Great investors · Stanley Druckenmiller · Q2 2025
What Stanley Druckenmiller bought and sold in Q2 2025
Duquesne Family Office 13F portfolio as of Jun 30, 2025: 65 positions worth $3.9 bn. Largest: NTRA, TEVA, INSM, WWD. Filed with the SEC on Aug 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 Q2 2025
- NewEntegrisENTG+3.4 pp
- NewMicrosoftMSFT+2.6 pp
- IncreasedInsmedINSM+2.3 pp
- NewWarner Bros. DiscoveryWBD+1.9 pp
- NewCitigroupC+1.4 pp
- IncreasedRokuROKU+1.4 pp
- NewState Street Financial Select Sector ETFXLF+1.3 pp
- NewRestaurant Brands InternationalQSR+1.3 pp
- NewSeaSE+1.3 pp
- NewNu HoldingsNU+1.2 pp
- NewUnity SoftwareU+1.1 pp
- IncreasedTaiwan Semiconductor ManufacturingTSM+1.0 pp
Sells in Q2 2025
- ReducedCoupangCPNG−4.0 pp
- ReducedCoherentCOHR−2.4 pp
- ReducedWoodwardWWD−1.6 pp
- ReducedNateraNTRA−1.4 pp
- ReducedPhilip Morris InternationalPM−1.3 pp
- ReducedCCC Intelligent Solutions HoldingsCCC−1.1 pp
- ReducedYPF Sociedad AnonimaYPF−1.1 pp
- ReducedBarclaysBCS−1.1 pp
- Sold outCapital One FinancialCOF−0.9 pp
- ReducedFreeport-McMoRanFCX−0.9 pp
- ReducedWabtecWAB−0.7 pp
- Sold outSpringworks TherapeuticsSWTX−0.7 pp
38 companies with material moves, out of 75 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 Q2 2025 13F lists 65 lines of US-listed securities worth $3.9 bn; the largest is NTRA at 13.3% of the portfolio. It was accepted by the SEC on Aug 15, 2025 at 5:17 PM ET.
Against the previous quarter, it opened 31 positions (ENTG, MSFT, WBD and C and 27 more), closed 15 (COF, SWTX, AMZN and Ascendis Pharma A/S and 11 more), added to 12 (INSM, ROKU, DAL and TSM and 8 more) and trimmed 18 (CPNG, COHR, NTRA and WWD and 14 more). 4 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Natera NTRA | 3.1 M | $521M | 13.3% | −9.3% |
| 2 | TEVA Pharmaceutical Industries TEVA | 16.0 M | $268M | 6.84% | +7.3% |
| 3 | Insmed INSM | 2.3 M | $227M | 5.79% | +65% |
| 4 | Woodward WWD | 848,910 | $208M | 5.32% | −23% |
| 5 | Taiwan Semiconductor Manufacturing TSM | 765,085 | $173M | 4.43% | +28% |
| 6 | Philip Morris International PM | 815,975 | $149M | 3.80% | −26% |
| 7 | MercadoLibre MELI | 53,725 | $140M | 3.59% | no change |
| 8 | Entegris ENTG | 1.6 M | $133M | 3.39% | new |
| 9 | Coupang CPNG | 4.1 M | $123M | 3.14% | −56% |
| 10 | Flutter Entertainment FLUT | 405,320 | $116M | 2.96% | +7.4% |
| 11 | Coherent COHR | 1.2 M | $103M | 2.64% | −48% |
| 12 | Docusign DOCU | 1.3 M | $101M | 2.57% | +20% |
| 13 | Microsoft MSFT | 200,930 | $99.9M | 2.55% | new |
| 14 | Roku ROKU | 1.1 M | $96.7M | 2.47% | +123% |
| 15 | Verona Pharma VRNA | 1.0 M | $94.8M | 2.42% | no change |
| 16 | Eli Lilly LLY | 100,675 | $78.5M | 2.01% | +6.2% |
| 17 | Warner Bros. Discovery WBD | 6.5 M | $74.9M | 1.91% | new |
| 18 | EQT EQT | 1.3 M | $73.1M | 1.87% | +46% |
| 19 | Citigroup C | 666,300 | $56.7M | 1.45% | new |
| 20 | State Street Financial Select Sector ETF XLF | 985,300 | $51.6M | 1.32% | new |
| 21 | Restaurant Brands International QSR | 751,010 | $49.8M | 1.27% | new |
| 22 | Sea SE | 309,730 | $49.5M | 1.27% | new |
| 23 | Nu Holdings NU | 3.4 M | $46.9M | 1.20% | new |
| 24 | Daktronics DAKT | 3.1 M | $46.5M | 1.19% | no change |
| 25 | Unity Software U | 1.8 M | $42.9M | 1.10% | new |
