Great investors · Stanley Druckenmiller · Q4 2025
What Stanley Druckenmiller bought and sold in Q4 2025
Duquesne Family Office 13F portfolio as of Dec 31, 2025: 58 positions worth $4.2 bn. Largest: NTRA, XLF, INSM, RSP. Filed with the SEC on Feb 17, 2026.
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 2025
- NewState Street Financial Select Sector ETFXLF+7.1 pp
- NewInvesco Exchange Traded Fund TRSP+5.3 pp
- NewIsharesEWZ+2.7 pp
- IncreasedAlphabetGOOGL+2.1 pp
- IncreasedSeaSE+2.0 pp
- NewAlcoaAA+1.7 pp
- NewEntegrisENTG+1.7 pp
- IncreasedAmazon.comAMZN+1.6 pp
- NewLattice SemiconductorLSCC+1.6 pp
- NewBloom EnergyBE+1.5 pp
- IncreasedCoupangCPNG+1.2 pp
- IncreasedBBB FoodsTBBB+1.2 pp
Sells in Q4 2025
- ReducedTEVA Pharmaceutical IndustriesTEVA−7.9 pp
- ReducedInsmedINSM−3.9 pp
- ReducedNateraNTRA−3.8 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−1.6 pp
- Sold outMeta PlatformsMETA−1.3 pp
- ReducediShares Msci Emerging Market ETFEEM−1.3 pp
- Sold outCarpenter TechnologyCRS−1.3 pp
- Sold outCitigroupC−1.2 pp
- Sold outTwilioTWLO−1.2 pp
- Sold outBank of AmericaBAC−1.2 pp
- Sold outEQTEQT−1.2 pp
- Sold outGE VernovaGEV−1.1 pp
46 companies with material moves, out of 81 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 2025 13F lists 58 lines of US-listed securities worth $4.2 bn; the largest is NTRA at 13.6% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 2:44 PM ET.
Against the previous quarter, it opened 26 positions (XLF, RSP, EWZ and AA and 22 more), closed 29 (META, CRS, C and TWLO and 25 more), added to 13 (GOOGL, SE, AMZN and TBBB and 9 more) and trimmed 14 (NTRA, TEVA, INSM and TSM and 10 more). 5 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Natera NTRA | 2.5 M | $575M | 13.6% | −22% |
| 2 | State Street Financial Select Sector ETF XLF | 5.5 M | $301M | 7.13% | new |
| 3 | Insmed INSM | 1.5 M | $258M | 6.11% | −39% |
| 4 | Invesco Exchange Traded Fund T RSP | 1.2 M | $225M | 5.33% | new |
| 5 | TEVA Pharmaceutical Industries TEVA | 5.9 M | $183M | 4.34% | −65% |
| 6 | Woodward WWD | 590,930 | $179M | 4.23% | −6.6% |
| 7 | Amazon.com AMZN | 737,940 | $170M | 4.04% | +69% |
| 8 | Taiwan Semiconductor Manufacturing TSM | 543,085 | $165M | 3.91% | −29% |
| 9 | Coupang CPNG | 6.8 M | $160M | 3.79% | +46% |
| 10 | Alphabet GOOGL | 385,000 | $121M | 2.86% | +277% |
| 11 | Sea SE | 944,120 | $120M | 2.85% | +244% |
| 12 | Ishares EWZ | 3.6 M | $113M | 2.67% | new |
| 13 | NewAmsterdam Pharma NAMS | 3.1 M | $108M | 2.55% | +60% |
| 14 | MercadoLibre MELI | 47,149 | $95.0M | 2.25% | −19% |
| 15 | BBB Foods TBBB | 2.7 M | $89.3M | 2.12% | +126% |
| 16 | Restaurant Brands International QSR | 1.2 M | $82.5M | 1.95% | +6.9% |
| 17 | Cogent Biosciences COGT | 2.2 M | $78.7M | 1.86% | +109% |
| 18 | Alcoa AA | 1.4 M | $73.1M | 1.73% | new |
| 19 | Entegris ENTG | 844,160 | $71.1M | 1.69% | new |
| 20 | Docusign DOCU | 1.0 M | $69.7M | 1.65% | −40% |
| 21 | Lattice Semiconductor LSCC | 925,970 | $68.1M | 1.61% | new |
| 22 | Bloom Energy BE | 740,545 | $64.3M | 1.52% | new |
| 23 | Wabtec WAB | 300,110 | $64.1M | 1.52% | no change |
| 24 | Roku ROKU | 582,980 | $63.2M | 1.50% | −29% |
| 25 | Figure Technology Solutions FIGR | 1.5 M | $62.9M | 1.49% | −27% |
| 26 | CRH public CRH | 474,955 | $59.3M | 1.40% | +21% |
| 27 | Option Care Health OPCH | 1.7 M | $55.6M | 1.32% | +79% |
