Duquesne Family Office
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Stanley Druckenmiller's Duquesne Family Office reported 58 stock positions worth $4.2 billion. Its top holding was Natera (NTRA) at 13.6% of the portfolio, followed by SS Financial Select Sector (XLF, 7.1%) and Insmed (INSM, 6.1%). Compared with Q3 2025, it opened 26 new positions, sold out of 30, added to 13 and reduced 16. The biggest buy was a new position in SS Financial Select Sector (XLF) and the biggest sale Teva Pharmaceutical-SP ADR (TEVA, shares −65%).
- Most Recent 13F
- Q2 2026
- Notable People
- Stanley Druckenmiller
- Location
- New York, NY
- CIK
- 0001536411
- Portfolio Value
- $4.2B (Q4 2025)
- SEC Filing
- 0001536411-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 58 stocks · $4.2B
| NTRA Natera Inc. | 13.63% | 2,511,357 | $575.3M | Reduce -21.9% |
| XLF SS Financial Select Sector | 7.13% | 5,495,600 | $301.0M | New |
| INSM Insmed Inc. | 6.11% | 1,481,752 | $257.9M | Reduce -38.9% |
| RSP Invesco S&P 500 Equal Weight | 5.33% | 1,173,925 | $224.9M | New |
| TEVA Teva Pharmaceutical-SP ADR | 4.34% | 5,874,870 | $183.4M | Reduce -64.6% |
| WWD Woodward Inc. | 4.23% | 590,930 | $178.7M | Reduce -6.7% |
| AMZN Amazon.com Inc. | 4.04% | 737,940 | $170.3M | Add +68.8% |
| TSM Taiwan Semiconductor-SP ADR | 3.91% | 543,085 | $165.0M | Reduce -29.0% |
| CPNG Coupang Inc. | 3.79% | 6,772,909 | $159.8M | Add +46.2% |
| GOOGL Alphabet Inc. Class A | 2.86% | 385,000 | $120.5M | Add +276.7% |
| SE Sea Ltd.-ADR | 2.85% | 944,120 | $120.4M | Add +244.3% |
| EWZ iShares MSCI Brazil ETF | 2.67% | 3,552,575 | $112.9M | New |
| NAMS Newamsterdam Pharma Co. NV | 2.55% | 3,070,146 | $107.7M | Add +59.6% |
| MELI MercadoLibre Inc. | 2.25% | 47,149 | $95.0M | Reduce -19.2% |
| TBBB BBB Foods Inc. Class A | 2.12% | 2,675,152 | $89.3M | Add +126.1% |
| QSR Restaurant Brands Intern | 1.95% | 1,209,000 | $82.5M | Add +6.9% |
| COGT Cogent Biosciences Inc. | 1.86% | 2,214,470 | $78.7M | Add +109.0% |
| AA Alcoa Corp. | 1.73% | 1,376,050 | $73.1M | New |
| ENTG Entegris Inc. | 1.69% | 844,160 | $71.1M | New |
| DOCU Docusign Inc. | 1.65% | 1,019,085 | $69.7M | Reduce -39.5% |
| LSCC Lattice Semiconductor Corp. | 1.61% | 925,970 | $68.1M | New |
| BE Bloom Energy Corp. Class A | 1.52% | 740,545 | $64.3M | New |
| WAB Wabtec Corp. | 1.52% | 300,110 | $64.1M | Reduce -0.8% |
| ROKU Roku Inc. | 1.50% | 582,980 | $63.2M | Reduce -29.1% |
| FIGR Figure Technology Solut Class A | 1.49% | 1,539,785 | $62.9M | Reduce -27.3% |
| CRH CRH PLC | 1.40% | 474,955 | $59.3M | Add +20.6% |
| OPCH Option Care Health Inc. | 1.32% | 1,745,950 | $55.6M | Add +78.6% |
| EEM iShares MSCI Emerging Market | 1.17% | 902,500 | $49.4M | Reduce -52.5% |
| DAL Delta Air Lines Inc. | 1.07% | 650,910 | $45.2M | New |
| UAL United Airlines Holdings Inc. | 0.92% | 348,400 | $39.0M | New |
| STUB Stubhub Holdings Inc. Class A | 0.74% | 2,305,751 | $31.2M | Reduce -45.9% |
| ON On Semiconductor | 0.69% | 536,260 | $29.0M | New |
| FLUT Flutter Entertainment PLC-Di | 0.59% | 115,245 | $24.8M | No change |
| PCT Purecycle Technologies Inc. | 0.59% | 2,878,434 | $24.7M | Add +25.0% |
| AEVA Aeva Technologies Inc. | 0.57% | 1,824,862 | $24.2M | Reduce -0.8% |
| GS Goldman Sachs Group Inc. | 0.57% | 27,500 | $24.2M | New |
| CLF Cleveland-Cliffs Inc. | 0.55% | 1,745,655 | $23.2M | Reduce -35.7% |
