Stanley Druckenmiller’s portfolio: Duquesne Family Office 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001536411Latest: Q2 2026
Q2 2025 filing in brief
In its Q2 2025 13F, filed August 15, 2025, Duquesne Family Office reported $4.1B across 69 US positions. The largest: NTRA (12.8%), TEVA (6.6%), INSM (5.6%), WWD (5.1%), TSM (4.3%). In the quarter it opened 35 positions, sold out of 18, added to 12 and trimmed 18; positions opened and sold out came to 39.7% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed Aug 15, 2025
- 35 New
- 12 Added
- 18 Trimmed
- 18 Exited
69 positions at June 30, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | NTRA | Natera Inc | $521M | 3.1M | 12.80% | −9.3% | Trimmed |
| 2 | TEVA | Teva Pharmaceutical Inds Ltd | $268M | 16.0M | 6.57% | +7.3% | Added |
| 3 | INSM | Insmed Inc | $227M | 2.3M | 5.57% | +64.6% | Added |
| 4 | WWD | Woodward Inc | $208M | 848.9K | 5.11% | −22.7% | Trimmed |
| 5 | TSM | Taiwan Semiconductor Mfg Ltd | $173M | 765.1K | 4.26% | +27.8% | Added |
| 6 | PM | Philip Morris Intl Inc | $149M | 816.0K | 3.65% | −26.2% | Trimmed |
| 7 | MELI | Mercadolibre Inc | $140M | 53.7K | 3.45% | 0.0% | Held |
| 8 | ENTG | Entegris Inc | $133M | 1.6M | 3.26% | — | New |
| 9 | CPNG | Coupang Inc | $123M | 4.1M | 3.02% | −55.9% | Trimmed |
| 10 | FLUT | Flutter Entmt Plc | $116M | 405.3K | 2.84% | +7.4% | Added |
| 11 | COHR | Coherent Corp | $103M | 1.2M | 2.54% | −47.9% | Trimmed |
| 12 | DOCU | Docusign Inc | $101M | 1.3M | 2.47% | +20.1% | Added |
| 13 | MSFT | Microsoft Corp | $100M | 200.9K | 2.45% | — | New |
| 14 | ROKU | Roku Inc | $97M | 1.1M | 2.38% | +123.0% | Added |
| 15 | VRNA | Verona Pharma Plc | $95M | 1.0M | 2.33% | 0.0% | Held |
| 16 | LLY | Eli Lilly & Co | $78M | 100.7K | 1.93% | +6.2% | Added |
| 17 | WBD | Warner Bros Discovery Inc | $75M | 6.5M | 1.84% | — | New |
| 18 | EQT | Eqt Corp | $73M | 1.3M | 1.79% | +45.8% | Added |
| 19 | IWM | Ishares Trcall option | $72M | 335.0K | 1.78% | — | New |
| 20 | C | Citigroup Inc | $57M | 666.3K | 1.39% | — | New |
| 21 | SPY | Spdr S&P 500 Etf Trcall option | $56M | 90.0K | 1.37% | — | New |
| 22 | XLF | Select Sector Spdr Tr | $52M | 985.3K | 1.27% | — | New |
| 23 | QSR | Restaurant Brands Intl Inc | $50M | 751.0K | 1.22% | — | New |
| 24 | SE | Sea Ltd | $50M | 309.7K | 1.22% | — | New |
| 25 | NU | Nu Hldgs Ltd | $47M | 3.4M | 1.15% | — | New |
| 26 | DAKT | Daktronics Inc | $47M | 3.1M | 1.14% | +0.3% | Held |
| 27 | U | Unity Software Inc | $43M | 1.8M | 1.05% | — | New |
| 28 | CZR | Caesars Entertainment Inc Ne | $40M | 1.4M | 0.97% | −9.9% | Trimmed |
| 29 | DAL | Delta Air Lines Inc Del | $39M | 793.5K | 0.96% | +129.9% | Added |
| 30 | WAB | Wabtec | $36M | 170.5K | 0.88% | −43.4% | Trimmed |
| 31 | CRS | Carpenter Technology Corp | $35M | 126.6K | 0.86% | — | New |
| 32 | GLW | Corning Inc | $33M | 623.1K | 0.80% | — | New |
| 33 | PCT | Purecycle Technologies Inc | $32M | 2.3M | 0.77% | −31.6% | Trimmed |
| 34 | KMI | Kinder Morgan Inc Del | $32M | 1.1M | 0.77% | −35.2% | Trimmed |
| 35 | APP | Applovin Corp | $31M | 89.5K | 0.77% | +122.5% | Added |
| 36 | UAL | United Airls Hldgs Inc | $30M | 377.1K | 0.74% | +2.3% | Added |
| 37 | GS | Goldman Sachs Group Inc | $30M | 42.0K | 0.73% | — | New |
