Duquesne Family Office LLC's Q2 2025 13F: 31 new positions, 15 exits
Form 13F-HR for the quarter ended Jun 30, 2025 · filed Aug 15, 2025 · 65 reported positions · accession 0001536411-25-000011
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | Coupang Inc (CPNG) | 6.8% | 3.1% | −3.7 pts | −5.2M sh | −56% |
| New | Entegris Inc (ENTG) | — | 3.4% | +3.4 pts | +1.65M sh | new |
| New | Microsoft Corp (MSFT) | — | 2.6% | +2.6 pts | +201K sh | new |
| Reduced | Coherent Corp (COHR) | 4.8% | 2.6% | −2.2 pts | −1.06M sh | −48% |
| Increased | Insmed Inc (INSM) | 3.5% | 5.8% | +2.3 pts | +884K sh | +65% |
| New | Warner Bros Discovery Inc (WBD) | — | 1.9% | +1.9 pts | +6.54M sh | new |
| Reduced | Woodward Inc (WWD) | 6.7% | 5.3% | −1.4 pts | −249K sh | −23% |
| New | Citigroup Inc (C) | — | 1.4% | +1.4 pts | +666K sh | new |
| Reduced | Natera Inc (NTRA) | 16.1% | 13.3% | −2.8 pts | −317K sh | −9% |
| Increased | Roku Inc (ROKU) | 1.2% | 2.5% | +1.3 pts | +607K sh | +123% |
| Reduced | Philip Morris Intl Inc (PM) | 5.9% | 3.8% | −2.1 pts | −289K sh | −26% |
| New | Select Sector Spdr Tr (XLF) | — | 1.3% | +1.3 pts | +985K sh | new |
| New | Restaurant Brands Intl Inc (QSR) | — | 1.3% | +1.3 pts | +751K sh | new |
| New | Sea Ltd (SE) | — | 1.3% | +1.3 pts | +310K sh | new |
| New | Nu Hldgs Ltd (NU) | — | 1.2% | +1.2 pts | +3.42M sh | new |
| Exited | Capital One Finl Corp (COF) | 1.2% | — | −1.2 pts | −198K sh | −100% |
| Reduced | Ccc Intelligent Solutions Hl (CCC) | 1.7% | 0.2% | −1.5 pts | −4.59M sh | −82% |
| Reduced | Ypf Sociedad Anonima (YPF) | 2.4% | 0.6% | −1.9 pts | −1.37M sh | −66% |
| New | Unity Software Inc (U) | — | 1.1% | +1.1 pts | +1.77M sh | new |
| Reduced | Barclays Plc (BCS) | 2.0% | 0.7% | −1.2 pts | −2.27M sh | −59% |
| Increased | Taiwan Semiconductor Mfg Ltd (TSM) | 3.3% | 4.4% | +1.1 pts | +166K sh | +28% |
| Exited | Springworks Therapeutics Inc (SWTX) | 0.9% | — | −0.9 pts | −616K sh | −100% |
| New | Carpenter Technology Corp (CRS) | — | 0.9% | +0.9 pts | +127K sh | new |
| Reduced | Freeport-Mcmoran Inc (FCX) | 1.3% | 0.2% | −1.0 pts | −793K sh | −78% |
| Exited | Amazon Com Inc (AMZN) | 0.9% | — | −0.9 pts | −137K sh | −100% |
| New | Corning Inc (GLW) | — | 0.8% | +0.8 pts | +623K sh | new |
| Exited | Ascendis Pharma A/S (ASND) | 0.8% | — | −0.8 pts | −159K sh | −100% |
| New | Goldman Sachs Group Inc (GS) | — | 0.8% | +0.8 pts | +42,000 sh | new |
| New | Illumina Inc (ILMN) | — | 0.7% | +0.7 pts | +301K sh | new |
| Reduced | Wabtec (WAB) | 1.8% | 0.9% | −0.9 pts | −131K sh | −43% |
| New | Broadcom Inc (AVGO) | — | 0.6% | +0.6 pts | +86,140 sh | new |
| Increased | Eqt Corp (EQT) | 1.5% | 1.9% | +0.3 pts | +393K sh | +46% |
| Increased | Delta Air Lines Inc Del (DAL) | 0.5% | 1.0% | +0.5 pts | +448K sh | +130% |
| Exited | Brookfield Corp (BN) | 0.6% | — | −0.6 pts | −316K sh | −100% |
