Duquesne Family Office
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Stanley Druckenmiller's Duquesne Family Office reported 65 stock positions worth $3.9 billion. Its top holding was Natera (NTRA) at 13.3% of the portfolio, followed by Teva Pharmaceutical-SP ADR (TEVA, 6.8%) and Insmed (INSM, 5.8%). Compared with Q1 2025, it opened 31 new positions, sold out of 15, added to 13 and reduced 18. The biggest buy was a new position in Entegris (ENTG) and the biggest sale Coupang (CPNG, shares −56%).
- Most Recent 13F
- Q2 2026
- Notable People
- Stanley Druckenmiller
- Location
- New York, NY
- CIK
- 0001536411
- Portfolio Value
- $3.9B (Q2 2025)
- SEC Filing
- 0001536411-25-000011 ↗ filed Aug 15, 2025
Holdings Value
Holdings 65 stocks · $3.9B
| NTRA Natera Inc. | 13.32% | 3,085,190 | $521.2M | Reduce -9.3% |
| TEVA Teva Pharmaceutical-SP ADR | 6.84% | 15,968,935 | $267.6M | Add +7.3% |
| INSM Insmed Inc. | 5.79% | 2,253,435 | $226.8M | Add +64.6% |
| WWD Woodward Inc. | 5.32% | 848,910 | $208.1M | Reduce -22.7% |
| TSM Taiwan Semiconductor-SP ADR | 4.43% | 765,085 | $173.3M | Add +27.8% |
| PM Philip Morris International | 3.80% | 815,975 | $148.6M | Reduce -26.2% |
| MELI MercadoLibre Inc. | 3.59% | 53,725 | $140.4M | No change |
| ENTG Entegris Inc. | 3.39% | 1,645,885 | $132.7M | New |
| CPNG Coupang Inc. | 3.14% | 4,105,424 | $123.0M | Reduce -55.9% |
| FLUT Flutter Entertainment PLC-Di | 2.96% | 405,320 | $115.8M | Add +7.4% |
| COHR Coherent Corp. | 2.64% | 1,157,840 | $103.3M | Reduce -47.9% |
| DOCU Docusign Inc. | 2.57% | 1,290,440 | $100.5M | Add +20.1% |
| MSFT Microsoft Corp. | 2.55% | 200,930 | $99.9M | New |
| ROKU Roku Inc. | 2.47% | 1,100,500 | $96.7M | Add +123.0% |
| VRNA Verona Pharma Ltd. | 2.42% | 1,002,080 | $94.8M | No change |
| LLY Eli Lilly & Co. | 2.01% | 100,675 | $78.5M | Add +6.2% |
| WBD Warner Bros Discovery Inc. | 1.91% | 6,537,160 | $74.9M | New |
| EQT Eqt Corp. | 1.87% | 1,252,700 | $73.1M | Add +45.8% |
| C Citigroup Inc. | 1.45% | 666,300 | $56.7M | New |
| XLF SS Financial Select Sector | 1.32% | 985,300 | $51.6M | New |
| QSR Restaurant Brands Intern | 1.27% | 751,010 | $49.8M | New |
| SE Sea Ltd.-ADR | 1.27% | 309,730 | $49.5M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 1.20% | 3,415,365 | $46.9M | New |
| DAKT Daktronics Inc. | 1.19% | 3,076,224 | $46.5M | Add +0.3% |
| U Unity Software Inc. | 1.10% | 1,774,050 | $42.9M | New |
| CZR Caesars Entertainment Inc. | 1.01% | 1,395,875 | $39.6M | Reduce -9.8% |
| DAL Delta Air Lines Inc. | 1.00% | 793,510 | $39.0M | Add +129.9% |
| WAB Wabtec Corp. | 0.91% | 170,510 | $35.7M | Reduce -43.4% |
| CRS Carpenter Technology | 0.89% | 126,635 | $35.0M | New |
| GLW Corning Inc. | 0.84% | 623,145 | $32.8M | New |
| PCT Purecycle Technologies Inc. | 0.81% | 2,303,084 | $31.6M | Reduce -31.6% |
| KMI Kinder Morgan Inc. | 0.81% | 1,071,665 | $31.5M | Reduce -35.2% |
| APP AppLovin Corp. Class A | 0.80% | 89,458 | $31.3M | Add +122.5% |
| UAL United Airlines Holdings Inc. | 0.77% | 377,120 | $30.0M | Add +2.3% |
| GS Goldman Sachs Group Inc. | 0.76% | 42,000 | $29.7M | New |
| BCS Barclays PLC-Spons ADR | 0.74% | 1,549,950 | $28.8M | Reduce -59.4% |
| ILMN Illumina Inc. | 0.73% | 300,615 | $28.7M | New |
| STX Seagate Technology Holdings | 0.73% | 197,490 | $28.5M | Reduce -10.0% |
| TWLO Twilio Inc. Class A | 0.64% | 200,475 | $24.9M | Reduce -44.6% |
