Duquesne Family Office
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Stanley Druckenmiller's Duquesne Family Office reported 49 stock positions worth $3.0 billion. Its top holding was Natera (NTRA) at 16.1% of the portfolio, followed by Teva Pharmaceutical-SP ADR (TEVA, 7.7%) and Coupang (CPNG, 6.8%). Compared with Q4 2024, it opened 12 new positions, sold out of 37, added to 14 and reduced 17. The biggest buy was a new position in Docusign (DOCU) and the biggest sale Seagate Technology (STX, shares −86%).
- Most Recent 13F
- Q2 2026
- Notable People
- Stanley Druckenmiller
- Location
- New York, NY
- CIK
- 0001536411
- Portfolio Value
- $3.0B (Q1 2025)
- SEC Filing
- 0001536411-25-000008 ↗ filed May 15, 2025
Holdings Value
Holdings 49 stocks · $3.0B
| NTRA Natera Inc. | 16.13% | 3,402,330 | $481.1M | Reduce -4.6% |
| TEVA Teva Pharmaceutical-SP ADR | 7.67% | 14,879,750 | $228.7M | Add +65.4% |
| CPNG Coupang Inc. | 6.84% | 9,302,634 | $204.0M | Add +4.5% |
| WWD Woodward Inc. | 6.72% | 1,097,750 | $200.3M | Reduce -10.4% |
| PM Philip Morris International | 5.88% | 1,105,268 | $175.4M | Reduce -18.3% |
| COHR Coherent Corp. | 4.84% | 2,222,070 | $144.3M | Reduce -21.2% |
| MELI MercadoLibre Inc. | 3.51% | 53,725 | $104.8M | No change |
| INSM Insmed Inc. | 3.50% | 1,369,050 | $104.4M | Add +130.7% |
| TSM Taiwan Semiconductor-SP ADR | 3.33% | 598,780 | $99.4M | Add +456.9% |
| DOCU Docusign Inc. | 2.93% | 1,074,655 | $87.5M | New |
| FLUT Flutter Entertainment PLC-Di | 2.80% | 377,475 | $83.6M | Add +1985.5% |
| LLY Eli Lilly & Co. | 2.63% | 94,830 | $78.3M | Add +52.5% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 2.44% | 2,075,390 | $72.7M | Add +23.0% |
| VRNA Verona Pharma Ltd. | 2.13% | 1,002,080 | $63.6M | Add +12.9% |
| BCS Barclays PLC-Spons ADR | 1.97% | 3,817,305 | $58.6M | Add +19.8% |
| WAB Wabtec Corp. | 1.83% | 301,095 | $54.6M | Add +7.5% |
| CCC CCC Intelligent Solutions Ho | 1.69% | 5,595,039 | $50.5M | New |
| KMI Kinder Morgan Inc. | 1.58% | 1,654,115 | $47.2M | Reduce -25.7% |
| EQT Eqt Corp. | 1.54% | 859,345 | $45.9M | New |
| CZR Caesars Entertainment Inc. | 1.30% | 1,548,420 | $38.7M | New |
| FCX Freeport-McMoran Inc. | 1.29% | 1,018,105 | $38.5M | Add +34.1% |
| DAKT Daktronics Inc. | 1.25% | 3,067,625 | $37.4M | Add +16.9% |
| ARGT Global X MSCI Argentina ETF | 1.20% | 443,800 | $35.8M | Reduce -19.1% |
| TWLO Twilio Inc. Class A | 1.19% | 362,155 | $35.5M | New |
| COF Capital One Financial Corp. | 1.19% | 197,670 | $35.4M | New |
| ROKU Roku Inc. | 1.17% | 493,600 | $34.8M | New |
| BMA Banco Macro SA-ADR | 1.09% | 431,815 | $32.6M | Reduce -11.0% |
| SWTX Springworks Therapeutics Inc. | 0.91% | 615,929 | $27.2M | Reduce -28.4% |
| AMZN Amazon.com Inc. | 0.87% | 136,765 | $26.0M | Reduce -58.4% |
| UAL United Airlines Holdings Inc. | 0.85% | 368,685 | $25.5M | Reduce -64.7% |
| ASND Ascendis Pharma A/S | 0.83% | 158,720 | $24.7M | Reduce -40.1% |
| PCT Purecycle Technologies Inc. | 0.78% | 3,364,842 | $23.3M | Add +111.3% |
| GGAL Grupo Financiero Galicia-ADR | 0.70% | 381,481 | $20.8M | Reduce -15.0% |
| STX Seagate Technology Holdings | 0.63% | 219,477 | $18.6M | Reduce -86.0% |