| New | Ishares Inc (EWZ) | — | 0.5% | +0.5 pts | +739K sh | new |
| New | Hasbro Inc (HAS) | — | 0.5% | +0.5 pts | +281K sh | new |
| New | Option Care Health Inc (OPCH) | — | 0.5% | +0.5 pts | +637K sh | new |
| Exited | Teck Resources Ltd (TECK) | 0.5% | — | −0.5 pts | −432K sh | −100% |
| New | Xpo Inc (XPO) | — | 0.5% | +0.5 pts | +163K sh | new |
| Reduced | Twilio Inc (TWLO) | 1.2% | 0.6% | −0.6 pts | −162K sh | −45% |
| Exited | Bridgebio Pharma Inc (BBIO) | 0.5% | — | −0.5 pts | −438K sh | −100% |
| Increased | Teva Pharmaceutical Inds Ltd (TEVA) | 7.7% | 6.8% | −0.8 pts | +1.09M sh | +7% |
| Increased | Applovin Corp (APP) | 0.4% | 0.8% | +0.4 pts | +49,258 sh | +123% |
| Reduced | Kinder Morgan Inc Del (KMI) | 1.6% | 0.8% | −0.8 pts | −582K sh | −35% |
| Increased | Docusign Inc (DOCU) | 2.9% | 2.6% | −0.4 pts | +216K sh | +20% |
| New | Bank America Corp (BAC) | — | 0.4% | +0.4 pts | +342K sh | new |
| New | Chime Finl Inc (CHYM) | — | 0.4% | +0.4 pts | +467K sh | new |
| Exited | Flex Ltd (FLEX) | 0.4% | — | −0.4 pts | −349K sh | −100% |
| Reduced | Global X Fds (ARGT) | 1.2% | 0.6% | −0.6 pts | −176K sh | −40% |
| Reduced | Banco Macro Sa (BMA) | 1.1% | 0.4% | −0.7 pts | −211K sh | −49% |
The 50 largest of 77 changes, by size of the trade. Full holdings for this quarter.
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 52.6% of the equity book
Changes in the top 10 this quarter: ENTG entered · FLUT entered · COHR left · DOCU left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | Natera Inc (NTRA) | 16.1% | 13.3% | |
| 2 | Teva Pharmaceutical Inds Ltd (TEVA) | 7.7% | 6.8% | |
| 3 | Insmed Inc (INSM) | 3.5% | 5.8% | |
| 4 | Woodward Inc (WWD) | 6.7% | 5.3% | |
| 5 | Taiwan Semiconductor Mfg Ltd (TSM) | 3.3% | 4.4% | |
| 6 | Philip Morris Intl Inc (PM) | 5.9% | 3.8% | |
| 7 | Mercadolibre Inc (MELI) | 3.5% | 3.6% | |
| 8 | Entegris Inc (ENTG) | 0.0% | 3.4% | Entered the top 10 |
| 9 | Coupang Inc (CPNG) | 6.8% | 3.1% | |
| 10 | Flutter Entmt Plc (FLUT) | 2.8% | 3.0% | Entered the top 10 |
| — | Coherent Corp (COHR) | 4.8% | 2.6% | Left the top 10 |
| — | Docusign Inc (DOCU) | 2.9% | 2.6% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).
Option positions (puts and calls)
Reported separately from the positions above. The value a 13F reports for an option is that of the underlying shares, not the option itself.
| Activity | Security | Type | Shares before | Shares now | Reported value |
|---|---|---|---|---|---|
| New | Ishares Tr (IWM) | Call | 0 | 335K | $72.3M |
| New | Spdr S&P 500 Etf Tr (SPY) | Call | 0 | 90,000 | $55.6M |
| Exited | Delta Air Lines Inc Del (DAL) | Call | 950K | 0 | $0 |
| Exited | Seagate Technology Hldngs Pl (STX) | Call | 247K | 0 | $0 |
| New | Natera Inc (NTRA) | Call | 0 | 115K | $19.3M |
| Exited | United Airls Hldgs Inc (UAL) | Call | 226K | 0 | $0 |
| New | Insmed Inc (INSM) | Call | 0 | 100K | $10.1M |