Great investors · Stanley Druckenmiller · Q4 2024
What Stanley Druckenmiller bought and sold in Q4 2024
Duquesne Family Office 13F portfolio as of Dec 31, 2024: 74 positions worth $3.6 bn. Largest: NTRA, COHR, WWD, TEVA. Filed with the SEC on Feb 14, 2025.
The 13F is filed by Duquesne Family Office, not by Stanley Druckenmiller personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2024
- IncreasedTEVA Pharmaceutical IndustriesTEVA+4.7 pp
- NewUnited Airlines HoldingsUAL+2.9 pp
- NewSkechers USKAA+2.0 pp
- NewAmazon.comAMZN+2.0 pp
- NewSLMSLM+2.0 pp
- IncreasedYPF Sociedad AnonimaYPF+1.5 pp
- NewDelta Air LinesDAL+1.4 pp
- NewWarner Bros. DiscoveryWBD+1.4 pp
- NewEli LillyLLY+1.4 pp
- IncreasedInsmedINSM+1.1 pp
- NewBrookfieldBN+1.0 pp
- NewMicron TechnologyMU+1.0 pp
Sells in Q4 2024
- ReducedState Street SPDR S&P Regional Bank ETFKRE−2.5 pp
- ReducedFlutter EntertainmentFLUT−1.7 pp
- ReducedCoupangCPNG−1.7 pp
- Sold outBroadcomAVGO−1.2 pp
- Sold outMid-america Apartment CommunitiesMAA−1.1 pp
- Sold outCamden Property TrustCPT−1.0 pp
- ReducedDiscover Financial Services−0.7 pp
- ReducedTECK ResourcesTECK−0.7 pp
- ReducedFreeport-McMoRanFCX−0.7 pp
- Sold outCore & MainCNM−0.6 pp
- Sold outMicrosoftMSFT−0.5 pp
- ReducedCitigroupC−0.5 pp
34 companies with material moves, out of 76 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Duquesne Family Office's Q4 2024 13F lists 74 lines of US-listed securities worth $3.6 bn; the largest is NTRA at 15.9% of the portfolio. It was accepted by the SEC on Feb 14, 2025 at 4:03 PM ET.
Against the previous quarter, it opened 21 positions (UAL, SKAA, AMZN and SLM and 17 more), closed 19 (AVGO, MAA, CPT and CNM and 15 more), added to 22 (INSM, TEVA, YPF and ARM and 18 more) and trimmed 15 (CPNG, KRE, COHR and FCX and 11 more). 16 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Natera NTRA | 3.6 M | $565M | 15.9% | no change |
| 2 | Coherent COHR | 2.8 M | $267M | 7.52% | −5.3% |
| 3 | Woodward WWD | 1.2 M | $204M | 5.74% | +16% |
| 4 | TEVA Pharmaceutical Industries TEVA | 9.0 M | $198M | 5.58% | +530% |
| 5 | Coupang CPNG | 8.9 M | $196M | 5.50% | −24% |
| 6 | Philip Morris International PM | 1.4 M | $163M | 4.58% | +19% |
| 7 | Seagate Technology Holdings STX | 1.6 M | $135M | 3.80% | −4.7% |
| 8 | United Airlines Holdings UAL | 1.0 M | $101M | 2.85% | new |
| 9 | MercadoLibre MELI | 53,725 | $91.4M | 2.57% | +12% |
| 10 | Skechers U SKAA | 1.1 M | $72.3M | 2.03% | new |
| 11 | Amazon.com AMZN | 328,400 | $72.0M | 2.03% | new |
| 12 | YPF Sociedad Anonima YPF | 1.7 M | $71.7M | 2.02% | +292% |
| 13 | SLM SLM | 2.5 M | $69.5M | 1.96% | new |
| 14 | Kinder Morgan KMI | 2.2 M | $61.0M | 1.72% | −15% |
| 15 | United States Steel | 1.6 M | $54.7M | 1.54% | +143% |
| 16 | Wabtec WAB | 280,060 | $53.1M | 1.49% | +56% |
| 17 | Delta Air Lines DAL | 817,740 | $49.5M | 1.39% | new |
| 18 | Warner Bros. Discovery WBD | 4.7 M | $49.2M | 1.38% | new |
| 19 | Eli Lilly LLY | 62,190 | $48.0M | 1.35% | new |
| 20 | Macro Bank BMA | 485,430 | $47.0M | 1.32% | +14% |
| 21 | Global X Msci Argentina ETF ARGT | 548,800 | $45.4M | 1.28% | +95% |
| 22 | Daktronics DAKT | 2.6 M | $44.3M | 1.25% | +2.2% |
| 23 | Barclays BCS | 3.2 M | $42.4M | 1.19% | +59% |
| 24 | Verona Pharma VRNA | 887,580 | $41.2M | 1.16% | +29% |
| 25 | Insmed INSM | 593,470 | $41.0M | 1.15% | ×30 |
| 26 | Vistra Operations VST | 283,355 | $39.1M | 1.10% | −28% |
| 27 | Ascendis Pharma A/s | 265,040 | $36.5M | 1.03% | no change |
| 28 | Brookfield BN | 610,225 | $35.1M | 0.99% | new |
| 29 | Micron Technology MU | 408,885 | $34.4M | 0.97% | new |
| 30 | State Street SPDR S&P Regional Bank ETF KRE | 554,138 | $33.4M | 0.94% | −73% |
| 31 | BWX Technologies BWXT | 299,171 | $33.3M | 0.94% | new |
| 32 | GE Vernova GEV | 99,750 | $32.8M | 0.92% | +241% |
