Stanley Druckenmiller's Duquesne Family Office filed its third-quarter 13F on Friday and revealed a dynamic and actively managed portfolio, reinforcing the firm's reputation for agile and opportunity-driven asset allocation.

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The filing, which shows holdings as of Sept. 30, 2025, highlights Druckenmiller's continual search for growth and value by introducing a significant number of new positions while exiting others—consistent with the firm's nimble investment approach. 

Some of Druckenmiller's most notable new positions include: 

• Amazon.com Inc. (NASDAQ:AMZN) – 437,070 shares 
• Cleveland-Cliffs Inc. (NYSE:CLF) – 2,715,035 shares 
• Alphabet, Inc. (GOOGL) (NASDAQ:GOOGL) – 102,200 shares 
• Meta Platforms Inc. (NASDAQ:META) – 76,100 shares
• StubHub Holdings, Inc. (NYSE:STUB) – 4,259,516 shares

The firm also closed many positions, most notably: 

• Microsoft Corp. (NASDAQ:MSFT) – sold 200,930 shares
• Eli Lilly & Co (NYSE:LLY) – sold 100,675 shares
• Viking Therapeutics Inc. (NASDAQ:VKTX) – sold 549,295 shares
• Applovin Corp. (NASDAQ:APP) – sold 76,100 shares
• Joby Aviation Inc. (NYSE:JOBY) – sold 31,489 shares

The firm's top five holdings, as of Sept. 30, 2025, were: 

• Natera Inc. (NASDAQ:NTRA) – 13%
• Insmed Inc. (NASDAQ:INSM) – 8.6%
• Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) – 8.3%
• Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM) – 5.3%
• Woodward Inc. (NASDAQ:WWD) – 3.9%

Duquesne's aggressive repositioning in the third quarter reaffirms its reputation for nimble action and readiness to capture growth opportunities, especially in healthcare and technology. 

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Image created using artificial intelligence via Midjourney.