Duquesne Family Office

Q2 2025 13F · by Stanley Druckenmiller, portfolio manager

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $3.9B · prev $3.0B
Positions: 65 · prev 49
Options notional: $157M
Documents: 1· no amendments

Picture96.1% US stock

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

US stock listed on a US exchange 96.1%
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 3.9%

Moves84 since the prior filing

+28.7 pp in · −29.0 pp out

New 31 +24.72 pp
Added 13 +4.01 pp
Trimmed 18 −21.90 pp
Exited 15 −7.15 pp

Options: 7 moves on a notional base, in the table below.

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 102% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions36% of US stock

NTRA Natera, Inc. trimmed−2.81 pp trimmed−2.8113.3%
TEVA Teva Pharmaceutical Industries Limited added−0.83 pp added−0.836.8%
INSM Insmed, Inc. added+2.29 pp added+2.295.8%
WWD Woodward, Inc. trimmed−1.40 pp trimmed−1.405.3%
TSM Taiwan Semiconductor Manufacturing Company Ltd. added+1.10 pp added+1.104.4%

Positions65 in this filing · 15 exited


NTRANatera, Inc.	13.32%	3,085,190	$521M	trimmed−9%	−2.81 pp	12 q
TEVATeva Pharmaceutical Industries Limited	6.84%	15,968,935	$268M	added+7%	−0.83 pp	4 q
INSMInsmed, Inc.	5.79%	2,253,435	$227M	added+65%	+2.29 pp	5 q
WWDWoodward, Inc.	5.32%	848,910	$208M	trimmed−23%	−1.40 pp	7 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	4.43%	765,085	$173M	added+28%	+1.10 pp	4 q
PMPhilip Morris International Inc.	3.80%	815,975	$149M	trimmed−26%	−2.08 pp	5 q
MELIMercado Libre, Inc	3.59%	53,725	$140M	held	—	5 q
ENTGEntegris Inc	3.39%	1,645,885	$133M	new	+3.39 pp	new
CPNGCoupang, Inc.	3.14%	4,105,424	$123M	trimmed−56%	−3.70 pp	18 q
FLUTFlutter Entertainment plc	2.96%	405,320	$116M	added+7%	+0.16 pp	5 q
COHRCoherent Corp.	2.64%	1,157,840	$103M	trimmed−48%	−2.20 pp	6 q
DOCUDocuSign, Inc.	2.57%	1,290,440	$101M	added+20%	−0.36 pp	2 q
MSFTMicrosoft Corp	2.55%	200,930	$100M	new	+2.55 pp	new
ROKURoku, Inc. Class A	2.47%	1,100,500	$97M	added×2.2	+1.30 pp	2 q
VRNAVerona Pharma plc	2.42%	1,002,080	$95M	held	—	4 q
LLYEli Lilly & Co.	2.01%	100,675	$78M	added+6%	−0.62 pp	3 q
WBDWarner Bros. Discovery, Inc. Series A	1.91%	6,537,160	$75M	new	+1.91 pp	new
EQTEqt Corp	1.87%	1,252,700	$73M	added+46%	+0.33 pp	2 q
CCitigroup Inc.	1.45%	666,300	$57M	new	+1.45 pp	new
XLFState Street Financial Select Sector SPDR ETF	1.32%	985,300	$52M	new	+1.32 pp	new
QSRRestaurant Brands International Inc.	1.27%	751,010	$50M	new	+1.27 pp	new
SESea Limited	1.27%	309,730	$50M	new	+1.27 pp	new
NUNu Holdings Ltd.	1.20%	3,415,365	$47M	new	+1.20 pp	new
DAKTDaktronics Inc	1.19%	3,076,224	$47M	added0%	−0.06 pp	6 q
UUnity Software Inc.	1.10%	1,774,050	$43M	new	+1.10 pp	new
CZRCaesars Entertainment, Inc.	1.01%	1,395,875	$40M	trimmed−10%	−0.29 pp	2 q
DALDelta Air Lines, Inc.	1.00%	793,510	$39M	added×2.3	+0.50 pp	3 q
WABWabtec Inc.	0.91%	170,510	$36M	trimmed−43%	−0.92 pp	6 q
CRSCarpenter Technology Corp	0.89%	126,635	$35M	new	+0.89 pp	new
GLWCorning Incorporated	0.84%	623,145	$33M	new	+0.84 pp	new
