Metals & materials
Metals and materials cover the commodity and processed-input layer for construction, electrification, infrastructure, autos, and industrial production.
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.
- Copper, aluminum, steel, and aggregates
- Mining and processing
- Specialty materials
- Construction materials and cement
- Commodity prices
- China demand and supply discipline
- Infrastructure and electrification capex
- Energy costs and permitting
Duquesne Family Office LLC
Stanley Druckenmiller · Q4 2025 filed 2026-02-17
Metals, mining, steel, aluminum, copper, aggregates, and specialty materials.
| Ticker | Name | Value | Instrument |
|---|---|---|---|
| AA | ALCOA CORP | $73M | SH |
| CRH | CRH PLC | $59M | SH |
| CLF | CLEVELAND-CLIFFS INC | $23M | SH |
| SCCO | SOUTHERN COPPER CORP | $17M | SH |
| ALM | ALMONTY INDUSTRIES INC | $4M | SH |
| Ticker | Action | Value |
|---|---|---|
| AA | New | +$73M |
| CRS | Closed | -$54M |
| SCCO | New | +$17M |
| CLF | Trimmed | -$12M |
| CRH | Added | +$10M |
| ALM | New | +$4M |