Great investors · Stanley Druckenmiller · Q3 2025
What Stanley Druckenmiller bought and sold in Q3 2025
Duquesne Family Office 13F portfolio as of Sep 30, 2025: 62 positions worth $3.9 bn. Largest: NTRA, INSM, TEVA, TSM. Filed with the SEC on Nov 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 Q3 2025
- NewiShares Msci Emerging Market ETFEEM+2.6 pp
- NewAmazon.comAMZN+2.4 pp
- NewMeta PlatformsMETA+1.4 pp
- NewGE VernovaGEV+1.2 pp
- NewCRH publicCRH+1.2 pp
- NewVistra OperationsVST+1.2 pp
- IncreasedBank of AmericaBAC+0.8 pp
- NewCleveland-cliffsCLF+0.8 pp
- IncreasedTwilioTWLO+0.8 pp
- IncreasedNewAmsterdam PharmaNAMS+0.8 pp
- NewLiberty MediaFWONK+0.8 pp
- NewDICK'S Sporting GoodsDKS+0.7 pp
Sells in Q3 2025
- Sold outPhilip Morris InternationalPM−3.8 pp
- Sold outEntegrisENTG−3.4 pp
- Sold outCoherentCOHR−2.6 pp
- Sold outMicrosoftMSFT−2.5 pp
- Sold outEli LillyLLY−2.0 pp
- Sold outWarner Bros. DiscoveryWBD−1.9 pp
- ReducedFlutter EntertainmentFLUT−1.9 pp
- ReducedWoodwardWWD−1.4 pp
- Sold outState Street Financial Select Sector ETFXLF−1.3 pp
- Sold outCaesars EntertainmentCZR−1.0 pp
- Sold outDelta Air LinesDAL−1.0 pp
- ReducedUnity SoftwareU−0.9 pp
55 companies with material moves, out of 89 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 Q3 2025 13F lists 62 lines of US-listed securities worth $3.9 bn; the largest is NTRA at 13.2% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 2:44 PM ET.
Against the previous quarter, it opened 29 positions (EEM, AMZN, FIGR and STUB and 25 more), closed 32 (PM, ENTG, COHR and MSFT and 28 more), added to 17 (BAC, TWLO, LEN and TBBB and 13 more) and trimmed 13 (WWD, FLUT, ROKU and U and 9 more). 3 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Natera NTRA | 3.2 M | $517M | 13.2% | +4.2% |
| 2 | Insmed INSM | 2.4 M | $349M | 8.88% | +7.5% |
| 3 | TEVA Pharmaceutical Industries TEVA | 16.6 M | $335M | 8.53% | +3.9% |
| 4 | Taiwan Semiconductor Manufacturing TSM | 765,085 | $214M | 5.44% | no change |
| 5 | Woodward WWD | 633,015 | $160M | 4.07% | −25% |
| 6 | Coupang CPNG | 4.6 M | $149M | 3.79% | +13% |
| 7 | MercadoLibre MELI | 58,344 | $136M | 3.47% | +8.6% |
| 8 | Docusign DOCU | 1.7 M | $122M | 3.09% | +31% |
| 9 | Verona Pharma VRNA | 1.0 M | $107M | 2.72% | no change |
| 10 | iShares Msci Emerging Market ETF EEM | 1.9 M | $101M | 2.58% | new |
| 11 | Amazon.com AMZN | 437,070 | $96.0M | 2.44% | new |
| 12 | Roku ROKU | 822,435 | $82.4M | 2.09% | −25% |
| 13 | Figure Technology Solutions FIGR | 2.1 M | $77.0M | 1.96% | new |
| 14 | Restaurant Brands International QSR | 1.1 M | $72.6M | 1.85% | +51% |
| 15 | Stubhub Holdings STUB | 4.3 M | $71.7M | 1.82% | new |
| 16 | Wabtec WAB | 302,410 | $60.6M | 1.54% | +77% |
| 17 | Meta Platforms META | 76,100 | $55.9M | 1.42% | new |
| 18 | NewAmsterdam Pharma NAMS | 1.9 M | $54.7M | 1.39% | +131% |
| 19 | Carpenter Technology CRS | 220,035 | $54.0M | 1.37% | +74% |
| 20 | Citigroup C | 514,850 | $52.3M | 1.33% | −23% |
| 21 | Twilio TWLO | 512,800 | $51.3M | 1.31% | +156% |
| 22 | Bank of America BAC | 989,250 | $51.0M | 1.30% | +189% |
| 23 | Sea SE | 274,200 | $49.0M | 1.25% | −11% |
| 24 | EQT EQT | 894,950 | $48.7M | 1.24% | −29% |
| 25 | GE Vernova GEV | 77,320 | $47.5M | 1.21% | new |
| 26 | CRH public CRH | 393,820 | $47.2M | 1.20% | new |
| 27 | Vistra Operations VST | 233,985 | $45.8M | 1.17% | new |
| 28 | Unity Software U | 882,500 | $35.3M | 0.90% | −50% |
| 29 | Lennar LEN | 279,424 | $35.2M | 0.90% | +211% |
| 30 | D.R. Horton DHI | 205,150 | $34.8M | 0.88% | +165% |
