Stanley Druckenmiller's Duquesne Family Office bumped its healthcare exposure from 22% to 36% over the last year. They're avoiding broad pharma ETFs and focusing on specialized biotech. Their top holding is Natera (NTRA), making up 17% of the portfolio after adding 122k shares in Q2. Natera's Q2 revenue grew 38% to $752.8M, and their EPS loss narrowed to $0.47. The fund's biggest Q2 buy was Insmed (INSM) with 270k shares. Insmed focuses on rare lung diseases and their Q2 revenue was up 296%. They also hold Rhythm Pharmaceuticals (RYTM) as an indirect play on the weight-loss trend without competing directly with Eli Lilly or Novo Nordisk. The strategy is using specialized biotech for growth that isn't tied to macro economic cycles. The fund is up over 34% in the past year, beating the S&P 500's 20%.