Duquesne Family Office

Q1 2025 13F · by Stanley Druckenmiller, portfolio manager

As of: Mar 31, 2025
Filed: May 15, 2025
US stock: $3.0B · prev $3.6B
Positions: 49 · prev 74
Options notional: $78M
Documents: 1· no amendments

Picture97.5% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 97.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 2.5%

Moves82 since the prior filing

+29.0 pp in · −30.1 pp out

New 12 +12.92 pp
Added 14 +16.11 pp
Trimmed 17 −9.17 pp
Exited 37 −20.89 pp

Options: 2 moves on a notional base, in the table below.

The book

Concentrated · behaves like 17 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 108% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions43% of US stock

NTRA Natera, Inc. trimmed+0.25 pp trimmed+0.2516.1%
TEVA Teva Pharmaceutical Industries Limited added+2.09 pp added+2.097.7%
CPNG Coupang, Inc. added+1.34 pp added+1.346.8%
WWD Woodward, Inc. trimmed+0.98 pp trimmed+0.986.7%
PM Philip Morris International Inc. trimmed+1.30 pp trimmed+1.305.9%

Positions49 in this filing · 37 exited


NTRANatera, Inc.	16.13%	3,402,330	$481M	trimmed−5%	+0.25 pp	11 q
TEVATeva Pharmaceutical Industries Limited	7.67%	14,879,750	$229M	added+65%	+2.09 pp	3 q
CPNGCoupang, Inc.	6.84%	9,302,634	$204M	added+4%	+1.34 pp	17 q
WWDWoodward, Inc.	6.72%	1,097,750	$200M	trimmed−10%	+0.98 pp	6 q
PMPhilip Morris International Inc.	5.88%	1,105,268	$175M	trimmed−18%	+1.30 pp	4 q
COHRCoherent Corp.	4.84%	2,222,070	$144M	trimmed−21%	−2.68 pp	5 q
MELIMercado Libre, Inc	3.51%	53,725	$105M	held	—	4 q
INSMInsmed, Inc.	3.50%	1,369,050	$104M	added×2.3	+2.35 pp	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.33%	598,780	$99M	added×5.6	+2.73 pp	3 q
DOCUDocuSign, Inc.	2.93%	1,074,655	$87M	new	+2.93 pp	new
FLUTFlutter Entertainment plc	2.80%	377,475	$84M	added×20.9	+2.67 pp	4 q
LLYEli Lilly & Co.	2.63%	94,830	$78M	added+52%	+1.28 pp	2 q
YPFYPF Sociedad Anonima	2.44%	2,075,390	$73M	added+23%	+0.42 pp	4 q
VRNAVerona Pharma plc	2.13%	1,002,080	$64M	added+13%	+0.97 pp	3 q
BCSBarclays PLC	1.97%	3,817,305	$59M	added+20%	+0.78 pp	5 q
WABWabtec Inc.	1.83%	301,095	$55M	added+8%	+0.34 pp	5 q
CCCCCC Intelligent Solutions Holdings Inc.	1.69%	5,595,039	$51M	new	+1.69 pp	new
KMIKinder Morgan, Inc.	1.58%	1,654,115	$47M	trimmed−26%	−0.14 pp	5 q
EQTEqt Corp	1.54%	859,345	$46M	new	+1.54 pp	new
CZRCaesars Entertainment, Inc.	1.30%	1,548,420	$39M	new	+1.30 pp	new
FCXFreeport-McMoran Inc.	1.29%	1,018,105	$39M	added+34%	+0.48 pp	6 q
DAKTDaktronics Inc	1.25%	3,067,625	$37M	added+17%	0.00 pp	5 q
ARGTGlobal X MSCI Argentina ETF	1.20%	443,800	$36M	trimmed−19%	−0.08 pp	5 q
COFCapital One Financial	1.19%	197,670	$35M	new	+1.19 pp	new
TWLOTwilio Inc.	1.19%	362,155	$35M	new	+1.19 pp	new
ROKURoku, Inc. Class A	1.17%	493,600	$35M	new	+1.17 pp	new
BMABanco Macro S.A.	1.09%	431,815	$33M	trimmed−11%	−0.23 pp	5 q
SWTXSpringworks Therapeutics Inc	0.91%	615,929	$27M	trimmed−28%	+0.04 pp	4 q
AMZNAmazon.Com Inc	0.87%	136,765	$26M	trimmed−58%	−1.16 pp	2 q
UALUnited Airlines Holdings, Inc.	0.85%	368,685	$25M	trimmed−65%	−2.00 pp	2 q
ASNDAscendis Pharma A/S	0.83%	158,720	$25M	trimmed−40%	−0.20 pp	3 q
PCTPureCycle Technologies, Inc.	0.78%	3,364,842	$23M	added×2.1	+0.32 pp	2 q
