Duquesne Family Office

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Stanley Druckenmiller's Duquesne Family Office reported 62 stock positions worth $3.9 billion. Its top holding was Natera (NTRA) at 13.2% of the portfolio, followed by Insmed (INSM, 8.9%) and Teva Pharmaceutical-SP ADR (TEVA, 8.5%). Compared with Q2 2025, it opened 29 new positions, sold out of 32, added to 17 and reduced 13. The biggest buy was Insmed (INSM, shares +8%) and the biggest sale an exit from Philip Morris International (PM).

Most Recent 13F
Q2 2026
Notable People
Stanley Druckenmiller
Location
New York, NY
CIK
0001536411
Portfolio Value
$3.9B (Q3 2025)
SEC Filing
0001536411-25-000017 ↗ filed Nov 14, 2025

Holdings Value

0$1.0B$2.0B$3.0B$4.0B$5.0B Q1 2024: $3.7B Q1 2024 Q2 2024: $2.8B Q2 2024 Q3 2024: $2.9B Q3 2024 Q4 2024: $3.6B Q4 2024 Q1 2025: $3.0B Q1 2025 Q2 2025: $3.9B Q2 2025 Q3 2025: $3.9B $3.9B Q3 2025 Q4 2025: $4.2B Q4 2025 Q1 2026: $2.9B Q1 2026 Q2 2026: $4.4B Q2 2026

Holdings 62 stocks · $3.9B
NTRA Natera Inc. 13.16% 3,214,532 $517.4M Add +4.2%
INSM Insmed Inc. 8.88% 2,423,435 $349.0M Add +7.5%
TEVA Teva Pharmaceutical-SP ADR 8.53% 16,593,935 $335.2M Add +3.9%
TSM Taiwan Semiconductor-SP ADR 5.44% 765,085 $213.7M No change
WWD Woodward Inc. 4.07% 633,015 $160.0M Reduce -25.4%
CPNG Coupang Inc. 3.79% 4,633,124 $149.2M Add +12.8%
MELI MercadoLibre Inc. 3.47% 58,344 $136.3M Add +8.6%
DOCU Docusign Inc. 3.09% 1,685,950 $121.5M Add +30.6%
VRNA Verona Pharma Ltd. 2.72% 1,002,080 $106.9M No change
EEM iShares MSCI Emerging Market 2.58% 1,900,000 $101.5M New
AMZN Amazon.com Inc. 2.44% 437,070 $96.0M New
ROKU Roku Inc. 2.09% 822,435 $82.3M Reduce -25.3%
FIGR Figure Technology Solut Class A 1.96% 2,116,825 $77.0M New
QSR Restaurant Brands Intern 1.85% 1,131,365 $72.6M Add +50.6%
STUB Stubhub Holdings Inc. Class A 1.82% 4,259,516 $71.7M New
WAB Wabtec Corp. 1.54% 302,410 $60.6M Add +77.4%
META Meta Platforms Inc. Class A 1.42% 76,100 $55.9M New
NAMS Newamsterdam Pharma Co. NV 1.39% 1,923,700 $54.7M Add +131.2%
CRS Carpenter Technology 1.37% 220,035 $54.0M Add +73.8%
C Citigroup Inc. 1.33% 514,850 $52.3M Reduce -22.7%
TWLO Twilio Inc. Class A 1.31% 512,800 $51.3M Add +155.8%
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.30% 989,250 $51.0M Add +189.3%
SE Sea Ltd.-ADR 1.25% 274,200 $49.0M Reduce -11.5%
EQT Eqt Corp. 1.24% 894,950 $48.7M Reduce -28.6%
GEV GE Vernova Inc. 1.21% 77,320 $47.5M New
CRH CRH PLC 1.20% 393,820 $47.2M New
VST Vistra Corp. 1.17% 233,985 $45.8M New
U Unity Software Inc. 0.90% 882,500 $35.3M Reduce -50.3%
LEN Lennar Corp. Class A 0.90% 279,424 $35.2M Add +210.8%
DHI D.R. Horton Inc. 0.88% 205,150 $34.8M Add +165.1%
CLF Cleveland-Cliffs Inc. 0.84% 2,715,035 $33.1M New
TBBB BBB Foods Inc. Class A 0.81% 1,183,125 $31.9M Add +228.1%
PCT Purecycle Technologies Inc. 0.77% 2,303,084 $30.3M No change
FWONK Liberty Media Corp. Class C 0.77% 288,400 $30.1M New
DAKT Daktronics Inc. 0.76% 1,436,936 $30.1M Reduce -53.3%
DKS Dick's Sporting Goods Inc. 0.75% 132,425 $29.4M New
FLUT Flutter Entertainment PLC-Di 0.74% 115,245 $29.3M Reduce -71.6%
KBE SS SPDR S&P Bank ETF 0.73% 482,095 $28.6M New
OPCH Option Care Health Inc. 0.69% 977,685 $27.1M Add +53.5%
AEVA Aeva Technologies Inc. 0.68% 1,839,314 $26.7M New
PCG P G & E Corp. 0.63% 1,649,300 $24.9M New
GOOGL Alphabet Inc. Class A 0.63% 102,200 $24.8M New
ARM Arm Holdings PLC-ADR 0.60% 167,900 $23.8M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.59% 1,454,180 $23.3M Reduce -57.4%
SMTC Semtech Corp. 0.55% 301,515 $21.5M New
STX Seagate Technology Holdings 0.52% 85,900 $20.3M Reduce -56.5%
GPC Genuine Parts Co. 0.51% 144,185 $20.0M New
ELVN Enliven Therapeutics Inc. 0.49% 947,405 $19.4M Add +104.6%
POST Post Holdings Inc. filed as POST HLDGS INC 0.48% 176,400 $19.0M New
SNDK Sandisk Corp. 0.47% 166,235 $18.7M New
SYF Synchrony Financial 0.47% 261,825 $18.6M New
ARGT Global X MSCI Argentina ETF 0.45% 254,045 $17.7M Reduce -5.1%
COGT Cogent Biosciences Inc. 0.39% 1,059,580 $15.2M New
PTGX Protagonist Therapeutics Inc. 0.27% 159,700 $10.6M New
COF Capital One Financial Corp. 0.24% 43,920 $9.3M New
CMG Chipotle Mexican Grill Inc. 0.23% 233,205 $9.1M New
SEI Solaris Energy Infrastructur 0.15% 145,600 $5.8M New
MDB Mongodb Inc. 0.14% 17,710 $5.5M New
TXRH Texas Roadhouse Inc. 0.13% 29,800 $5.0M New
ECHO Echostar Corp. Class A 0.12% 60,765 $4.6M New
YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA 0.07% 114,695 $2.8M Reduce -83.7%
CHYM Chime Financial Inc. Class A 0.02% 43,230 $872K Reduce -90.7%

