Aerospace & transport
Aerospace and transport includes aircraft supply chains, rail equipment, airlines, and transport infrastructure. Exposure can reflect defense/aerospace backlogs or a cyclical view on travel and freight.
This segment covers real-economy businesses where orders, capacity, commodity prices, and capital spending cycles matter. Reported holdings can look old-economy on the surface while still expressing a view on electrification, reshoring, infrastructure, defense, or AI-related power demand.
The useful split is between volume cycle, pricing power, asset scarcity, and equipment replacement. A fund adding to the tag may be making a macro call, a bottleneck call, or a company-specific operating leverage call.
- Aircraft OEMs and suppliers
- Engines and aftermarket
- Rail equipment and freight infrastructure
- Airlines and travel demand
- Aircraft production rates
- Aftermarket margins
- Labor and fuel costs
- Freight volumes and airline capacity discipline
Duquesne Family Office LLC
Stanley Druckenmiller · Q4 2025 filed 2026-02-17
Aerospace suppliers, rail equipment, and airlines.
| Ticker | Name | Value | Instrument |
|---|---|---|---|
| WWD | WOODWARD INC | $179M | SH |
| WAB | WABTEC CORP | $64M | SH |
| DAL | DELTA AIR LINES INC | $45M | SH |
| UAL | UNITED AIRLINES HOLDINGS INC | $39M | SH |
| AAL | AMERICAN AIRLINES GROUP INC | $10M | SH |
| Ticker | Action | Value |
|---|---|---|
| DAL | New | +$45M |
| UAL | New | +$39M |
| WWD | Trimmed | -$11M |
| AAL | New | +$10M |
| WAB | Trimmed | -$461K |