GGALGrupo Financiero Galicia SA	0.70%	381,481	$21M	trimmed−15%	−0.09 pp	5 q
STXSeagate Technology Holdings PLC (Ireland)	0.63%	219,477	$19M	trimmed−86%	−3.17 pp	7 q
BNBrookfield Corporation	0.56%	315,925	$17M	trimmed−48%	−0.43 pp	2 q
NAMSNewAmsterdam Pharma Company N.V.	0.55%	800,360	$16M	added×2.8	+0.34 pp	3 q
TECKTeck Resources Limited	0.53%	431,545	$16M	held	—	13 q
BBIOBridgeBio Pharma, Inc.	0.51%	438,050	$15M	new	+0.51 pp	new
DALDelta Air Lines, Inc.	0.50%	345,135	$15M	trimmed−58%	−0.89 pp	2 q
FLEXFlex Ltd.	0.39%	348,900	$12M	held	—	6 q
APPApplovin Corporation Class A	0.36%	40,200	$11M	new	+0.36 pp	new
EXEExpand Energy Corporation	0.36%	97,700	$11M	new	+0.36 pp	new
ARAntero Resources Corporation	0.35%	258,400	$10M	new	+0.35 pp	new
PIImpinj, Inc.	0.33%	108,475	$10M	new	+0.33 pp	new
TSLATesla, Inc.	0.16%	18,838	$5M	trimmed−50%	−0.27 pp	2 q
RAREUltragenyx Pharmaceutical Inc.	0.10%	85,445	$3M	held	—	3 q
AALAmerican Airlines Group Inc.	0.05%	133,728	$1M	trimmed−85%	−0.40 pp	2 q
IVVDInvivyd, Inc.	0.01%	571,425	$346,000	held	—	4 q
JOBYJoby Aviation, Inc.	0.01%	31,489	$190,000	held	—	11 q
SKAASkechers USA Inc-cl A	—	−1,074,840	—	exited	−2.03 pp	—
SLMSLM Corporation	—	−2,520,275	—	exited	−1.96 pp	—
XUnited States Steel Corp	—	−1,610,040	—	exited	−1.54 pp	—
WBDWarner Bros. Discovery, Inc. Series A	—	−4,657,650	—	exited	−1.38 pp	—
VSTVistra Corp.	—	−283,355	—	exited	−1.10 pp	—
MUMicron Technology, Inc.	—	−408,885	—	exited	−0.97 pp	—
BWXTBWX Technologies, Inc.	—	−299,171	—	exited	−0.94 pp	—
KREState Street SPDR S&P Regional Banking ETF	—	−554,138	—	exited	−0.94 pp	—
GEVGE Vernova Inc.	—	−99,750	—	exited	−0.92 pp	—
NVTnVent Electric plc	—	−451,065	—	exited	−0.86 pp	—
DFSDiscover Financial Services	—	−146,970	—	exited	−0.72 pp	—
WDCWestern Digital Corp.	—	−417,160	—	exited	−0.70 pp	—
USBU.S. Bancorp	—	−503,595	—	exited	−0.68 pp	—
ARMArm Holdings plc	—	−178,394	—	exited	−0.62 pp	—
GTMZoomInfo Technologies Inc	—	−1,761,926	—	exited	−0.52 pp	—
PANWPalo Alto Networks, Inc.	—	−87,424	—	exited	−0.45 pp	—
GOOGLAlphabet Inc. Class A	—	−76,680	—	exited	−0.41 pp	—
FHNFirst Horizon Corporation	—	−619,700	—	exited	−0.35 pp	—
FCNCAFirst Citizens BancShares Inc	—	−5,183	—	exited	−0.31 pp	—
HBANHuntington Bancshares Inc	—	−671,200	—	exited	−0.31 pp	—
WFCWells Fargo & Co.	—	−157,100	—	exited	−0.31 pp	—
LYVLive Nation Entertainment Inc.	—	−79,635	—	exited	−0.29 pp	—
TFCTruist Financial Corporation	—	−233,500	—	exited	−0.28 pp	—
ABCBAmeris Bancorp	—	−154,000	—	exited	−0.27 pp	—
KEYKeyCorp	—	−527,000	—	exited	−0.25 pp	—
WULFTeraWulf Inc.	—	−1,472,225	—	exited	−0.23 pp	—
PCVXVaxcyte, Inc.	—	−86,265	—	exited	−0.20 pp	—
CRNXCrinetics Pharmaceuticals, Inc.	—	−122,700	—	exited	−0.18 pp	—
MIRMirion Technologies, Inc.	—	−342,700	—	exited	−0.17 pp	—
ACLXArcellx, Inc.	—	−74,100	—	exited	−0.16 pp	—
SNRENSunrise Communicat-cl A	—	−133,152	—	exited	−0.16 pp	—
CCitigroup Inc.	—	−72,655	—	exited	−0.14 pp	—
NUNu Holdings Ltd.	—	−467,255	—	exited	−0.14 pp	—
ELFe.l.f. Beauty, Inc.	—	−37,300	—	exited	−0.13 pp	—
IQVIQVIA Holdings Inc.	—	−21,500	—	exited	−0.12 pp	—
PLTRPalantir Technologies Inc. Class A	—	−41,710	—	exited	−0.09 pp	—
TLSITriSalus Life Sciences, Inc.	—	−426,921	—	exited	−0.06 pp	—