| 28 | iShares Msci Emerging Market ETF EEM | 902,500 | $49.4M | 1.17% | −53% |
| 29 | Delta Air Lines DAL | 650,910 | $45.2M | 1.07% | new |
| 30 | United Airlines Holdings UAL | 348,400 | $39.0M | 0.92% | new |
| 31 | Stubhub Holdings STUB | 2.3 M | $31.2M | 0.74% | −46% |
| 32 | ON Semiconductor ON | 536,260 | $29.0M | 0.69% | new |
| 33 | Flutter Entertainment FLUT | 115,245 | $24.8M | 0.59% | no change |
| 34 | PureCycle Technologies PCT | 2.9 M | $24.7M | 0.59% | +25% |
| 35 | AEVA Technologies AEVA | 1.8 M | $24.2M | 0.57% | no change |
| 36 | Goldman Sachs Group GS | 27,500 | $24.2M | 0.57% | new |
| 37 | Cleveland-cliffs CLF | 1.7 M | $23.2M | 0.55% | −36% |
| 38 | YPF Sociedad Anonima YPF | 606,990 | $21.9M | 0.52% | +429% |
| 39 | STMicroelectronics STM | 773,555 | $20.1M | 0.48% | new |
| 40 | Unity Software U | 410,020 | $18.1M | 0.43% | −54% |
| 41 | Southern Copper Corp/ SCCO | 120,817 | $17.3M | 0.41% | new |
| 42 | Daktronics DAKT | 852,960 | $16.9M | 0.40% | −41% |
| 43 | RH RH | 88,200 | $15.8M | 0.37% | new |
| 44 | Chipotle Mexican Grill CMG | 391,930 | $14.5M | 0.34% | +68% |
| 45 | Protagonist Therapeutics PTGX | 159,700 | $13.9M | 0.33% | no change |
| 46 | Zillow Group Z | 192,640 | $13.1M | 0.31% | new |
| 47 | Cidara Therapeutics CDTX | 49,495 | $10.9M | 0.26% | new |
| 48 | Philip Morris International PM | 67,400 | $10.8M | 0.26% | new |
| 49 | American Airlines Group AAL | 639,785 | $9.8M | 0.23% | new |
| 50 | Argan AGX | 30,000 | $9.4M | 0.22% | new |
| 51 | DoorDash DASH | 35,900 | $8.1M | 0.19% | new |
| 52 | Progyny PGNY | 295,115 | $7.6M | 0.18% | new |
| 53 | EchoStar ECHO | 60,765 | $6.6M | 0.16% | no change |
| 54 | ADMA Biologics ADMA | 252,200 | $4.6M | 0.11% | new |
| 55 | Almonty Industries ALM | 469,880 | $4.1M | 0.10% | new |
| 56 | Wolfspeed WOLF | 186,900 | $3.3M | 0.08% | new |
| 57 | Wave Life Sciences | 173,000 | $2.9M | 0.07% | new |
| 58 | Neptune Insurance Holdings NP | 20,000 | $583K | 0.01% | new |
Positions it closed (29)
- Meta Platforms METAwas 1.42% · 76,100 shares
- Carpenter Technology CRSwas 1.37% · 220,035 shares
- Citigroup Cwas 1.33% · 514,850 shares
- Twilio TWLOwas 1.31% · 512,800 shares
- Bank of America BACwas 1.30% · 989,250 shares
- EQT EQTwas 1.24% · 894,950 shares
- GE Vernova GEVwas 1.21% · 77,320 shares
- Vistra Operations VSTwas 1.17% · 233,985 shares
- Lennar LENwas 0.90% · 279,424 shares
- D.R. Horton DHIwas 0.88% · 205,150 shares
- Liberty Media FWONKwas 0.77% · 288,400 shares
- DICK'S Sporting Goods DKSwas 0.75% · 132,425 shares
- Spdr Series Trust KBEwas 0.73% · 482,095 shares
- Pg&e PCGwas 0.63% · 1.6 M shares
- ARM Holdings ARMwas 0.60% · 167,900 shares
- Nu Holdings NUwas 0.59% · 1.5 M shares
- Semtech SMTCwas 0.55% · 301,515 shares
- Seagate Technology Holdings STXwas 0.52% · 85,900 shares
- Genuine Parts GPCwas 0.51% · 144,185 shares
- Enliven Therapeutics ELVNwas 0.49% · 947,405 shares
- Post Holdings POSTwas 0.48% · 176,400 shares
- Sandisk SNDKwas 0.47% · 166,235 shares
- Synchrony Financial SYFwas 0.47% · 261,825 shares
- Global X Fds ARGTwas 0.45% · 254,045 shares
- Capital One Financial COFwas 0.24% · 43,920 shares
- Solaris Energy Infrastructure SEIwas 0.15% · 145,600 shares
- Mongodb MDBwas 0.14% · 17,710 shares
- Texas Roadhouse TXRHwas 0.13% · 29,800 shares
- Chime Financial CHYMwas 0.02% · 43,230 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.