| 31 | Cleveland-cliffs CLF | 2.7 M | $33.1M | 0.84% | new |
| 32 | BBB Foods TBBB | 1.2 M | $31.9M | 0.81% | +228% |
| 33 | PureCycle Technologies PCT | 2.3 M | $30.3M | 0.77% | no change |
| 34 | Liberty Media FWONK | 288,400 | $30.1M | 0.77% | new |
| 35 | Daktronics DAKT | 1.4 M | $30.1M | 0.76% | −53% |
| 36 | DICK'S Sporting Goods DKS | 132,425 | $29.4M | 0.75% | new |
| 37 | Flutter Entertainment FLUT | 115,245 | $29.3M | 0.74% | −72% |
| 38 | State Street SPDR S&P Bank ETF KBE | 482,095 | $28.6M | 0.73% | new |
| 39 | Option Care Health OPCH | 977,685 | $27.1M | 0.69% | +54% |
| 40 | AEVA Technologies AEVA | 1.8 M | $26.7M | 0.68% | new |
| 41 | Pg&e PCG | 1.6 M | $24.9M | 0.63% | new |
| 42 | Alphabet GOOGL | 102,200 | $24.8M | 0.63% | new |
| 43 | ARM Holdings ARM | 167,900 | $23.8M | 0.60% | new |
| 44 | Nu Holdings NU | 1.5 M | $23.3M | 0.59% | −57% |
| 45 | Semtech SMTC | 301,515 | $21.5M | 0.55% | new |
| 46 | Seagate Technology Holdings STX | 85,900 | $20.3M | 0.52% | −57% |
| 47 | Genuine Parts GPC | 144,185 | $20.0M | 0.51% | new |
| 48 | Enliven Therapeutics ELVN | 947,405 | $19.4M | 0.49% | +105% |
| 49 | Post Holdings POST | 176,400 | $19.0M | 0.48% | new |
| 50 | Sandisk SNDK | 166,235 | $18.7M | 0.47% | new |
| 51 | Synchrony Financial SYF | 261,825 | $18.6M | 0.47% | new |
| 52 | Global X Msci Argentina ETF ARGT | 254,045 | $17.7M | 0.45% | −5.1% |
| 53 | Cogent Biosciences COGT | 1.1 M | $15.2M | 0.39% | new |
| 54 | Protagonist Therapeutics PTGX | 159,700 | $10.6M | 0.27% | new |
| 55 | Capital One Financial COF | 43,920 | $9.3M | 0.24% | new |
| 56 | Chipotle Mexican Grill CMG | 233,205 | $9.1M | 0.23% | new |
| 57 | Solaris Energy Infrastructure SEI | 145,600 | $5.8M | 0.15% | new |
| 58 | Mongodb MDB | 17,710 | $5.5M | 0.14% | new |
| 59 | Texas Roadhouse TXRH | 29,800 | $5.0M | 0.13% | new |
| 60 | EchoStar ECHO | 60,765 | $4.6M | 0.12% | new |
| 61 | YPF Sociedad Anonima YPF | 114,695 | $2.8M | 0.07% | −84% |
| 62 | Chime Financial CHYM | 43,230 | $872K | 0.02% | −91% |
Positions it closed (32)
- Philip Morris International PMwas 3.80% · 815,975 shares
- Entegris ENTGwas 3.39% · 1.6 M shares
- Coherent COHRwas 2.64% · 1.2 M shares
- Microsoft MSFTwas 2.55% · 200,930 shares
- Eli Lilly LLYwas 2.01% · 100,675 shares
- Warner Bros. Discovery WBDwas 1.91% · 6.5 M shares
- Select Sector Spdr Tr XLFwas 1.32% · 985,300 shares
- Caesars Entertainment CZRwas 1.01% · 1.4 M shares
- Delta Air Lines DALwas 1.00% · 793,510 shares
- Corning GLWwas 0.84% · 623,145 shares
- Kinder Morgan KMIwas 0.80% · 1.1 M shares
- AppLovin APPwas 0.80% · 89,458 shares
- United Airlines Holdings UALwas 0.77% · 377,120 shares
- Goldman Sachs Group GSwas 0.76% · 42,000 shares
- Barclays BCSwas 0.74% · 1.5 M shares
- Illumina ILMNwas 0.73% · 300,615 shares
- Broadcom AVGOwas 0.61% · 86,140 shares
- Ishares EWZwas 0.54% · 738,800 shares
- Hasbro HASwas 0.53% · 281,100 shares
- XPO XPOwas 0.53% · 163,100 shares
- Macro Bank BMAwas 0.40% · 220,900 shares
- Viking Therapeutics VKTXwas 0.37% · 549,295 shares
- Grupo Financiero Galicia GGALwas 0.30% · 231,481 shares
- BWX Technologies BWXTwas 0.28% · 76,475 shares
- Builders Firstsource BLDRwas 0.25% · 85,065 shares
- Freeport-McMoRan FCXwas 0.25% · 224,800 shares
- CCC Intelligent Solutions Holdings CCCwas 0.24% · 1.0 M shares
- Elbit Systems ESLTwas 0.21% · 18,287 shares
- Thermo Fisher Scientific TMOwas 0.13% · 12,200 shares
- Danaher DHRwas 0.12% · 24,700 shares
- Chemours CCwas 0.12% · 421,800 shares
- Joby Aviation JOBYwas 0.01% · 31,489 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.