PCTPureCycle Technologies, Inc.	0.81%	2,303,084	$32M	trimmed−32%	+0.03 pp	3 q
APPApplovin Corporation Class A	0.80%	89,458	$31M	added×2.2	+0.44 pp	2 q
KMIKinder Morgan, Inc.	0.80%	1,071,665	$32M	trimmed−35%	−0.78 pp	6 q
UALUnited Airlines Holdings, Inc.	0.77%	377,120	$30M	added+2%	−0.08 pp	3 q
GSGoldman Sachs Group Inc.	0.76%	42,000	$30M	new	+0.76 pp	new
BCSBarclays PLC	0.74%	1,549,950	$29M	trimmed−59%	−1.23 pp	6 q
ILMNIllumina Inc	0.73%	300,615	$29M	new	+0.73 pp	new
STXSeagate Technology Holdings PLC (Ireland)	0.73%	197,490	$29M	trimmed−10%	+0.10 pp	8 q
TWLOTwilio Inc.	0.64%	200,475	$25M	trimmed−45%	−0.55 pp	2 q
AVGOBroadcom Inc.	0.61%	86,140	$24M	new	+0.61 pp	new
ARGTGlobal X MSCI Argentina ETF	0.58%	267,700	$23M	trimmed−40%	−0.62 pp	6 q
YPFYPF Sociedad Anonima	0.57%	703,995	$22M	trimmed−66%	−1.87 pp	5 q
EWZiShares MSCI Brazil ETF	0.54%	738,800	$21M	new	+0.54 pp	new
HASHasbro, Inc.	0.53%	281,100	$21M	new	+0.53 pp	new
OPCHOption Care Health, Inc.	0.53%	636,850	$21M	new	+0.53 pp	new
XPOXPO, Inc.	0.53%	163,100	$21M	new	+0.53 pp	new
BACBank of America Corporation	0.41%	341,900	$16M	new	+0.41 pp	new
CHYMChime Financial, Inc. Class A	0.41%	466,825	$16M	new	+0.41 pp	new
BMABanco Macro S.A.	0.40%	220,900	$16M	trimmed−49%	−0.69 pp	6 q
NAMSNewAmsterdam Pharma Company N.V.	0.39%	832,175	$15M	added+4%	−0.16 pp	4 q
VKTXViking Therapeutics, Inc	0.37%	549,295	$15M	new	+0.37 pp	new
GGALGrupo Financiero Galicia SA	0.30%	231,481	$12M	trimmed−39%	−0.40 pp	6 q
BWXTBWX Technologies, Inc.	0.28%	76,475	$11M	new	+0.28 pp	new
TBBBBBB Foods Inc.	0.26%	360,550	$10M	new	+0.26 pp	new
BLDRBuilders FirstSource, Inc.	0.25%	85,065	$10M	new	+0.25 pp	new
DHID.R. Horton Inc.	0.25%	77,400	$10M	new	+0.25 pp	new
FCXFreeport-McMoran Inc.	0.25%	224,800	$10M	trimmed−78%	−1.04 pp	7 q
LENLennar Corporation Class A	0.25%	89,900	$10M	new	+0.25 pp	new
CCCCCC Intelligent Solutions Holdings Inc.	0.24%	1,007,944	$9M	trimmed−82%	−1.45 pp	2 q
ELVNEnliven Therapeutics, Inc.	0.24%	463,000	$9M	new	+0.24 pp	new
ESLTElbit Systems Ltd	0.21%	18,287	$8M	new	+0.21 pp	new
TMOThermo Fisher Scientific, Inc.	0.13%	12,200	$5M	new	+0.13 pp	new
CCThe Chemours Company	0.12%	421,800	$5M	new	+0.12 pp	new
DHRDanaher Corporation	0.12%	24,700	$5M	new	+0.12 pp	new
JOBYJoby Aviation, Inc.	0.01%	31,489	$332,000	held	—	12 q
COFCapital One Financial	—	−197,670	—	exited	−1.19 pp	—
SWTXSpringworks Therapeutics Inc	—	−615,929	—	exited	−0.91 pp	—
AMZNAmazon.Com Inc	—	−136,765	—	exited	−0.87 pp	—
ASNDAscendis Pharma A/S	—	−158,720	—	exited	−0.83 pp	—
BNBrookfield Corporation	—	−315,925	—	exited	−0.56 pp	—
TECKTeck Resources Limited	—	−431,545	—	exited	−0.53 pp	—
BBIOBridgeBio Pharma, Inc.	—	−438,050	—	exited	−0.51 pp	—
FLEXFlex Ltd.	—	−348,900	—	exited	−0.39 pp	—
EXEExpand Energy Corporation	—	−97,700	—	exited	−0.36 pp	—
ARAntero Resources Corporation	—	−258,400	—	exited	−0.35 pp	—
PIImpinj, Inc.	—	−108,475	—	exited	−0.33 pp	—
TSLATesla, Inc.	—	−18,838	—	exited	−0.16 pp	—
RAREUltragenyx Pharmaceutical Inc.	—	−85,445	—	exited	−0.10 pp	—
AALAmerican Airlines Group Inc.	—	−133,728	—	exited	−0.05 pp	—
IVVDInvivyd, Inc.	—	−571,425	—	exited	−0.01 pp	—