Duquesne Family Office 13F, Q4 2025
Stanley Druckenmiller · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1536411
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 4 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q4 2025
The 25 largest of 58 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| Natera Inc | NTRA | $575.33M | 13.6% | -22% shares |
| Select Sector Spdr Tr | XLF | $300.99M | 7.1% | new |
| Insmed Inc | INSM | $257.88M | 6.1% | -39% shares |
| Invesco Exchange Traded Fd T | RSP | $224.88M | 5.3% | new |
| Teva Pharmaceutical Inds Ltd | TEVA | $183.35M | 4.3% | -65% shares |
| Woodward Inc | WWD | $178.65M | 4.2% | -7% shares |
| Amazon Com Inc | AMZN | $170.33M | 4.0% | +69% shares |
| Taiwan Semiconductor Mfg Ltd | TSM | $165.04M | 3.9% | -29% shares |
| Coupang Inc | CPNG | $159.77M | 3.8% | +46% shares |
| Alphabet Inc | GOOGL | $120.50M | 2.9% | +277% shares |
| Sea Ltd | SE | $120.44M | 2.9% | +244% shares |
| Ishares Inc | EWZ | $112.86M | 2.7% | new |
| Newamsterdam Pharma Company | $107.70M | 2.5% | +60% shares | |
| Mercadolibre Inc | MELI | $94.97M | 2.3% | -19% shares |
| Bbb Foods Inc | $89.32M | 2.1% | +126% shares | |
| Restaurant Brands Intl Inc | QSR | $82.49M | 1.9% | +7% shares |
| Cogent Biosciences Inc | COGT | $78.66M | 1.9% | +109% shares |
| Alcoa Corp | AA | $73.12M | 1.7% | new |
| Entegris Inc | ENTG | $71.12M | 1.7% | new |
| Docusign Inc | DOCU | $69.70M | 1.6% | -40% shares |
| Lattice Semiconductor Corp | LSCC | $68.13M | 1.6% | new |
| Bloom Energy Corp | BE | $64.35M | 1.5% | new |
| Wabtec | WAB | $64.06M | 1.5% | unchanged |
| Roku Inc | ROKU | $63.25M | 1.5% | -29% shares |
| Figure Technology Solutio | FIGR | $62.88M | 1.5% | -27% shares |
What changed since Q3 2025
Against the Q3 2025 filing, Duquesne Family Office opened 26 new positions, added to 13, trimmed 14, left 5 unchanged and exited 30. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
and 18 more
Exited
- Verona Pharma Plcwas $106.93M
- METAwas $55.89M
- CRSwas $54.03M
- Cwas $52.26M
- TWLOwas $51.33M
- BACwas $51.03M
- EQTwas $48.71M
- GEVwas $47.54M
and 22 more
Other quarters
Source: SEC Form 13F-HR, accession 0001536411-26-000002, filed by Duquesne Family Office LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.