Stanley Druckenmiller’s portfolio: Duquesne Family Office 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001536411Latest: Q2 2026
Q4 2025 filing in brief
In its Q4 2025 13F, filed February 17, 2026, Duquesne Family Office reported $4.5B across 62 US positions. The largest: NTRA (12.8%), XLF (6.7%), INSM (5.7%), RSP (5.0%), TEVA (4.1%). In the quarter it opened 28 positions, sold out of 31, added to 13 and trimmed 14; positions opened and sold out came to 53.5% 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 Feb 17, 2026
- 28 New
- 13 Added
- 14 Trimmed
- 31 Exited
62 positions at December 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | NTRA | Natera Inc | $575M | 2.5M | 12.80% | −21.9% | Trimmed |
| 2 | XLF | Select Sector Spdr Tr | $301M | 5.5M | 6.70% | — | New |
| 3 | INSM | Insmed Inc | $258M | 1.5M | 5.74% | −38.9% | Trimmed |
| 4 | RSP | Invesco Exchange Traded Fd T | $225M | 1.2M | 5.00% | — | New |
| 5 | TEVA | Teva Pharmaceutical Inds Ltd | $183M | 5.9M | 4.08% | −64.6% | Trimmed |
| 6 | WWD | Woodward Inc | $179M | 590.9K | 3.97% | −6.6% | Trimmed |
| 7 | AMZN | Amazon Com Inc | $170M | 737.9K | 3.79% | +68.8% | Added |
| 8 | TSM | Taiwan Semiconductor Mfg Ltd | $165M | 543.1K | 3.67% | −29.0% | Trimmed |
| 9 | CPNG | Coupang Inc | $160M | 6.8M | 3.55% | +46.2% | Added |
| 10 | EWZ | Ishares Inccall option | $134M | 4.2M | 2.99% | — | New |
| 11 | GOOGL | Alphabet Inc | $121M | 385.0K | 2.68% | +276.7% | Added |
| 12 | SE | Sea Ltd | $120M | 944.1K | 2.68% | +244.3% | Added |
| 13 | EWZ | Ishares Inc | $113M | 3.6M | 2.51% | — | New |
| 14 | — | Newamsterdam Pharma Company | $108M | 3.1M | 2.40% | +59.6% | Added |
| 15 | MELI | Mercadolibre Inc | $95M | 47.1K | 2.11% | −19.2% | Trimmed |
| 16 | — | Bbb Foods Inc | $89M | 2.7M | 1.99% | +126.1% | Added |
| 17 | QSR | Restaurant Brands Intl Inc | $82M | 1.2M | 1.84% | +6.9% | Added |
| 18 | COGT | Cogent Biosciences Inc | $79M | 2.2M | 1.75% | +109.0% | Added |
| 19 | AA | Alcoa Corp | $73M | 1.4M | 1.63% | — | New |
| 20 | ENTG | Entegris Inc | $71M | 844.2K | 1.58% | — | New |
| 21 | DOCU | Docusign Inc | $70M | 1.0M | 1.55% | −39.6% | Trimmed |
| 22 | LSCC | Lattice Semiconductor Corp | $68M | 926.0K | 1.52% | — | New |
| 23 | BE | Bloom Energy Corp | $64M | 740.5K | 1.43% | — | New |
| 24 | WAB | Wabtec | $64M | 300.1K | 1.43% | −0.8% | Held |
| 25 | ROKU | Roku Inc | $63M | 583.0K | 1.41% | −29.1% | Trimmed |
| 26 | FIGR | Figure Technology Solutio | $63M | 1.5M | 1.40% | −27.3% | Trimmed |
| 27 | SPY | Spdr S&P 500 Etf Trcall option | $61M | 90.0K | 1.37% | 0.0% | Held |
| 28 | — | Crh Plc | $59M | 475.0K | 1.32% | +20.6% | Added |
| 29 | IWM | Ishares Trcall option | $56M | 226.0K | 1.24% | 0.0% | Held |
| 30 | OPCH | Option Care Health Inc | $56M | 1.7M | 1.24% | +78.6% | Added |
| 31 | EEM | Ishares Tr | $49M | 902.5K | 1.10% | −52.5% | Trimmed |
| 32 | DAL | Delta Air Lines Inc Del | $45M | 650.9K | 1.01% | — | New |
| 33 | UAL | United Airls Hldgs Inc | $39M | 348.4K | 0.87% | — | New |
| 34 | STUB | Stubhub Hldgs Inc | $31M | 2.3M | 0.69% | −45.9% | Trimmed |
| 35 | ON | On Semiconductor Corp | $29M | 536.3K | 0.65% | — | New |
| 36 | FLUT | Flutter Entmt Plc | $25M | 115.2K | 0.55% | 0.0% | Held |