| AVGO Broadcom Inc. | 0.61% | 86,140 | $23.7M | New |
| ARGT Global X MSCI Argentina ETF | 0.58% | 267,700 | $22.7M | Reduce -39.7% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.57% | 703,995 | $22.1M | Reduce -66.1% |
| EWZ iShares MSCI Brazil ETF | 0.54% | 738,800 | $21.3M | New |
| HAS Hasbro Inc. | 0.53% | 281,100 | $20.8M | New |
| OPCH Option Care Health Inc. | 0.53% | 636,850 | $20.7M | New |
| XPO Xpo Inc. | 0.53% | 163,100 | $20.6M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.41% | 341,900 | $16.2M | New |
| CHYM Chime Financial Inc. Class A | 0.41% | 466,825 | $16.1M | New |
| BMA Banco Macro SA-ADR | 0.40% | 220,900 | $15.5M | Reduce -48.8% |
| NAMS Newamsterdam Pharma Co. NV | 0.39% | 832,175 | $15.1M | Add +4.0% |
| VKTX Viking Therapeutics Inc. | 0.37% | 549,295 | $14.6M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.30% | 231,481 | $11.7M | Reduce -39.3% |
| BWXT BWX Technologies Inc. | 0.28% | 76,475 | $11.0M | New |
| TBBB BBB Foods Inc. Class A | 0.26% | 360,550 | $10.0M | New |
| DHI D.R. Horton Inc. | 0.25% | 77,400 | $10.0M | New |
| LEN Lennar Corp. Class A | 0.25% | 89,900 | $9.9M | New |
| BLDR Builders Firstsource Inc. | 0.25% | 85,065 | $9.9M | New |
| FCX Freeport-McMoran Inc. | 0.25% | 224,800 | $9.7M | Reduce -77.9% |
| CCC CCC Intelligent Solutions Ho | 0.24% | 1,007,944 | $9.5M | Reduce -82.0% |
| ELVN Enliven Therapeutics Inc. | 0.24% | 463,000 | $9.3M | New |
| ESLT Elbit Systems Ltd. | 0.21% | 18,287 | $8.2M | New |
| TMO Thermo Fisher Scientific Inc. | 0.13% | 12,200 | $4.9M | New |
| DHR Danaher Corp. | 0.12% | 24,700 | $4.9M | New |
| CC The Chemours Co. | 0.12% | 421,800 | $4.8M | New |
| JOBY Joby Aviation Inc. | 0.01% | 31,489 | $332K | No change |
Options reported separately and not counted above: IWM calls ($72.3M), SPY calls ($55.6M), NTRA calls ($19.3M), INSM calls ($10.1M).
Portfolio Sells Q1 2025 → Q2 2025
| CPNG Coupang Inc. | Reduce -55.9% | 3.14% | −3.70 |
| NTRA Natera Inc. | Reduce -9.3% | 13.32% | −2.82 |
| COHR Coherent Corp. | Reduce -47.9% | 2.64% | −2.20 |
| PM Philip Morris International | Reduce -26.2% | 3.80% | −2.09 |
| YPF YPF S.A.-Sponsored ADR | Reduce -66.1% | 0.57% | −1.87 |
| CCC CCC Intelligent Solutions Ho | Reduce -82.0% | 0.24% | −1.45 |
| WWD Woodward Inc. | Reduce -22.7% | 5.32% | −1.40 |
| BCS Barclays PLC-Spons ADR | Reduce -59.4% | 0.74% | −1.23 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −1.19 |
| FCX Freeport-McMoran Inc. | Reduce -77.9% | 0.25% | −1.04 |
| WAB Wabtec Corp. | Reduce -43.4% | 0.91% | −0.92 |
| SWTX Springworks Therapeutics Inc. | Sold out | 0.00% | −0.91 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −0.87 |
| ASND Ascendis Pharma A/S | Sold out | 0.00% | −0.83 |
| KMI Kinder Morgan Inc. | Reduce -35.2% | 0.81% | −0.78 |
| BMA Banco Macro SA-ADR | Reduce -48.8% | 0.40% | −0.70 |
| ARGT Global X MSCI Argentina ETF | Reduce -39.7% | 0.58% | −0.62 |
| BN Brookfield Corp. | Sold out | 0.00% | −0.56 |
| TWLO Twilio Inc. Class A | Reduce -44.6% | 0.64% | −0.55 |
| TECK Teck Resources Ltd.-CLS B | Sold out | 0.00% | −0.53 |
| BBIO Bridgebio Pharma Inc. | Sold out | 0.00% | −0.51 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -39.3% | 0.30% | −0.40 |
| FLEX Flex Ltd. | Sold out | 0.00% | −0.39 |
| EXE Expand Energy Corp. | Sold out | 0.00% | −0.36 |
| AR Antero Resources Corp. | Sold out | 0.00% | −0.35 |