| 33 | Springworks Therapeutics SWTX | 859,694 | $31.1M | 0.87% | +22% |
| 34 | nVent Electric NVT | 451,065 | $30.7M | 0.86% | no change |
| 35 | Freeport-McMoRan FCX | 758,905 | $28.9M | 0.81% | −45% |
| 36 | Grupo Financiero Galicia GGAL | 448,663 | $28.0M | 0.79% | +26% |
| 37 | Discover Financial Services | 146,970 | $25.5M | 0.72% | −48% |
| 38 | Western Digital WDC | 417,160 | $24.9M | 0.70% | +484% |
| 39 | US Bancorp \de\ USB | 503,595 | $24.1M | 0.68% | +132% |
| 40 | ARM Holdings ARM | 178,394 | $22.0M | 0.62% | +726% |
| 41 | Taiwan Semiconductor Manufacturing TSM | 107,515 | $21.2M | 0.60% | +87% |
| 42 | ZoomInfo Technologies GTM | 1.8 M | $18.5M | 0.52% | −18% |
| 43 | TECK Resources TECK | 431,545 | $17.5M | 0.49% | −58% |
| 44 | PureCycle Technologies PCT | 1.6 M | $16.3M | 0.46% | new |
| 45 | American Airlines Group AAL | 919,928 | $16.0M | 0.45% | new |
| 46 | Palo Alto Networks PANW | 87,424 | $15.9M | 0.45% | no change |
| 47 | Tesla TSLA | 37,675 | $15.2M | 0.43% | new |
| 48 | Alphabet GOOGL | 76,680 | $14.5M | 0.41% | new |
| 49 | FLEX FLEX | 348,900 | $13.4M | 0.38% | no change |
| 50 | First Horizon FHN | 619,700 | $12.5M | 0.35% | no change |
| 51 | Wells Fargo WFC | 157,100 | $11.0M | 0.31% | new |
| 52 | First Citizens Bancshares FCNCA | 5,183 | $11.0M | 0.31% | no change |
| 53 | Huntington Bancshares HBAN | 671,200 | $10.9M | 0.31% | no change |
| 54 | Live Nation Entertainment LYV | 79,635 | $10.3M | 0.29% | new |
| 55 | Truist Financial TFC | 233,500 | $10.1M | 0.28% | no change |
| 56 | Ameris Bancorp ABCB | 154,000 | $9.6M | 0.27% | no change |
| 57 | KeyCorp KEY | 527,000 | $9.0M | 0.25% | −9.7% |
| 58 | Terawulf WULF | 1.5 M | $8.3M | 0.23% | −50% |
| 59 | NewAmsterdam Pharma NAMS | 287,535 | $7.4M | 0.21% | no change |
| 60 | Vaxcyte PCVX | 86,265 | $7.1M | 0.20% | +101% |
| 61 | Crinetics Pharmaceuticals CRNX | 122,700 | $6.3M | 0.18% | −60% |
| 62 | Mirion Technologies MIR | 342,700 | $6.0M | 0.17% | new |
| 63 | Sunrise Communications SNNRF | 133,152 | $5.7M | 0.16% | new |
| 64 | Arcellx ACLX | 74,100 | $5.7M | 0.16% | no change |
| 65 | Citigroup C | 72,655 | $5.1M | 0.14% | −78% |
| 66 | Nu Holdings NU | 467,255 | $4.8M | 0.14% | new |
| 67 | e.l.f. Beauty ELF | 37,300 | $4.7M | 0.13% | new |
| 68 | Flutter Entertainment FLUT | 18,100 | $4.7M | 0.13% | −93% |
| 69 | IQVIA Holdings IQV | 21,500 | $4.2M | 0.12% | new |
| 70 | Ultragenyx Pharmaceutical RARE | 85,445 | $3.6M | 0.10% | no change |
| 71 | Palantir Technologies PLTR | 41,710 | $3.2M | 0.09% | no change |
| 72 | TriSalus Life Sciences TLSI | 426,921 | $2.1M | 0.06% | no change |
| 73 | Joby Aviation JOBY | 31,489 | $256K | 0.01% | +40% |
| 74 | Invivyd IVVD | 571,425 | $253K | 0.01% | no change |
Positions it closed (19)
- Broadcom AVGOwas 1.45% · 239,980 shares
- Mid-america Apartment Communities MAAwas 1.33% · 238,720 shares
- Camden Property Trust CPTwas 1.26% · 290,915 shares
- Core & Main CNMwas 0.74% · 475,195 shares
- Microsoft MSFTwas 0.65% · 43,095 shares
- Adobe ADBEwas 0.63% · 34,495 shares
- CRH public CRHwas 0.53% · 162,500 shares
- Chubb CBwas 0.35% · 34,800 shares
- Autodesk ADSKwas 0.35% · 36,400 shares
- M&t Bank MTBwas 0.35% · 56,200 shares
- Citizens Financial Group CFGwas 0.34% · 238,600 shares
- ARS Pharmaceuticals SPRYwas 0.27% · 536,900 shares
- Silence Therapeutics SLNwas 0.25% · 387,400 shares
- TC Energy TRPwas 0.19% · 115,400 shares
- Starbucks SBUXwas 0.18% · 52,305 shares
- XPO XPOwas 0.18% · 46,500 shares
- Bicycle Therapeutics BCYCwas 0.15% · 190,200 shares
- IHS Holding IHSwas 0.08% · 770,310 shares
- Nurix Therapeutics NRIXwas 0.03% · 44,200 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Duquesne Family Office's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.