When Stanley Druckenmiller moves, people pay attention. The legendary investor's Duquesne Family Office just filed its Q3 13F on Friday, and it's a masterclass in portfolio agility—new positions opened, old favorites dumped, and a clear signal that this is a firm that doesn't get attached to yesterday's winners.
The filing, which captures holdings as of September 30, 2025, shows Druckenmiller doing what he does best: staying nimble and hunting for the next opportunity. This quarter's moves were particularly striking, with major tech reshuffling and some intriguing new bets.
The Big Additions
Druckenmiller opened several notable new positions in Q3, led by some of the biggest names in tech and an interesting industrial play:
- Amazon.com Inc. (AMZN) – 437,070 shares
- Cleveland-Cliffs Inc. (CLF) – 2,715,035 shares
- Alphabet Inc. (GOOGL) – 102,200 shares
- Meta Platforms Inc. (META) – 76,100 shares
- StubHub Holdings, Inc. (STUB) – 4,259,516 shares
The Amazon position is particularly eye-catching. After sitting on the sidelines, Druckenmiller is jumping into the e-commerce and cloud giant with a substantial stake. The addition of Alphabet and Meta suggests he's rotating into big tech names that may have been overlooked or undervalued. And that massive Cleveland-Cliffs position? That's a bet on industrial metals and steel—perhaps a play on infrastructure spending or manufacturing resurgence.
What Got Dumped
Perhaps more revealing than what Druckenmiller bought is what he sold. The firm completely exited several high-profile positions:
- Microsoft Corp. (MSFT) – sold 200,930 shares
- Eli Lilly & Co (LLY) – sold 100,675 shares
- Viking Therapeutics Inc. (VKTX) – sold 549,295 shares
- Applovin Corp. (APP) – sold 76,100 shares
- Joby Aviation Inc. (JOBY) – sold 31,489 shares
The Microsoft exit is the headline here. Druckenmiller closed out his entire position in one of the market's most dominant companies. Is this a valuation call? A rotation away from AI infrastructure plays? Hard to say, but it's a bold move given Microsoft's positioning in cloud and artificial intelligence.
Exiting Eli Lilly is equally notable—the pharma giant has been a darling of the obesity drug boom. Walking away from Viking Therapeutics, another biotech play, suggests Druckenmiller may be taking profits or reassessing his exposure to that sector.
Where The Money Lives
Despite all the shuffling, Duquesne's top holdings reveal a consistent theme: healthcare and biotech dominate the portfolio. As of September 30, the firm's top five positions were:
- Natera Inc. (NTRA) – 13%
- Insmed Inc. (INSM) – 8.6%
- Teva Pharmaceutical Industries Ltd. (TEVA) – 8.3%
- Taiwan Semiconductor Manufacturing Company Ltd. (TSM) – 5.3%
- Woodward Inc. (WWD) – 3.9%
Natera, a genetics and diagnostics company, remains Druckenmiller's largest conviction holding at 13% of the portfolio. The continued emphasis on healthcare—with Insmed and Teva rounding out the top three—shows where his long-term confidence lies. Taiwan Semiconductor in the fourth spot reflects the ongoing importance of semiconductor exposure, even as he shuffles among other tech names.
The Takeaway
Duquesne's Q3 moves reinforce everything we know about Druckenmiller's investment philosophy: stay agile, follow the opportunity, and never fall in love with a position. The willingness to completely exit Microsoft while opening fresh positions in Amazon and Alphabet shows a trader's mindset combined with a long-term investor's conviction.
Whether these moves pay off remains to be seen, but one thing is certain—Druckenmiller isn't sitting still, and his portfolio reflects a constant search for the next edge in an ever-changing market landscape.