Great investors · Stanley Druckenmiller · Q1 2025
What Stanley Druckenmiller bought and sold in Q1 2025
Duquesne Family Office 13F portfolio as of Mar 31, 2025: 49 positions worth $3.0 bn. Largest: NTRA, TEVA, CPNG, WWD. Filed with the SEC on May 15, 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 Q1 2025
- IncreasedTEVA Pharmaceutical IndustriesTEVA+2.5 pp
- NewDocusignDOCU+2.5 pp
- IncreasedTaiwan Semiconductor ManufacturingTSM+2.3 pp
- IncreasedFlutter EntertainmentFLUT+2.2 pp
- IncreasedInsmedINSM+1.7 pp
- NewCCC Intelligent Solutions HoldingsCCC+1.4 pp
- NewEQTEQT+1.3 pp
- NewCaesars EntertainmentCZR+1.1 pp
- NewTwilioTWLO+1.0 pp
- NewCapital One FinancialCOF+1.0 pp
- NewRokuROKU+1.0 pp
- IncreasedEli LillyLLY+0.8 pp
Sells in Q1 2025
- ReducedSeagate Technology HoldingsSTX−3.2 pp
- Sold outSkechers USKAA−2.0 pp
- Sold outSLMSLM−2.0 pp
- Sold outUnited States Steel−1.5 pp
- Sold outWarner Bros. DiscoveryWBD−1.4 pp
- ReducedUnited Airlines HoldingsUAL−1.3 pp
- ReducedPhilip Morris InternationalPM−1.1 pp
- Sold outVistra OperationsVST−1.1 pp
- ReducedCoherentCOHR−1.1 pp
- ReducedAmazon.comAMZN−1.0 pp
- Sold outMicron TechnologyMU−1.0 pp
- Sold outState Street SPDR S&P Regional Bank ETFKRE−0.9 pp
35 companies with material moves, out of 80 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 Q1 2025 13F lists 49 lines of US-listed securities worth $3.0 bn; the largest is NTRA at 16.1% of the portfolio. It was accepted by the SEC on May 15, 2025 at 3:48 PM ET.
Against the previous quarter, it opened 12 positions (DOCU, CCC, EQT and CZR and 8 more), closed 37 (SKAA, SLM, United States Steel and WBD and 33 more), added to 14 (FLUT, TSM, TEVA and INSM and 10 more) and trimmed 17 (PM, COHR, NTRA and WWD and 13 more). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Natera NTRA | 3.4 M | $481M | 16.1% | −4.6% |
| 2 | TEVA Pharmaceutical Industries TEVA | 14.9 M | $229M | 7.67% | +65% |
| 3 | Coupang CPNG | 9.3 M | $204M | 6.84% | +4.5% |
| 4 | Woodward WWD | 1.1 M | $200M | 6.72% | −10% |
| 5 | Philip Morris International PM | 1.1 M | $175M | 5.88% | −18% |
| 6 | Coherent COHR | 2.2 M | $144M | 4.84% | −21% |
| 7 | MercadoLibre MELI | 53,725 | $105M | 3.51% | no change |
| 8 | Insmed INSM | 1.4 M | $104M | 3.50% | +131% |
| 9 | Taiwan Semiconductor Manufacturing TSM | 598,780 | $99.4M | 3.33% | +457% |
| 10 | Docusign DOCU | 1.1 M | $87.5M | 2.93% | new |
| 11 | Flutter Entertainment FLUT | 377,475 | $83.6M | 2.80% | ×21 |
| 12 | Eli Lilly LLY | 94,830 | $78.3M | 2.63% | +52% |
| 13 | YPF Sociedad Anonima YPF | 2.1 M | $72.7M | 2.44% | +23% |
| 14 | Verona Pharma VRNA | 1.0 M | $63.6M | 2.13% | +13% |
| 15 | Barclays BCS | 3.8 M | $58.6M | 1.97% | +20% |
| 16 | Wabtec WAB | 301,095 | $54.6M | 1.83% | +7.5% |
| 17 | CCC Intelligent Solutions Holdings CCC | 5.6 M | $50.5M | 1.69% | new |
| 18 | Kinder Morgan KMI | 1.7 M | $47.2M | 1.58% | −26% |
| 19 | EQT EQT | 859,345 | $45.9M | 1.54% | new |
| 20 | Caesars Entertainment CZR | 1.5 M | $38.7M | 1.30% | new |
| 21 | Freeport-McMoRan FCX | 1.0 M | $38.5M | 1.29% | +34% |
| 22 | Daktronics DAKT | 3.1 M | $37.4M | 1.25% | +17% |
| 23 | Global X Msci Argentina ETF ARGT | 443,800 | $35.8M | 1.20% | −19% |
| 24 | Twilio TWLO | 362,155 | $35.5M | 1.19% | new |
| 25 | Capital One Financial COF | 197,670 | $35.4M | 1.19% | new |