| PI Impinj Inc. | Sold out | 0.00% | −0.33 |
| CZR Caesars Entertainment Inc. | Reduce -9.8% | 1.01% | −0.29 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.16 |
| RARE Ultragenyx Pharmaceutical Inc. | Sold out | 0.00% | −0.10 |
| AAL American Airlines Group Inc. | Sold out | 0.00% | −0.05 |
| IVVD Invivyd Inc. | Sold out | 0.00% | −0.01 |
| PCT Purecycle Technologies Inc. | Reduce -31.6% | 0.81% | +0.03 |
| STX Seagate Technology Holdings | Reduce -10.0% | 0.73% | +0.10 |
Portfolio Buys Q1 2025 → Q2 2025
| ENTG Entegris Inc. | New | 3.39% | +3.39 |
| MSFT Microsoft Corp. | New | 2.55% | +2.55 |
| INSM Insmed Inc. | Add +64.6% | 5.79% | +2.29 |
| WBD Warner Bros Discovery Inc. | New | 1.91% | +1.91 |
| C Citigroup Inc. | New | 1.45% | +1.45 |
| XLF SS Financial Select Sector | New | 1.32% | +1.32 |
| ROKU Roku Inc. | Add +123.0% | 2.47% | +1.31 |
| QSR Restaurant Brands Intern | New | 1.27% | +1.27 |
| SE Sea Ltd.-ADR | New | 1.27% | +1.27 |
| NU Nu Holdings Ltd./Cayman Isl-A | New | 1.20% | +1.20 |
| U Unity Software Inc. | New | 1.10% | +1.10 |
| TSM Taiwan Semiconductor-SP ADR | Add +27.8% | 4.43% | +1.09 |
| CRS Carpenter Technology | New | 0.89% | +0.89 |
| GLW Corning Inc. | New | 0.84% | +0.84 |
| GS Goldman Sachs Group Inc. | New | 0.76% | +0.76 |
| ILMN Illumina Inc. | New | 0.73% | +0.73 |
| AVGO Broadcom Inc. | New | 0.61% | +0.61 |
| EWZ iShares MSCI Brazil ETF | New | 0.54% | +0.54 |
| HAS Hasbro Inc. | New | 0.53% | +0.53 |
| OPCH Option Care Health Inc. | New | 0.53% | +0.53 |
| XPO Xpo Inc. | New | 0.53% | +0.53 |
| DAL Delta Air Lines Inc. | Add +129.9% | 1.00% | +0.49 |
| APP AppLovin Corp. Class A | Add +122.5% | 0.80% | +0.44 |
| BAC Bank of America Corp. | New | 0.41% | +0.41 |
| CHYM Chime Financial Inc. Class A | New | 0.41% | +0.41 |
| VKTX Viking Therapeutics Inc. | New | 0.37% | +0.37 |
| EQT Eqt Corp. | Add +45.8% | 1.87% | +0.33 |
| BWXT BWX Technologies Inc. | New | 0.28% | +0.28 |
| TBBB BBB Foods Inc. Class A | New | 0.26% | +0.26 |
| DHI D.R. Horton Inc. | New | 0.25% | +0.25 |
| LEN Lennar Corp. Class A | New | 0.25% | +0.25 |
| BLDR Builders Firstsource Inc. | New | 0.25% | +0.25 |
| ELVN Enliven Therapeutics Inc. | New | 0.24% | +0.24 |
| ESLT Elbit Systems Ltd. | New | 0.21% | +0.21 |
| FLUT Flutter Entertainment PLC-Di | Add +7.4% | 2.96% | +0.16 |
| TMO Thermo Fisher Scientific Inc. | New | 0.13% | +0.13 |
| DHR Danaher Corp. | New | 0.12% | +0.12 |
| CC The Chemours Co. | New | 0.12% | +0.12 |
| DAKT Daktronics Inc. | Add +0.3% | 1.19% | −0.06 |
| UAL United Airlines Holdings Inc. | Add +2.3% | 0.77% | −0.09 |
| NAMS Newamsterdam Pharma Co. NV | Add +4.0% | 0.39% | −0.16 |
| DOCU Docusign Inc. | Add +20.1% | 2.57% | −0.37 |
| LLY Eli Lilly & Co. | Add +6.2% | 2.01% | −0.62 |
| TEVA Teva Pharmaceutical-SP ADR | Add +7.3% | 6.84% | −0.83 |
Options Activity Q1 2025 → Q2 2025
| IWM iShares Russell 2000 ETF | call | New | 335,000 | $72.3M |
| SPY SS SPDR S&P 500 ETF Trust-US | call | New | 90,000 | $55.6M |
| DAL Delta Air Lines Inc. | call | Sold out | 949,500 | $41.4Mbefore exit |
| STX Seagate Technology Holdings | call | Sold out | 246,500 | $20.9Mbefore exit |
| NTRA Natera Inc. | call | New | 114,500 | $19.3M |
| UAL United Airlines Holdings Inc. | call | Sold out | 226,000 | $15.6Mbefore exit |
| INSM Insmed Inc. | call | New | 100,000 | $10.1M |
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 |