Options reported separately and not counted above: SPY calls ($60.0M), IWM calls ($54.7M), NTRA calls ($16.1M).

Portfolio Sells Q2 2025 → Q3 2025
PM Philip Morris International Sold out 0.00% −3.80
ENTG Entegris Inc. Sold out 0.00% −3.39
COHR Coherent Corp. Sold out 0.00% −2.64
MSFT Microsoft Corp. Sold out 0.00% −2.55
FLUT Flutter Entertainment PLC-Di Reduce -71.6% 0.74% −2.21
LLY Eli Lilly & Co. Sold out 0.00% −2.01
WBD Warner Bros Discovery Inc. Sold out 0.00% −1.91
XLF SS Financial Select Sector Sold out 0.00% −1.32
WWD Woodward Inc. Reduce -25.4% 4.07% −1.25
CZR Caesars Entertainment Inc. Sold out 0.00% −1.01
DAL Delta Air Lines Inc. Sold out 0.00% −1.00
GLW Corning Inc. Sold out 0.00% −0.84
KMI Kinder Morgan Inc. Sold out 0.00% −0.81
APP AppLovin Corp. Class A Sold out 0.00% −0.80
UAL United Airlines Holdings Inc. Sold out 0.00% −0.77
GS Goldman Sachs Group Inc. Sold out 0.00% −0.76
BCS Barclays PLC-Spons ADR Sold out 0.00% −0.74
ILMN Illumina Inc. Sold out 0.00% −0.73
EQT Eqt Corp. Reduce -28.6% 1.24% −0.63
AVGO Broadcom Inc. Sold out 0.00% −0.61
NU Nu Holdings Ltd./Cayman Isl-A Reduce -57.4% 0.59% −0.60
EWZ iShares MSCI Brazil ETF Sold out 0.00% −0.54
HAS Hasbro Inc. Sold out 0.00% −0.53
XPO Xpo Inc. Sold out 0.00% −0.53
YPF YPF S.A.-Sponsored ADR Reduce -83.7% 0.07% −0.49
DAKT Daktronics Inc. Reduce -53.3% 0.76% −0.42
BMA Banco Macro SA-ADR Sold out 0.00% −0.40
CHYM Chime Financial Inc. Class A Reduce -90.7% 0.02% −0.39
ROKU Roku Inc. Reduce -25.3% 2.09% −0.38
VKTX Viking Therapeutics Inc. Sold out 0.00% −0.37
GGAL Grupo Financiero Galicia-ADR Sold out 0.00% −0.30
BWXT BWX Technologies Inc. Sold out 0.00% −0.28
BLDR Builders Firstsource Inc. Sold out 0.00% −0.25
FCX Freeport-McMoran Inc. Sold out 0.00% −0.25
CCC CCC Intelligent Solutions Ho Sold out 0.00% −0.24
STX Seagate Technology Holdings Reduce -56.5% 0.52% −0.21
ESLT Elbit Systems Ltd. Sold out 0.00% −0.21
U Unity Software Inc. Reduce -50.3% 0.90% −0.20
ARGT Global X MSCI Argentina ETF Reduce -5.1% 0.45% −0.13
TMO Thermo Fisher Scientific Inc. Sold out 0.00% −0.13
DHR Danaher Corp. Sold out 0.00% −0.12
CC The Chemours Co. Sold out 0.00% −0.12
C Citigroup Inc. Reduce -22.7% 1.33% −0.12
SE Sea Ltd.-ADR Reduce -11.5% 1.25% −0.02
JOBY Joby Aviation Inc. Sold out 0.00% −0.01

