Duquesne Family Office LLC
$4.5B reported 62 positions Stanley Druckenmiller vs. Q3 2025
What changed this quarter
Big rotation into broad-market and emerging-markets ETFs — opened $301M in XLF, $225M in RSP, and ~$247M total across two Brazil (EWZ) lots. Trimmed health care hard: closed Verona Pharma (-$107M), cut Teva (-$152M) and Insmed (-$91M). Mega-cap conviction adds: roughly tripled Alphabet (+$96M, +277%) and Sea Ltd (+$71M, +244%). Net Health Care weight down -6.8pp; Financials up +5.9pp.
+28 new−31 closed↑13 increased↓16 decreased| 5 unchangednet +$432M
Sector shifts
Position movements
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | Financials / Diversified Financials ETF | $301M | NEW | |
| RSP | INVESCO S&P 500 EQUAL WEIGHT ETF | Information Technology / Diversified ETF | $225M | NEW | |
| EWZ | ISHARES MSCI BRAZIL ETF | Financials / Emerging Markets ETF | $134M | NEW | |
| EWZ | ISHARES MSCI BRAZIL ETF | Financials / Emerging Markets ETF | $113M | NEW | |
| AA | ALCOA CORP | Materials / Aluminum | $73M | NEW | |
| ENTG | ENTEGRIS INC | Information Technology / Semiconductor Equipment & Materials | $71M | NEW | |
| LSCC | LATTICE SEMICONDUCTOR CORP | Information Technology / Semiconductors | $68M | NEW | |
| BE | BLOOM ENERGY CORP- A | Industrials / Electrical Equipment & Parts | $64M | NEW | |
| DAL | DELTA AIR LINES INC | Industrials / Airlines | $45M | NEW | |
| UAL | UNITED AIRLINES HOLDINGS INC | Industrials / Airlines | $39M | NEW | |
| ON | ON SEMICONDUCTOR | Information Technology / Semiconductors | $29M | NEW | |
| GS | GOLDMAN SACHS GROUP INC | Financials / Capital Markets | $24M | NEW | |
| AMZN | AMAZON.COM INC | Consumer Discretionary / Internet Retail | $23M | NEW | |
| STM | STMICROELECTRONICS NV-NY SHS | Information Technology / Semiconductors | $20M | NEW | |
| SCCO | SOUTHERN COPPER CORP | Materials / Copper | $17M | NEW | |
| RH | RH | Consumer Discretionary / Specialty Retail | $16M | NEW | |
| Z | ZILLOW GROUP INC - C | Communication Services / Internet Content & Information | $13M | NEW | |
| CDTX | CIDARA THERAPEUTICS INC | Health Care / Biotechnology | $11M | NEW | |
| PM | PHILIP MORRIS INTERNATIONAL | Consumer Staples / Tobacco | $11M | NEW | |
| AAL | AMERICAN AIRLINES GROUP INC | Industrials / Airlines | $10M | NEW | |
| AGX | ARGAN INC | Industrials / Engineering & Construction | $9M | NEW | |
| DASH | DOORDASH INC - A | Consumer Discretionary / Internet Retail | $8M | NEW | |
| PGNY | PROGYNY INC | Health Care / Healthcare Plans | $8M | NEW | |
| ADMA | ADMA BIOLOGICS INC | Health Care / Biotechnology | $5M | NEW | |
| ALM | ALMONTY INDUSTRIES INC | Materials / Other Industrial Metals & Mining | $4M | NEW | |
| WOLF | WOLFSPEED INC | Information Technology / Semiconductors | $3M | NEW | |
| WVE | WAVE LIFE SCIENCES LTD | Health Care / Biotechnology | $3M | NEW | |
| NP | NEPTUNE INSURANCE HOLDI-CL A | Financials / Insurance Brokers | $583K | NEW |