| 26 | Caesars Entertainment CZR | 1.4 M | $39.6M | 1.01% | −9.9% |
| 27 | Delta Air Lines DAL | 793,510 | $39.0M | 1.00% | +130% |
| 28 | Wabtec WAB | 170,510 | $35.7M | 0.91% | −43% |
| 29 | Carpenter Technology CRS | 126,635 | $35.0M | 0.89% | new |
| 30 | Corning GLW | 623,145 | $32.8M | 0.84% | new |
| 31 | PureCycle Technologies PCT | 2.3 M | $31.6M | 0.81% | −32% |
| 32 | Kinder Morgan KMI | 1.1 M | $31.5M | 0.80% | −35% |
| 33 | AppLovin APP | 89,458 | $31.3M | 0.80% | +123% |
| 34 | United Airlines Holdings UAL | 377,120 | $30.0M | 0.77% | +2.3% |
| 35 | Goldman Sachs Group GS | 42,000 | $29.7M | 0.76% | new |
| 36 | Barclays BCS | 1.5 M | $28.8M | 0.74% | −59% |
| 37 | Illumina ILMN | 300,615 | $28.7M | 0.73% | new |
| 38 | Seagate Technology Holdings STX | 197,490 | $28.5M | 0.73% | −10% |
| 39 | Twilio TWLO | 200,475 | $24.9M | 0.64% | −45% |
| 40 | Broadcom AVGO | 86,140 | $23.7M | 0.61% | new |
| 41 | Global X Msci Argentina ETF ARGT | 267,700 | $22.7M | 0.58% | −40% |
| 42 | YPF Sociedad Anonima YPF | 703,995 | $22.1M | 0.57% | −66% |
| 43 | Ishares EWZ | 738,800 | $21.3M | 0.54% | new |
| 44 | Hasbro HAS | 281,100 | $20.8M | 0.53% | new |
| 45 | Option Care Health OPCH | 636,850 | $20.7M | 0.53% | new |
| 46 | XPO XPO | 163,100 | $20.6M | 0.53% | new |
| 47 | Bank of America BAC | 341,900 | $16.2M | 0.41% | new |
| 48 | Chime Financial CHYM | 466,825 | $16.1M | 0.41% | new |
| 49 | Macro Bank BMA | 220,900 | $15.5M | 0.40% | −49% |
| 50 | NewAmsterdam Pharma NAMS | 832,175 | $15.1M | 0.39% | +4% |
| 51 | Viking Therapeutics VKTX | 549,295 | $14.6M | 0.37% | new |
| 52 | Grupo Financiero Galicia GGAL | 231,481 | $11.7M | 0.30% | −39% |
| 53 | BWX Technologies BWXT | 76,475 | $11.0M | 0.28% | new |
| 54 | BBB Foods TBBB | 360,550 | $10.0M | 0.26% | new |
| 55 | D.R. Horton DHI | 77,400 | $10.0M | 0.25% | new |
| 56 | Lennar LEN | 89,900 | $9.9M | 0.25% | new |
| 57 | Builders Firstsource BLDR | 85,065 | $9.9M | 0.25% | new |
| 58 | Freeport-McMoRan FCX | 224,800 | $9.7M | 0.25% | −78% |
| 59 | CCC Intelligent Solutions Holdings CCC | 1.0 M | $9.5M | 0.24% | −82% |
| 60 | Enliven Therapeutics ELVN | 463,000 | $9.3M | 0.24% | new |
| 61 | Elbit Systems ESLT | 18,287 | $8.2M | 0.21% | new |
| 62 | Thermo Fisher Scientific TMO | 12,200 | $4.9M | 0.13% | new |
| 63 | Danaher DHR | 24,700 | $4.9M | 0.12% | new |
| 64 | Chemours CC | 421,800 | $4.8M | 0.12% | new |
| 65 | Joby Aviation JOBY | 31,489 | $332K | 0.01% | no change |
Positions it closed (15)
- Capital One Financial COFwas 1.19% · 197,670 shares
- Springworks Therapeutics SWTXwas 0.91% · 615,929 shares
- Amazon.com AMZNwas 0.87% · 136,765 shares
- Ascendis Pharma A/S was 0.83% · 158,720 shares
- Brookfield BNwas 0.56% · 315,925 shares
- TECK Resources TECKwas 0.53% · 431,545 shares
- BridgeBio Pharma BBIOwas 0.51% · 438,050 shares
- FLEX FLEXwas 0.39% · 348,900 shares
- Expand Energy EXEwas 0.36% · 97,700 shares
- Antero Resources ARwas 0.35% · 258,400 shares
- Impinj PIwas 0.33% · 108,475 shares
- Tesla TSLAwas 0.16% · 18,838 shares
- Ultragenyx Pharmaceutical RAREwas 0.10% · 85,445 shares
- American Airlines Group AALwas 0.05% · 133,728 shares
- Invivyd IVVDwas 0.01% · 571,425 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.