| BN Brookfield Corp. | 0.56% | 315,925 | $16.6M | Reduce -48.2% |
| NAMS Newamsterdam Pharma Co. NV | 0.55% | 800,360 | $16.4M | Add +178.3% |
| TECK Teck Resources Ltd.-CLS B | 0.53% | 431,545 | $15.7M | No change |
| BBIO Bridgebio Pharma Inc. | 0.51% | 438,050 | $15.1M | New |
| DAL Delta Air Lines Inc. | 0.50% | 345,135 | $15.0M | Reduce -57.8% |
| FLEX Flex Ltd. | 0.39% | 348,900 | $11.5M | No change |
| EXE Expand Energy Corp. | 0.36% | 97,700 | $10.9M | New |
| APP AppLovin Corp. Class A | 0.36% | 40,200 | $10.7M | New |
| AR Antero Resources Corp. | 0.35% | 258,400 | $10.4M | New |
| PI Impinj Inc. | 0.33% | 108,475 | $9.8M | New |
| TSLA Tesla Inc. | 0.16% | 18,838 | $4.9M | Reduce -50.0% |
| RARE Ultragenyx Pharmaceutical Inc. | 0.10% | 85,445 | $3.1M | No change |
| AAL American Airlines Group Inc. | 0.05% | 133,728 | $1.4M | Reduce -85.5% |
| IVVD Invivyd Inc. | 0.01% | 571,425 | $346K | No change |
| JOBY Joby Aviation Inc. | 0.01% | 31,489 | $190K | No change |
Options reported separately and not counted above: DAL calls ($41.4M), STX calls ($20.9M), UAL calls ($15.6M).
Portfolio Sells Q4 2024 → Q1 2025
| STX Seagate Technology Holdings | Reduce -86.0% | 0.63% | −3.17 |
| COHR Coherent Corp. | Reduce -21.2% | 4.84% | −2.68 |
| SKX Skechers USA Inc. Class A | Sold out | 0.00% | −2.03 |
| UAL United Airlines Holdings Inc. | Reduce -64.7% | 0.85% | −2.00 |
| SLM SLM Corp. | Sold out | 0.00% | −1.96 |
| X United States Steel Corp. | Sold out | 0.00% | −1.54 |
| WBD Warner Bros Discovery Inc. | Sold out | 0.00% | −1.38 |
| AMZN Amazon.com Inc. | Reduce -58.4% | 0.87% | −1.15 |
| VST Vistra Corp. | Sold out | 0.00% | −1.10 |
| MU Micron Technology Inc. | Sold out | 0.00% | −0.97 |
| KRE SS SPDR S&P Regional Bank | Sold out | 0.00% | −0.94 |
| BWXT BWX Technologies Inc. | Sold out | 0.00% | −0.94 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −0.92 |
| DAL Delta Air Lines Inc. | Reduce -57.8% | 0.50% | −0.89 |
| NVT Nvent Electric PLC | Sold out | 0.00% | −0.86 |
| DFS Discover Financial Services | Sold out | 0.00% | −0.72 |
| WDC Western Digital Corp. | Sold out | 0.00% | −0.70 |
| USB US Bancorp | Sold out | 0.00% | −0.68 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.62 |
| GTM Zoominfo Technologies Inc. | Sold out | 0.00% | −0.52 |
| PANW Palo Alto Networks Inc. | Sold out | 0.00% | −0.45 |
| BN Brookfield Corp. | Reduce -48.2% | 0.56% | −0.43 |
| GOOGL Alphabet Inc. Class A | Sold out | 0.00% | −0.41 |
| AAL American Airlines Group Inc. | Reduce -85.5% | 0.05% | −0.40 |
| FHN First Horizon Corp. | Sold out | 0.00% | −0.35 |
| WFC Wells Fargo & Co. | Sold out | 0.00% | −0.31 |
| FCNCA First Citizens Bcshs Class A | Sold out | 0.00% | −0.31 |
| HBAN Huntington Bancshares Inc. | Sold out | 0.00% | −0.31 |
| LYV Live Nation Entertainment Inc. | Sold out | 0.00% | −0.29 |
| TFC Truist Financial Corp. | Sold out | 0.00% | −0.28 |
| ABCB Ameris Bancorp | Sold out | 0.00% | −0.27 |
| TSLA Tesla Inc. | Reduce -50.0% | 0.16% | −0.26 |
| KEY Keycorp | Sold out | 0.00% | −0.25 |
| WULF Terawulf Inc. | Sold out | 0.00% | −0.23 |
| BMA Banco Macro SA-ADR | Reduce -11.0% | 1.09% | −0.23 |