Portfolio Buys Q2 2025 → Q3 2025
INSM Insmed Inc. Add +7.5% 8.88% +3.08
EEM iShares MSCI Emerging Market New 2.58% +2.58
AMZN Amazon.com Inc. New 2.44% +2.44
FIGR Figure Technology Solut Class A New 1.96% +1.96
STUB Stubhub Holdings Inc. Class A New 1.82% +1.82
TEVA Teva Pharmaceutical-SP ADR Add +3.9% 8.53% +1.69
META Meta Platforms Inc. Class A New 1.42% +1.42
GEV GE Vernova Inc. New 1.21% +1.21
CRH CRH PLC New 1.20% +1.20
VST Vistra Corp. New 1.17% +1.17
NAMS Newamsterdam Pharma Co. NV Add +131.2% 1.39% +1.01
BAC Bank of America Corp. Add +189.3% 1.30% +0.88
CLF Cleveland-Cliffs Inc. New 0.84% +0.84
FWONK Liberty Media Corp. Class C New 0.77% +0.77
DKS Dick's Sporting Goods Inc. New 0.75% +0.75
KBE SS SPDR S&P Bank ETF New 0.73% +0.73
AEVA Aeva Technologies Inc. New 0.68% +0.68
TWLO Twilio Inc. Class A Add +155.8% 1.31% +0.67
CPNG Coupang Inc. Add +12.8% 3.79% +0.65
LEN Lennar Corp. Class A Add +210.8% 0.90% +0.64
PCG P G & E Corp. New 0.63% +0.63
GOOGL Alphabet Inc. Class A New 0.63% +0.63
WAB Wabtec Corp. Add +77.4% 1.54% +0.63
DHI D.R. Horton Inc. Add +165.1% 0.88% +0.63
ARM Arm Holdings PLC-ADR New 0.60% +0.60
QSR Restaurant Brands Intern Add +50.6% 1.85% +0.57
TBBB BBB Foods Inc. Class A Add +228.1% 0.81% +0.56
SMTC Semtech Corp. New 0.55% +0.55
DOCU Docusign Inc. Add +30.6% 3.09% +0.52
GPC Genuine Parts Co. New 0.51% +0.51
POST Post Holdings Inc. New 0.48% +0.48
CRS Carpenter Technology Add +73.8% 1.37% +0.48
SNDK Sandisk Corp. New 0.47% +0.47
SYF Synchrony Financial New 0.47% +0.47
COGT Cogent Biosciences Inc. New 0.39% +0.39
PTGX Protagonist Therapeutics Inc. New 0.27% +0.27
ELVN Enliven Therapeutics Inc. Add +104.6% 0.49% +0.26
COF Capital One Financial Corp. New 0.24% +0.24
CMG Chipotle Mexican Grill Inc. New 0.23% +0.23
OPCH Option Care Health Inc. Add +53.5% 0.69% +0.16
SEI Solaris Energy Infrastructur New 0.15% +0.15
MDB Mongodb Inc. New 0.14% +0.14
TXRH Texas Roadhouse Inc. New 0.13% +0.13
ECHO Echostar Corp. Class A New 0.12% +0.12
MELI MercadoLibre Inc. Add +8.6% 3.47% −0.12
NTRA Natera Inc. Add +4.2% 13.16% −0.15

Options Activity Q2 2025 → Q3 2025
IWM iShares Russell 2000 ETF call Reduce -32.5% 226,000 $54.7M
NTRA Natera Inc. call Reduce -12.7% 100,000 $16.1M
INSM Insmed Inc. call Sold out 100,000 $10.1Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 86$4.4BNTRA, TSM, STM, INSM, YPF
Q1 2026 65$2.9BNTRA, INSM, TSM, YPF, EWZ
Q4 2025 58$4.2BNTRA, XLF, INSM, RSP, TEVA
Q3 2025 62$3.9BNTRA, INSM, TEVA, TSM, WWD
Q2 2025 65$3.9BNTRA, TEVA, INSM, WWD, TSM
Q1 2025 49$3.0BNTRA, TEVA, CPNG, WWD, PM
Q4 2024 74$3.6BNTRA, COHR, WWD, TEVA, CPNG
Q3 2024 72$2.9BNTRA, CPNG, COHR, WWD, STX
Q2 2024 63$2.8BCOHR, CPNG, VST, NTRA, STX
Q1 2024 72$3.7BMSFT, CPNG, TECK, VST, NTRA