| YPF YPF S.A.-Sponsored ADR filed as YPF SOCIEDAD ANONIMA | 0.52% | 606,990 | $21.9M | Add +429.2% |
| STM Stmicroelectronics NV-NY SHS | 0.48% | 773,555 | $20.1M | New |
| U Unity Software Inc. | 0.43% | 410,020 | $18.1M | Reduce -53.5% |
| SCCO Southern Copper Corp. | 0.41% | 120,817 | $17.3M | New |
| DAKT Daktronics Inc. | 0.40% | 852,960 | $16.9M | Reduce -40.6% |
| RH RH | 0.37% | 88,200 | $15.8M | New |
| CMG Chipotle Mexican Grill Inc. | 0.34% | 391,930 | $14.5M | Add +68.1% |
| PTGX Protagonist Therapeutics Inc. | 0.33% | 159,700 | $13.9M | No change |
| Z Zillow Group Inc. Class C | 0.31% | 192,640 | $13.1M | New |
| CDTX Cidara Therapeutics Inc. | 0.26% | 49,495 | $10.9M | New |
| PM Philip Morris International | 0.26% | 67,400 | $10.8M | New |
| AAL American Airlines Group Inc. | 0.23% | 639,785 | $9.8M | New |
| AGX Argan Inc. | 0.22% | 30,000 | $9.4M | New |
| DASH DoorDash Inc. Class A | 0.19% | 35,900 | $8.1M | New |
| PGNY Progyny Inc. | 0.18% | 295,115 | $7.6M | New |
| ECHO Echostar Corp. Class A | 0.16% | 60,765 | $6.6M | No change |
| ADMA Adma Biologics Inc. | 0.11% | 252,200 | $4.6M | New |
| ALM Almonty Industries Inc. | 0.10% | 469,880 | $4.1M | New |
| WOLF Wolfspeed Inc. | 0.08% | 186,900 | $3.3M | New |
| WVE Wave Life Sciences Ltd. | 0.07% | 173,000 | $2.9M | New |
| NP Neptune Insurance Holdi Class A | 0.01% | 20,000 | $583K | New |
Options reported separately and not counted above: EWZ calls ($134.3M), SPY calls ($61.4M), IWM calls ($55.6M), AMZN calls ($23.1M).
Portfolio Sells Q3 2025 → Q4 2025
| TEVA Teva Pharmaceutical-SP ADR | Reduce -64.6% | 4.34% | −4.18 |
| INSM Insmed Inc. | Reduce -38.9% | 6.11% | −2.77 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −2.72 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -29.0% | 3.91% | −1.52 |
| DOCU Docusign Inc. | Reduce -39.5% | 1.65% | −1.44 |
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −1.42 |
| EEM iShares MSCI Emerging Market | Reduce -52.5% | 1.17% | −1.41 |
| CRS Carpenter Technology | Sold out | 0.00% | −1.37 |
| C Citigroup Inc. | Sold out | 0.00% | −1.33 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −1.31 |
| BAC Bank of America Corp. | Sold out | 0.00% | −1.30 |
| EQT Eqt Corp. | Sold out | 0.00% | −1.24 |
| MELI MercadoLibre Inc. | Reduce -19.2% | 2.25% | −1.22 |
| GEV GE Vernova Inc. | Sold out | 0.00% | −1.21 |
| VST Vistra Corp. | Sold out | 0.00% | −1.17 |
| STUB Stubhub Holdings Inc. Class A | Reduce -45.9% | 0.74% | −1.09 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.90 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −0.88 |
| FWONK Liberty Media Corp. Class C | Sold out | 0.00% | −0.77 |
| DKS Dick's Sporting Goods Inc. | Sold out | 0.00% | −0.75 |
| KBE SS SPDR S&P Bank ETF | Sold out | 0.00% | −0.73 |
| PCG P G & E Corp. | Sold out | 0.00% | −0.63 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.60 |
| ROKU Roku Inc. | Reduce -29.1% | 1.50% | −0.60 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −0.59 |
| SMTC Semtech Corp. | Sold out | 0.00% | −0.55 |
| STX Seagate Technology Holdings | Sold out | 0.00% | −0.52 |
| GPC Genuine Parts Co. | Sold out | 0.00% | −0.51 |
| ELVN Enliven Therapeutics Inc. | Sold out | 0.00% | −0.49 |
| POST Post Holdings Inc. | Sold out | 0.00% | −0.48 |
| SNDK Sandisk Corp. | Sold out | 0.00% | −0.47 |
