. Now he simply manages his own billions. So again, the portfolio I'm showing you now is part of his personal fortune, and 16.6% of that portfolio is his largest position, Natera.
Natera is a medical testing company. They sell genetic tests that detect cancer, check for pregnancy using blood samples, and have a number of products in the medical segment. And it's a position he's recently moved into as he's noticeably exited the artificial intelligence trade. The second position I found in his portfolio is INSM.
And for me personally, it really stood out as an interesting opportunity that I can add to my personal portfolio for the following reason. First of all, this stock has fallen about 35% since its first entry point around $165. What did he do in his new, latest report? He actually more than doubled his investment in these stocks last quarter.
So this again confirms the trend I see in his portfolio: he is increasingly betting on healthcare and pharmaceutical companies, based on assets related to artificial intelligence. And if you want to buy INSM shares, you can essentially do so at a price probably lower than the one he bought them at now.
One of the interesting facts I discovered after taking a closer look at this stock is that the company's rare disease segment is increasingly generating revenue, growing by 296% per year . Does he see this as something that should grow explosively as the next stage of this business's development? Honestly , I don't know, but this is data that I found very interesting, and it's one of those stocks that I will personally investigate more deeply for my own portfolio.
Its third- largest asset in the portfolio is TSM, or Taiwan Semiconductor, which makes chips that Nvidia, Apple, and AMD develop but do not manufacture themselves. So this is a kind of " toolkit" in the field of artificial intelligence, which accounts for 5.4% of his portfolio. Again , it is noticeably shifting more towards healthcare companies, but still maintains some presence in the artificial intelligence space.
The fourth largest position is, in fact, a bet on Brazil. EWZ includes the largest listed companies in Brazil, led by banks such as Itau and raw material producers such as Vale and Petrobras. The fifth largest position in his portfolio is Amazon . This is a position that I have noticed many prominent investors are building back into their portfolios.
This is about 5%, or more precisely 4.6%. Everyone knows that Amazon is the largest online retailer in the world, but now it is also the largest cloud computing business. They are expanding into new areas of delivery. They are expanding their activities into robotics as a company. As for how he formed his position, to be honest, it's quite strange, since he started buying in the third quarter of 2025 .
He increased this position in the fourth quarter of 2025. He then sold all of it, but recently reacquired a fairly significant stake in Amazon for his portfolio. Um, having purchased over 500,000 shares in the second quarter. So, if you look at some of the recent changes he has made, the biggest increases in positions have been in INSM and Amazon in his portfolio.
Similar to Warren Buffett, he also invested 2.3% of his portfolio in Google, and sold shares of TE, WWD, Broadcom, Roku, and AA from his portfolio. The ones that personally interest me the most for my portfolio are Google, Amazon, and INSM. This is also the pattern I see among the most prominent hedge funds and successful investors as the positions they are currently accumulating.
So, is it coming from AI, or is it seeing something that you don't? Well, he just left Micron. He just exited Intel after making a 200% profit on them . And I think when I look at the Micron charts and the growth that these companies have shown recently, you could assume that the market will take a little while to digest this before they start to grow again, and it could be followed by a little correction in the near future in the fourth quarter of this year before it comes back to some of these companies.
Apparently, Intel is also a very interesting stock to look at, as the government is buying it and well-known investors are investing in Intel. Prominent politicians are accumulating Intel shares . Nancy Pelosi has call options on Intel that expire in March 2027. So many people are still very bullish on these stocks.
Ultimately, I just think he executed this trade brilliantly and decided, "Hey, I just made 200% on these two positions. I'm taking the profit. I've had enough." And I'm moving the money into less volatile stocks that might offer a little more value, like Amazon, Google, and some of the healthcare companies that he's betting on .
If you look at the structure of his overall portfolio, about 30% is in technology and AI, about 31% is in biotech, about 22% is in the U.S. domestic market, mostly index funds, and about 14% is in international. As we know, one of his main and largest positions is in Brazil. I'll note that the data I'm using doesn't reflect all of his capital, but we're looking at about half of his total investment portfolio and half of his wealth and how he manages it.
As you can see, he's made some incredible trades just by looking at his portfolio and his reports. 13F. We can see and follow some of the steps that he takes. And the main takeaway that anyone can make from his approach is that he gives each investment about 18 months to 3 years to work. And that's a very common beginner's mistake that I personally see with people coming into the stock market: you hear about a stock, you invest in it, and if in two, three, five months the stock doesn't double or triple, and you see other people making money, you get nervous and you get out of the game.
And that's probably the most important thing that we -- all of us -- can take from him, because when he takes a position, he understands that the market can be volatile for a lot of reasons in any given month or quarter, and it's completely out of his control. But the positions that he takes, he wants to give these companies time to actually make a difference.
And who knows, maybe these healthcare companies are about to -- will present incredible breakthroughs, as we saw with Moderna, and the stock will simply skyrocket 200% in a few days. So if you like these videos, please be sure to visit zbuckage.com, and also write in the comments which investor's portfolio you want me to analyze next. See you .
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