| GOOGL | ALPHABET INC-CL A | Communication Services / Internet Content & Information | +276.7% | +$96M | |
| AMZN | AMAZON.COM INC | Consumer Discretionary / Internet Retail | +68.8% | +$74M | |
| SE | SEA LTD-ADR | Consumer Discretionary / Internet Retail | +244.3% | +$71M | |
| COGT | COGENT BIOSCIENCES INC | Health Care / Biotechnology | +109.0% | +$63M | |
| TBBB | BBB FOODS INC | Consumer Staples / Grocery Stores | +126.1% | +$57M | |
| NAMS | NEWAMSTERDAM PHARMA COMPANY NV | Health Care / Biotechnology | +59.6% | +$53M | |
| OPCH | OPTION CARE HEALTH INC | Health Care / Medical Care Facilities | +78.6% | +$28M | |
| YPF | YPF S.A.-SPONSORED ADR | Energy / Oil & Gas Integrated | +429.2% | +$19M | |
| CRH | CRH PLC | Materials / Building Materials | +20.6% | +$12M | |
| CPNG | COUPANG INC | Consumer Discretionary / Internet Retail | +46.2% | +$11M | |
| QSR | RESTAURANT BRANDS INTERN | Consumer Discretionary / Restaurants | +6.9% | +$10M | |
| PCT | PURECYCLE TECHNOLOGIES INC | Industrials / Pollution & Treatment Controls | +25.0% | +$-6M | |
| CMG | CHIPOTLE MEXICAN GRILL INC | Consumer Discretionary / Restaurants | +68.1% | +$5M |
| TEVA | TEVA PHARMACEUTICAL-SP ADR | Health Care / Drug Manufacturers - Specialty & Generic | -64.6% | −$152M | |
| INSM | INSMED INC | Health Care / Biotechnology | -38.9% | −$91M | |
| NTRA | NATERA INC | Health Care / Diagnostics & Research | -21.9% | −$58M | |
| EEM | ISHARES MSCI EMERGING MARKETS ETF | Financials / Emerging Markets ETF | -52.5% | −$52M | |
| DOCU | DOCUSIGN INC | Information Technology / Software - Application | -39.6% | −$52M | |
| TSM | TAIWAN SEMICONDUCTOR-SP ADR | Information Technology / Semiconductors | -29.0% | −$49M | |
| MELI | MERCADOLIBRE INC | Consumer Discretionary / Internet Retail | -19.2% | −$41M | |
| STUB | STUBHUB HOLDINGS INC-CLASS A | Communication Services / Internet Content & Information | -45.9% | −$41M | |
| ROKU | ROKU INC | Communication Services / Entertainment | -29.1% | −$19M | |
| WWD | WOODWARD INC | Industrials / Aerospace & Defense | -6.6% | −$19M | |
| U | UNITY SOFTWARE INC | Information Technology / Software - Application | -53.5% | −$17M | |
| FIGR | FIGURE TECHNOLOGY SOLUT-CL A | Financials / Capital Markets | -27.3% | −$14M | |
| DAKT | DAKTRONICS INC | Information Technology / Electronic Components | -40.6% | −$13M | |
| CLF | CLEVELAND-CLIFFS INC | Materials / Steel | -35.7% | −$10M | |
| WAB | WABTEC CORP | Industrials / Railroads | -0.8% | −$3M | |
| AEVA | AEVA TECHNOLOGIES INC | Information Technology / Software - Infrastructure | -0.8% | −$2M |
| VRNA | VERONA PHARMA PLC | Health Care / Biotechnology | was $107M | CLOSED | |
| META | META PLATFORMS INC-CLASS A | Communication Services / Internet Content & Information | was $56M | CLOSED | |
| CRS | CARPENTER TECHNOLOGY | Industrials / Metal Fabrication | was $54M | CLOSED | |
| C | CITIGROUP INC | Financials / Banks - Diversified | was $52M | CLOSED | |