| 38 | BCS | Barclays Plc | $29M | 1.5M | 0.71% | −59.4% | Trimmed |
| 39 | ILMN | Illumina Inc | $29M | 300.6K | 0.70% | — | New |
| 40 | — | Seagate Technology Hldngs Pl | $29M | 197.5K | 0.70% | −10.0% | Trimmed |
| 41 | TWLO | Twilio Inc | $25M | 200.5K | 0.61% | −44.6% | Trimmed |
| 42 | AVGO | Broadcom Inc | $24M | 86.1K | 0.58% | — | New |
| 43 | ARGT | Global X Fds | $23M | 267.7K | 0.56% | −39.7% | Trimmed |
| 44 | YPF | Ypf Sociedad Anonima | $22M | 704.0K | 0.54% | −66.1% | Trimmed |
| 45 | EWZ | Ishares Inc | $21M | 738.8K | 0.52% | — | New |
| 46 | HAS | Hasbro Inc | $21M | 281.1K | 0.51% | — | New |
| 47 | OPCH | Option Care Health Inc | $21M | 636.9K | 0.51% | — | New |
| 48 | XPO | Xpo Inc | $21M | 163.1K | 0.51% | — | New |
| 49 | NTRA | Natera Inccall option | $19M | 114.5K | 0.48% | — | New |
| 50 | BAC | Bank America Corp | $16M | 341.9K | 0.40% | — | New |
| 51 | CHYM | Chime Finl Inc | $16M | 466.8K | 0.40% | — | New |
| 52 | BMA | Banco Macro Sa | $16M | 220.9K | 0.38% | −48.8% | Trimmed |
| 53 | — | Newamsterdam Pharma Company | $15M | 832.2K | 0.37% | +4.0% | Added |
| 54 | VKTX | Viking Therapeutics Inc | $15M | 549.3K | 0.36% | — | New |
| 55 | GGAL | Grupo Financiero Galicia S.A | $12M | 231.5K | 0.29% | −39.3% | Trimmed |
| 56 | BWXT | Bwx Technologies Inc | $11M | 76.5K | 0.27% | — | New |
| 57 | INSM | Insmed Inccall option | $10M | 100.0K | 0.25% | — | New |
| 58 | — | Bbb Foods Inc | $10M | 360.6K | 0.25% | — | New |
| 59 | DHI | D R Horton Inc | $10M | 77.4K | 0.25% | — | New |
| 60 | LEN | Lennar Corp | $10M | 89.9K | 0.24% | — | New |
| 61 | BLDR | Builders Firstsource Inc | $10M | 85.1K | 0.24% | — | New |
| 62 | FCX | Freeport-Mcmoran Inc | $10M | 224.8K | 0.24% | −77.9% | Trimmed |
| 63 | CCC | Ccc Intelligent Solutions Hl | $9M | 1.0M | 0.23% | −82.0% | Trimmed |
| 64 | ELVN | Enliven Therapeutics Inc | $9M | 463.0K | 0.23% | — | New |
| 65 | — | Elbit Sys Ltd | $8M | 18.3K | 0.20% | — | New |
| 66 | TMO | Thermo Fisher Scientific Inc | $5M | 12.2K | 0.12% | — | New |
| 67 | DHR | Danaher Corporation | $5M | 24.7K | 0.12% | — | New |
| 68 | CC | Chemours Co | $5M | 421.8K | 0.12% | — | New |
| 69 | — | Joby Aviation Inc | $332K | 31.5K | 0.01% | 0.0% | Held |
18 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| DAL | Delta Air Lines Inc Delcall option | $41M | 949.5K |
| COF | Capital One Finl Corp | $35M | 197.7K |
| — | Springworks Therapeutics Inc | $27M | 615.9K |
| AMZN | Amazon Com Inc | $26M | 136.8K |
| ASND | Ascendis Pharma A/S | $25M | 158.7K |
| — | Seagate Technology Hldngs Plcall option | $21M | 246.5K |
| BN | Brookfield Corp | $17M | 315.9K |
| TECK | Teck Resources Ltd | $16M | 431.5K |
| UAL | United Airls Hldgs Inccall option | $16M | 226.0K |
| BBIO | Bridgebio Pharma Inc | $15M | 438.1K |
| — | Flex Ltd | $12M | 348.9K |
| EXE | Expand Energy Corporation | $11M | 97.7K |
| AR | Antero Resources Corp | $10M | 258.4K |
| PI | Impinj Inc | $10M | 108.5K |
| TSLA | Tesla Inc | $5M | 18.8K |
| RARE | Ultragenyx Pharmaceutical In | $3M | 85.4K |
| AAL | American Airl | $1M | 133.7K |
| IVVD | Invivyd Inc | $346K | 571.4K |
Every quarter on file (53)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.