Druckenmiller's Duquesne Family Office Shifts $30.6B Portfolio, Boosts Tech, Cuts Steel

Stanley Druckenmiller, the renowned investor and founder of Duquesne Capital, has made notable adjustments to his portfolio through his global top-tier family office, Duquesne Family Office. The firm filed its first-quarter holdings report for the period ending March 31, 2025, revealing a total portfolio value of $30.6 billion, down from $37.2 billion in the previous quarter. The report indicates that the fund added 12 new stocks, increased holdings in 14 stocks, reduced holdings in 18 stocks, and completely exited 38 stocks during the third quarter. The top ten holdings accounted for 59.8% of the total portfolio value.

Among the top five holdings in the third quarter, Natera (NTRA.US) ranked first with 3.4 million shares, valued at approximately $4.81 billion, representing 15.17% of the portfolio. This was a 4.61% decrease from the previous quarter. Teva Pharmaceuticals (TEVA.US) ranked second with 14.88 million shares, valued at around $2.29 billion, making up 5.33% of the portfolio, a 65.38% increase from the previous quarter. Coupang (CPNG.US) ranked third with 9.3 million shares, valued at approximately $2.04 billion, representing 5.26% of the portfolio, a 4.49% increase from the previous quarter. Woodward (WWD.US) and Philip Morris (PM.US) ranked fourth and fifth, respectively, with holdings valued at $2 billion and $1.75 billion, a 10.44% and 18.26% decrease from the previous quarter.

The 13F report also revealed that the firm initiated new positions in DocuSign, CCC Intelligent Solutions, EQT, Caesars Entertainment, and Twilio during the first quarter. It completely exited positions in SLM, U.S. Steel (X.US), Warner Bros. Discovery, and Vistra, among others. The firm increased its holdings in Flutter Entertainment, Taiwan Semiconductor Manufacturing Company (TSM.US), Insmed, Teva Pharmaceuticals, and Eli Lilly.

The most significant buys in terms of portfolio percentage changes included DocuSign (DOCU.US), Taiwan Semiconductor Manufacturing Company (TSM.US), Flutter Entertainment (FLUT.US), Insmed (INSM.US), and Teva Pharmaceuticals. The top five sells by portfolio percentage changes included Seagate Technology (STX.US), Coherent (COHR.US), Skechers (SKX.US), United Airlines (UAL.US), and SLM Corporation (SLM.US).

Druckenmiller's decision to completely exit U.S. Steel (X.US) and increase holdings in Taiwan Semiconductor Manufacturing Company (TSM.US) and DocuSign (DOCU.US) reflects a strategic shift in his investment approach. The move away from traditional manufacturing sectors like steel and towards technology and digital transformation sectors indicates a focus on long-term growth and innovation. This shift aligns with the broader market trend of investing in companies that are at the forefront of technological advancements and digital solutions.

Increasing holdings in Taiwan Semiconductor Manufacturing Company (TSM.US) suggests a bullish outlook on the semiconductor industry, which is crucial for the development of advanced technologies such as artificial intelligence, 5G, and electric vehicles. DocuSign (DOCU.US), a leader in digital transaction management, is poised to benefit from the increasing demand for digital solutions in the post-pandemic era. This strategic move by Druckenmiller underscores the importance of investing in companies that are well-positioned to capitalize on emerging trends and technological advancements.