| PCVX Vaxcyte Inc. | Sold out | 0.00% | −0.20 |
| ASND Ascendis Pharma A/S | Reduce -40.1% | 0.83% | −0.20 |
| CRNX Crinetics Pharmaceuticals Inc. | Sold out | 0.00% | −0.18 |
| MIR Mirion Technologies Inc. | Sold out | 0.00% | −0.17 |
| SNREY Sunrise Communicat Class A | Sold out | 0.00% | −0.16 |
| ACLX Arcellx Inc. | Sold out | 0.00% | −0.16 |
| C Citigroup Inc. | Sold out | 0.00% | −0.14 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −0.14 |
| KMI Kinder Morgan Inc. | Reduce -25.7% | 1.58% | −0.13 |
| ELF Elf Beauty Inc. | Sold out | 0.00% | −0.13 |
| IQV Iqvia Holdings Inc. | Sold out | 0.00% | −0.12 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -15.0% | 0.70% | −0.09 |
| PLTR Palantir Technologies Inc. Class A | Sold out | 0.00% | −0.09 |
| ARGT Global X MSCI Argentina ETF | Reduce -19.1% | 1.20% | −0.07 |
| TLSI Trisalus Life Sciences Inc. | Sold out | 0.00% | −0.06 |
Portfolio Buys Q4 2024 → Q1 2025
| DOCU Docusign Inc. | New | 2.93% | +2.93 |
| TSM Taiwan Semiconductor-SP ADR | Add +456.9% | 3.33% | +2.74 |
| FLUT Flutter Entertainment PLC-Di | Add +1985.5% | 2.80% | +2.67 |
| INSM Insmed Inc. | Add +130.7% | 3.50% | +2.35 |
| TEVA Teva Pharmaceutical-SP ADR | Add +65.4% | 7.67% | +2.09 |
| CCC CCC Intelligent Solutions Ho | New | 1.69% | +1.69 |
| EQT Eqt Corp. | New | 1.54% | +1.54 |
| CPNG Coupang Inc. | Add +4.5% | 6.84% | +1.34 |
| CZR Caesars Entertainment Inc. | New | 1.30% | +1.30 |
| LLY Eli Lilly & Co. | Add +52.5% | 2.63% | +1.28 |
| TWLO Twilio Inc. Class A | New | 1.19% | +1.19 |
| COF Capital One Financial Corp. | New | 1.19% | +1.19 |
| ROKU Roku Inc. | New | 1.17% | +1.17 |
| VRNA Verona Pharma Ltd. | Add +12.9% | 2.13% | +0.97 |
| BCS Barclays PLC-Spons ADR | Add +19.8% | 1.97% | +0.77 |
| BBIO Bridgebio Pharma Inc. | New | 0.51% | +0.51 |
| FCX Freeport-McMoran Inc. | Add +34.1% | 1.29% | +0.48 |
| YPF YPF S.A.-Sponsored ADR | Add +23.0% | 2.44% | +0.42 |
| EXE Expand Energy Corp. | New | 0.36% | +0.36 |
| APP AppLovin Corp. Class A | New | 0.36% | +0.36 |
| AR Antero Resources Corp. | New | 0.35% | +0.35 |
| NAMS Newamsterdam Pharma Co. NV | Add +178.3% | 0.55% | +0.34 |
| WAB Wabtec Corp. | Add +7.5% | 1.83% | +0.34 |
| PI Impinj Inc. | New | 0.33% | +0.33 |
| PCT Purecycle Technologies Inc. | Add +111.3% | 0.78% | +0.32 |
| DAKT Daktronics Inc. | Add +16.9% | 1.25% | +0.01 |
Options Activity Q4 2024 → Q1 2025
| AAL American Airlines Group Inc. | call | Sold out | 2,573,500 | $44.9Mbefore exit |
| STX Seagate Technology Holdings | call | Reduce -51.6% | 246,500 | $20.9M |
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 86 | $4.4B | NTRA, TSM, STM, INSM, YPF |
| Q1 2026 | 65 | $2.9B | NTRA, INSM, TSM, YPF, EWZ |
| Q4 2025 | 58 | $4.2B | NTRA, XLF, INSM, RSP, TEVA |
| Q3 2025 | 62 | $3.9B | NTRA, INSM, TEVA, TSM, WWD |
| Q2 2025 | 65 | $3.9B | NTRA, TEVA, INSM, WWD, TSM |
| Q1 2025 | 49 | $3.0B | NTRA, TEVA, CPNG, WWD, PM |
| Q4 2024 | 74 | $3.6B | NTRA, COHR, WWD, TEVA, CPNG |
| Q3 2024 | 72 | $2.9B | NTRA, CPNG, COHR, WWD, STX |
| Q2 2024 | 63 | $2.8B | COHR, CPNG, VST, NTRA, STX |
| Q1 2024 | 72 | $3.7B | MSFT, CPNG, TECK, VST, NTRA |