Stanley Druckenmiller’s Duquesne Family Office released its latest 13F filing on May 15, 2025, revealing a reduction in total equity holdings alongside several notable additions in the technology, energy, and consumer sectors. The Q1 2025 filing reflects a decrease in both the number of positions and total portfolio value compared to the previous quarter.

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Duquesne Family Office Portfolio Snapshot – Q1 2025

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Total Portfolio Value: $3.06 billion
Number of Holdings: 52 (down from 78 in Q4 2024)
Prior Quarter Value (Q4 2024): $3.72 billion
Filing Date: May 15, 2025

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New Holdings This Quarter

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Duquesne Family Office initiated positions in a range of new companies during the first quarter of 2025, with a focus on digital platforms, energy producers, and financial services. The following are the firm’s new positions, including share counts and market value:

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• DocuSign (DOCU) – 1,074,655 shares | $87.48 million
• CCC Intelligent Solutions (CCCS) – 5,595,039 shares | $50.52 million
• EQT Corporation (EQT) – 859,345 shares | $45.92 million
• Caesars Entertainment (CZR) – 1,548,420 shares | $38.71 million
• Twilio (TWLO) – 362,155 shares | $35.46 million
• Capital One Financial (COF) – 197,670 shares | $35.44 million
• Roku (ROKU) – 493,600 shares | $34.77 million
• BridgeBio Pharma (BBIO) – 438,050 shares | $15.14 million
• Chesapeake Energy (CHK) – 97,700 shares | $10.88 million
• AppLovin (APP) – 40,200 shares | $10.65 million
• Antero Resources (AR) – 258,400 shares | $10.45 million
• Impinj (PI) – 108,475 shares | $9.84 million

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These additions span a diverse set of industries, from enterprise software and biotechnology to natural gas exploration and consumer-facing platforms. The largest new position was DocuSign, followed by CCC Intelligent Solutions and EQT Corporation.

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Top Continuing Holdings (Q1 2025)

1. Natera Inc (NTRA)

• Q1 2025 Shares: 3,402,330
• Previous (Q4 2024): 3,566,850
• Change: -164,520 shares (-5%)
• Value: $481.1 million (↓ $83.5M / -15%)

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2. Teva Pharmaceutical (TEVA)

• Q1 2025 Shares: 14,879,750
• Previous: 8,997,400
• Change: +5,882,350 shares (+65%)
• Value: $228.7 million (↑ $30.4M / +15%)

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3. Coupang Inc (CPNG)

• Q1 2025 Shares: 9,302,634
• Previous: 8,902,649
• Change: +399,985 shares (+5%)
• Value: $204.0 million (↑ $8.3M / +4%)

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4. Woodward Inc (WWD)

• Q1 2025 Shares: 1,097,750
• Previous: 1,225,750
• Change: -128,000 shares (-10%)
• Value: $200.3 million (↓ $3.7M / -2%)

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5. Philip Morris Intl (PM)

• Q1 2025 Shares: 1,105,268
• Previous: 1,352,255
• Change: -246,987 shares (-18%)
• Value: $175.4 million (↑ $12.7M / +8%)

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6. Coherent Corp (COHR)

• Q1 2025 Shares: 2,222,070
• Previous: 2,820,930
• Change: -598,860 shares (-21%)
• Value: $144.3 million (↓ $122.9M / -46%)

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7. MercadoLibre Inc (MELI)

• Q1 2025 Shares: 53,725
• Previous: 53,725
• Change: No change
• Value: $104.8 million (↑ $13.5M / +15%)

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8. Insmed Inc (INSM)

• Q1 2025 Shares: 1,369,050
• Previous: 593,470
• Change: +775,580 shares (+131%)
• Value: $104.4 million (↑ $63.5M / +155%)

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9. Taiwan Semiconductor (TSMC)

• Q1 2025 Shares: 598,780
• Previous: 107,515
• Change: +491,265 shares (+457%)
• Value: $99.4 million (↑ $78.2M / +368%)

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Portfolio Rebalancing

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Compared to the previous quarter, Duquesne Family Office’s overall equity exposure declined by approximately $663 million, with 26 positions removed from the portfolio. The changes suggest a narrowed focus and increased concentration in select sectors.

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