| 37 | PCT | Purecycle Technologies Inc | $25M | 2.9M | 0.55% | +25.0% | Added |
| 38 | AEVA | Aeva Technologies Inc | $24M | 1.8M | 0.54% | −0.8% | Held |
| 39 | GS | Goldman Sachs Group Inc | $24M | 27.5K | 0.54% | — | New |
| 40 | CLF | Cleveland-Cliffs Inc New | $23M | 1.7M | 0.52% | −35.7% | Trimmed |
| 41 | AMZN | Amazon Com Inccall option | $23M | 100.0K | 0.51% | — | New |
| 42 | YPF | Ypf Sociedad Anonima | $22M | 607.0K | 0.49% | +429.2% | Added |
| 43 | STM | Stmicroelectronics N V | $20M | 773.6K | 0.45% | — | New |
| 44 | U | Unity Software Inc | $18M | 410.0K | 0.40% | −53.5% | Trimmed |
| 45 | SCCO | Southern Copper Corp | $17M | 120.8K | 0.39% | — | New |
| 46 | DAKT | Daktronics Inc | $17M | 853.0K | 0.38% | −40.6% | Trimmed |
| 47 | RH | Rh | $16M | 88.2K | 0.35% | — | New |
| 48 | CMG | Chipotle Mexican Grill Inc | $15M | 391.9K | 0.32% | +68.1% | Added |
| 49 | PTGX | Protagonist Therapeutics Inc | $14M | 159.7K | 0.31% | 0.0% | Held |
| 50 | Z | Zillow Group Inc | $13M | 192.6K | 0.29% | — | New |
| 51 | CDTX | Cidara Therapeutics Inc | $11M | 49.5K | 0.24% | — | New |
| 52 | PM | Philip Morris Intl Inc | $11M | 67.4K | 0.24% | — | New |
| 53 | AAL | American Airls Group Inc | $10M | 639.8K | 0.22% | — | New |
| 54 | AGX | Argan Inc | $9M | 30.0K | 0.21% | — | New |
| 55 | DASH | Doordash Inc | $8M | 35.9K | 0.18% | — | New |
| 56 | PGNY | Progyny Inc | $8M | 295.1K | 0.17% | — | New |
| 57 | SATS | Echostar Corp | $7M | 60.8K | 0.15% | 0.0% | Held |
| 58 | ADMA | Adma Biologics Inc | $5M | 252.2K | 0.10% | — | New |
| 59 | ALM | Almonty Inds Inc | $4M | 469.9K | 0.09% | — | New |
| 60 | WOLF | Wolfspeed Inc | $3M | 186.9K | 0.07% | — | New |
| 61 | — | Wave Life Sciences Ltd | $3M | 173.0K | 0.07% | — | New |
| 62 | NP | Neptune Ins Hldgs Inc | $583K | 20.0K | 0.01% | — | New |
31 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 |
|---|---|---|---|
| VRNA | Verona Pharma Plc | $107M | 1.0M |
| META | Meta Platforms Inc | $56M | 76.1K |
| CRS | Carpenter Technology Corp | $54M | 220.0K |
| C | Citigroup Inc | $52M | 514.9K |
| TWLO | Twilio Inc | $51M | 512.8K |
| BAC | Bank America Corp | $51M | 989.3K |
| EQT | Eqt Corp | $49M | 895.0K |
| GEV | Ge Vernova Inc | $48M | 77.3K |
| VST | Vistra Corp | $46M | 234.0K |
| LEN | Lennar Corp | $35M | 279.4K |
| DHI | D R Horton Inc | $35M | 205.2K |
| FWONK | Liberty Media Corp Del | $30M | 288.4K |
| DKS | Dicks Sporting Goods Inc | $29M | 132.4K |
| KBE | Spdr Series Trust | $29M | 482.1K |
| PCG | Pg&E Corp | $25M | 1.6M |
| ARM | Arm Holdings Plc | $24M | 167.9K |
| NU | Nu Hldgs Ltd | $23M | 1.5M |
| SMTC | Semtech Corp | $22M | 301.5K |
| — | Seagate Technology Hldngs Pl | $20M | 85.9K |
| GPC | Genuine Parts Co | $20M | 144.2K |
| ELVN | Enliven Therapeutics Inc | $19M | 947.4K |
| POST | Post Hldgs Inc | $19M | 176.4K |
| SNDK | Sandisk Corp | $19M | 166.2K |
| SYF | Synchrony Financial | $19M | 261.8K |
| ARGT | Global X Fds | $18M | 254.0K |
| NTRA | Natera Inccall option | $16M | 100.0K |
| COF | Capital One Finl Corp | $9M | 43.9K |
| SEI | Solaris Energy Infras Inc | $6M | 145.6K |
| MDB | Mongodb Inc | $5M | 17.7K |
| TXRH | Texas Roadhouse Inc | $5M | 29.8K |
| CHYM | Chime Finl Inc | $872K | 43.2K |
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.