| TWLO | TWILIO INC - A | Information Technology / Software - Infrastructure | was $51M | CLOSED | |
| BAC | BANK OF AMERICA CORP | Financials / Banks - Diversified | was $51M | CLOSED | |
| EQT | EQT CORP | Energy / Oil & Gas E&P | was $49M | CLOSED | |
| GEV | GE VERNOVA INC | Industrials / Specialty Industrial Machinery | was $48M | CLOSED | |
| VST | VISTRA CORP | Utilities / Utilities - Independent Power Producers | was $46M | CLOSED | |
| LEN | LENNAR CORP-A | Consumer Discretionary / Residential Construction | was $35M | CLOSED | |
| DHI | DR HORTON INC | Consumer Discretionary / Residential Construction | was $35M | CLOSED | |
| FWONK | LIBERTY MEDIA CORP-FORMULA-C | Communication Services / Entertainment | was $30M | CLOSED | |
| DKS | DICK'S SPORTING GOODS INC | Consumer Discretionary / Specialty Retail | was $29M | CLOSED | |
| KBE | SPDR S&P BANK ETF | Financials / Banks ETF | was $29M | CLOSED | |
| PCG | P G & E CORP | Utilities / Utilities - Regulated Electric | was $25M | CLOSED | |
| ARM | ARM HOLDINGS PLC-ADR | Information Technology / Semiconductors | was $24M | CLOSED | |
| NU | NU HOLDINGS LTD | Financials / Banks - Diversified | was $23M | CLOSED | |
| SMTC | SEMTECH CORP | Information Technology / Semiconductors | was $22M | CLOSED | |
| STX | SEAGATE TECHNOLOGY HOLDINGS PLC | Information Technology / Computer Hardware | was $20M | CLOSED | |
| GPC | GENUINE PARTS CO | Consumer Discretionary / Auto Parts | was $20M | CLOSED | |
| ELVN | ENLIVEN THERAPEUTICS INC | Health Care / Biotechnology | was $19M | CLOSED | |
| POST | POST HOLDINGS INC | Consumer Staples / Packaged Foods | was $19M | CLOSED | |
| SNDK | SANDISK CORP | Information Technology / Computer Hardware | was $19M | CLOSED | |
| SYF | SYNCHRONY FINANCIAL | Financials / Credit Services | was $19M | CLOSED | |
| ARGT | GLOBAL X MSCI ARGENTINA ETF | Financials / Emerging Markets ETF | was $18M | CLOSED | |
| NTRA | NATERA INC | Health Care / Diagnostics & Research | was $16M | CLOSED | |
| COF | CAPITAL ONE FINANCIAL CORP | Financials / Credit Services | was $9M | CLOSED | |
| SEI | SOLARIS ENERGY INFRASTRUCTUR | Energy / Oil & Gas Equipment & Services | was $6M | CLOSED | |
| MDB | MONGODB INC | Information Technology / Software - Infrastructure | was $5M | CLOSED | |
| TXRH | TEXAS ROADHOUSE INC | Consumer Discretionary / Restaurants | was $5M | CLOSED | |
| CHYM | CHIME FINANCIAL INC-CL A | Information Technology / Software - Application | was $872K | CLOSED |
5 positions held steady · $162M (3.6% of AUM) click to expand
| Ticker | Name | Sector | Shares | Value | % port |
|---|---|---|---|---|---|
| SATS | ECHOSTAR CORP-A | Communication Services | 60,765 | $7M | 0.1% |
| FLUT | FLUTTER ENTERTAINMENT PLC | Consumer Discretionary | 115,245 | $25M | 0.6% |
| IWM | ISHARES RUSSELL 2000 ETF | Industrials | 226,000 | $56M | 1.2% |
| PTGX | PROTAGONIST THERAPEUTICS INC | Health Care | 159,700 | $14M | 0.3% |
| SPY | SPDR S&P 500 ETF TRUST | Information Technology | 90,000 | $61M | 1.4% |