| SYF Synchrony Financial | Sold out | 0.00% | −0.47 |
| U Unity Software Inc. | Reduce -53.5% | 0.43% | −0.47 |
| FIGR Figure Technology Solut Class A | Reduce -27.3% | 1.49% | −0.47 |
| ARGT Global X MSCI Argentina ETF | Sold out | 0.00% | −0.45 |
| DAKT Daktronics Inc. | Reduce -40.6% | 0.40% | −0.37 |
| CLF Cleveland-Cliffs Inc. | Reduce -35.7% | 0.55% | −0.29 |
| COF Capital One Financial Corp. | Sold out | 0.00% | −0.24 |
| SEI Solaris Energy Infrastructur | Sold out | 0.00% | −0.15 |
| MDB Mongodb Inc. | Sold out | 0.00% | −0.14 |
| TXRH Texas Roadhouse Inc. | Sold out | 0.00% | −0.13 |
| AEVA Aeva Technologies Inc. | Reduce -0.8% | 0.57% | −0.10 |
| WAB Wabtec Corp. | Reduce -0.8% | 1.52% | −0.02 |
| CHYM Chime Financial Inc. Class A | Sold out | 0.00% | −0.02 |
| WWD Woodward Inc. | Reduce -6.7% | 4.23% | +0.16 |
| NTRA Natera Inc. | Reduce -21.9% | 13.63% | +0.47 |
Portfolio Buys Q3 2025 → Q4 2025
| XLF SS Financial Select Sector | New | 7.13% | +7.13 |
| RSP Invesco S&P 500 Equal Weight | New | 5.33% | +5.33 |
| EWZ iShares MSCI Brazil ETF | New | 2.67% | +2.67 |
| GOOGL Alphabet Inc. Class A | Add +276.7% | 2.86% | +2.22 |
| AA Alcoa Corp. | New | 1.73% | +1.73 |
| ENTG Entegris Inc. | New | 1.69% | +1.69 |
| LSCC Lattice Semiconductor Corp. | New | 1.61% | +1.61 |
| SE Sea Ltd.-ADR | Add +244.3% | 2.85% | +1.61 |
| AMZN Amazon.com Inc. | Add +68.8% | 4.04% | +1.60 |
| BE Bloom Energy Corp. Class A | New | 1.52% | +1.52 |
| COGT Cogent Biosciences Inc. | Add +109.0% | 1.86% | +1.48 |
| TBBB BBB Foods Inc. Class A | Add +126.1% | 2.12% | +1.31 |
| NAMS Newamsterdam Pharma Co. NV | Add +59.6% | 2.55% | +1.16 |
| DAL Delta Air Lines Inc. | New | 1.07% | +1.07 |
| UAL United Airlines Holdings Inc. | New | 0.92% | +0.92 |
| ON On Semiconductor | New | 0.69% | +0.69 |
| OPCH Option Care Health Inc. | Add +78.6% | 1.32% | +0.63 |
| GS Goldman Sachs Group Inc. | New | 0.57% | +0.57 |
| STM Stmicroelectronics NV-NY SHS | New | 0.48% | +0.48 |
| YPF YPF S.A.-Sponsored ADR | Add +429.2% | 0.52% | +0.45 |
| SCCO Southern Copper Corp. | New | 0.41% | +0.41 |
| RH RH | New | 0.37% | +0.37 |
| Z Zillow Group Inc. Class C | New | 0.31% | +0.31 |
| CDTX Cidara Therapeutics Inc. | New | 0.26% | +0.26 |
| PM Philip Morris International | New | 0.26% | +0.26 |
| AAL American Airlines Group Inc. | New | 0.23% | +0.23 |
| AGX Argan Inc. | New | 0.22% | +0.22 |
| CRH CRH PLC | Add +20.6% | 1.40% | +0.20 |
| DASH DoorDash Inc. Class A | New | 0.19% | +0.19 |
| PGNY Progyny Inc. | New | 0.18% | +0.18 |
| CMG Chipotle Mexican Grill Inc. | Add +68.1% | 0.34% | +0.11 |
| ADMA Adma Biologics Inc. | New | 0.11% | +0.11 |
| QSR Restaurant Brands Intern | Add +6.9% | 1.95% | +0.11 |
| ALM Almonty Industries Inc. | New | 0.10% | +0.10 |
| WOLF Wolfspeed Inc. | New | 0.08% | +0.08 |
| WVE Wave Life Sciences Ltd. | New | 0.07% | +0.07 |
| NP Neptune Insurance Holdi Class A | New | 0.01% | +0.01 |
| CPNG Coupang Inc. | Add +46.2% | 3.79% | −0.01 |
| PCT Purecycle Technologies Inc. | Add +25.0% | 0.59% | −0.18 |
Options Activity Q3 2025 → Q4 2025
| EWZ iShares MSCI Brazil ETF | call | New | 4,228,000 | $134.3M |
| AMZN Amazon.com Inc. | call | New | 100,000 | $23.1M |
| NTRA Natera Inc. | call | Sold out | 100,000 | $16.1Mbefore exit |
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 |