| 26 | Roku ROKU | 493,600 | $34.8M | 1.17% | new |
| 27 | Macro Bank BMA | 431,815 | $32.6M | 1.09% | −11% |
| 28 | Springworks Therapeutics SWTX | 615,929 | $27.2M | 0.91% | −28% |
| 29 | Amazon.com AMZN | 136,765 | $26.0M | 0.87% | −58% |
| 30 | United Airlines Holdings UAL | 368,685 | $25.5M | 0.85% | −65% |
| 31 | Ascendis Pharma A/s | 158,720 | $24.7M | 0.83% | −40% |
| 32 | PureCycle Technologies PCT | 3.4 M | $23.3M | 0.78% | +111% |
| 33 | Grupo Financiero Galicia GGAL | 381,481 | $20.8M | 0.70% | −15% |
| 34 | Seagate Technology Holdings STX | 219,477 | $18.6M | 0.63% | −86% |
| 35 | Brookfield BN | 315,925 | $16.6M | 0.56% | −48% |
| 36 | NewAmsterdam Pharma NAMS | 800,360 | $16.4M | 0.55% | +178% |
| 37 | TECK Resources TECK | 431,545 | $15.7M | 0.53% | no change |
| 38 | BridgeBio Pharma BBIO | 438,050 | $15.1M | 0.51% | new |
| 39 | Delta Air Lines DAL | 345,135 | $15.0M | 0.50% | −58% |
| 40 | FLEX FLEX | 348,900 | $11.5M | 0.39% | no change |
| 41 | Expand Energy EXE | 97,700 | $10.9M | 0.36% | new |
| 42 | AppLovin APP | 40,200 | $10.7M | 0.36% | new |
| 43 | Antero Resources AR | 258,400 | $10.5M | 0.35% | new |
| 44 | Impinj PI | 108,475 | $9.8M | 0.33% | new |
| 45 | Tesla TSLA | 18,838 | $4.9M | 0.16% | −50% |
| 46 | Ultragenyx Pharmaceutical RARE | 85,445 | $3.1M | 0.10% | no change |
| 47 | American Airlines Group AAL | 133,728 | $1.4M | 0.05% | −85% |
| 48 | Invivyd IVVD | 571,425 | $346K | 0.01% | no change |
| 49 | Joby Aviation JOBY | 31,489 | $190K | 0.01% | no change |
Positions it closed (37)
- Skechers U SKAAwas 2.03% · 1.1 M shares
- SLM SLMwas 1.96% · 2.5 M shares
- United States Steel was 1.54% · 1.6 M shares
- Warner Bros. Discovery WBDwas 1.38% · 4.7 M shares
- Vistra Operations VSTwas 1.10% · 283,355 shares
- Micron Technology MUwas 0.97% · 408,885 shares
- Spdr Ser Tr KREwas 0.94% · 554,138 shares
- BWX Technologies BWXTwas 0.94% · 299,171 shares
- GE Vernova GEVwas 0.92% · 99,750 shares
- nVent Electric NVTwas 0.86% · 451,065 shares
- Discover Financial Services was 0.72% · 146,970 shares
- Western Digital WDCwas 0.70% · 417,160 shares
- US Bancorp \de\ USBwas 0.68% · 503,595 shares
- ARM Holdings ARMwas 0.62% · 178,394 shares
- ZoomInfo Technologies GTMwas 0.52% · 1.8 M shares
- Palo Alto Networks PANWwas 0.45% · 87,424 shares
- Alphabet GOOGLwas 0.41% · 76,680 shares
- First Horizon FHNwas 0.35% · 619,700 shares
- Wells Fargo WFCwas 0.31% · 157,100 shares
- First Citizens Bancshares FCNCAwas 0.31% · 5,183 shares
- Huntington Bancshares HBANwas 0.31% · 671,200 shares
- Live Nation Entertainment LYVwas 0.29% · 79,635 shares
- Truist Financial TFCwas 0.28% · 233,500 shares
- Ameris Bancorp ABCBwas 0.27% · 154,000 shares
- KeyCorp KEYwas 0.25% · 527,000 shares
- Terawulf WULFwas 0.23% · 1.5 M shares
- Vaxcyte PCVXwas 0.20% · 86,265 shares
- Crinetics Pharmaceuticals CRNXwas 0.18% · 122,700 shares
- Mirion Technologies MIRwas 0.17% · 342,700 shares
- Sunrise Communications SNNRFwas 0.16% · 133,152 shares
- Arcellx ACLXwas 0.16% · 74,100 shares
- Citigroup Cwas 0.14% · 72,655 shares
- Nu Holdings NUwas 0.14% · 467,255 shares
- e.l.f. Beauty ELFwas 0.13% · 37,300 shares
- IQVIA Holdings IQVwas 0.12% · 21,500 shares
- Palantir Technologies PLTRwas 0.09% · 41,710 shares
- TriSalus Life Sciences TLSIwas 0.06% · 426,921 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.