Stanley Druckenmiller, one of Wall Street’s most celebrated investors over the past 40 years, is shuffling the deck on his investment portfolio in 2025. That’s no surprise, given his expansive background in trading and pragmatic portfolio management style.
Druckenmiller, founder and former chairman of Duquesne Capital and formerly a portfolio manager for George Soros’ Quantum Fund from 1988 to 2000, has long embraced a big-picture investment philosophy that caters to his unique set of trading skills. He now runs Duquesne Family Office as its CEO.
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“Stanley Druckenmiller runs Duquesne with a macro trader’s mindset layered onto a concentrated equity book,” says Lawrence Klayman, founding partner of KlaymanToskes, a New York City-based national securities law firm. “He looks for secular growth stories that can outperform under almost any economic weather, then sizes up or down quickly when the macro tide shifts.”
A keen observer of not only market trends, Druckenmiller favors his own trading formula when making moves at Duquesne. “Liquidity, policy inflection points, and the asymmetry between upside and downside drive (portfolio) timing,” Klayman says. “Additionally, conviction and not diversification decides position size.”
The latest Druckenmiller 13F from the first quarter of 2025 shows a slimmer, tighter book — $3.1 billion across 52 holdings — down from $3.7 billion and 78 names, while his top-10 concentration climbed to almost 60%.
“Health care remains the anchor, (as) Natera still tops the list, yet he doubled down on value-tilted pharma by boosting Teva 65%,” says David Beahm, president and CEO of Blanchard and Co. in New Orleans. “Fresh stakes in DocuSign, Twilio, Roku and Taiwan Semi signal a selective bet that enterprise spending and AI hardware demand will out-earn the broader tech complex even in a slower economy.”
Simultaneously, Druckenmiller jettisoned cyclicals like Seagate Technology Holdings PLC (ticker: STX) and United Airlines Holdings Inc. (UAL) during the first quarter of 2025. “Those moves underscored a tilt toward quality cash-flow generators over reopening trades,” Beahm says.
With the Duquesne portfolio on the move, let’s take a closer look at what Stanley Druckenmiller is thinking trading-wise in 2025, focusing on his top holdings:
| Stock | % of Portfolio | Market Value of Shares |
| Natera Inc. (NTRA) | 16.1% | $481.1 million |
| Teva Pharmaceutical Industries Inc. (TEVA) | 7.7% | $228.7 million |
| Coupang Inc. (CPNG) | 6.8% | $204.0 million |
| Woodward Inc. (WWD) | 6.7% | $200.3 million |
| Philip Morris International Inc. (PM) | 5.9% | $175.4 million |
| Coherent Corp. (COHR) | 4.8% | $144.3 million |
| MercadoLibre Inc. (MELI) | 3.5% | $104.8 million |
Natera Inc. (NTRA)
Druckenmiller reduced his Natera position by 4.6% in the first quarter, bringing the portfolio’s total holdings to $481.1 million. That still leaves NTRA as the portfolio’s top dog, at 16% of the Duquesne list.
Natera, an Austin, Texas-based diagnostics company that specializes in the discovery, development and commercialization of genetic testing services, has seen its share price rise by 8% year to date and 9% in the past month. On June 24, it closed at $171.87 per share, significantly higher than its historical average purchase price of $86 since it joined the Duquesne portfolio.
Percentage of portfolio: 16.1% Market value of shares: $481.1 million
Teva Pharmaceutical Industries Inc. (TEVA)
Teva, an Israel-based biopharmaceutical company, represents the largest Druckenmiller portfolio move in Q1, with 5.9 million shares added, bringing the total to 14.9 million shares. No doubt, Druckenmiller is buying Teva at a lower price, with shares down 22% year to date, although the stock remains up 5% for the past year.
Teva now comprises 7.7% of the Duquesne portfolio, with a 65.4% share boost for the quarter. The total portfolio value is $228.7 million, and the stock trades around $17 per share. Druckenmiller has snapped up shares in Teva recently, stockpiling 1.4 million shares in the third quarter of 2024 and 7.6 million shares in Q4 2024, besides the first quarter’s portfolio addition.
Percentage of portfolio: 7.7% Market value of shares: $228.7 million
Coupang Inc. (CPNG)
This South Korean e-commerce giant excels in key consumer categories such as home goods, apparel, decor, groceries, sporting goods and electronics.
In Q1, Duquesne added a 4.9% stake in the company, with 9.3 million shares owned and a total stake of $204 million. CPNG now makes up 6.8% of the Druckenmiller portfolio, making it the third-largest stock component.
Coupang shares are up 31.7% year to date, although share growth slowed to 1.7% over the past 30 days. CPNG has a good story to tell for investors, with revenues up 11% in Q1, which measured up to analyst projections. Management is backing the company stock with a $1 billion share repurchase plan, which investors usually take as a sign that the C-suite believes in the stock and in the direction the company is headed.
Percentage of portfolio: 6.8% Market value of shares: $204 million
Woodward Inc. (WWD)
Duquesne’s investment in Woodward slid by 128,000 shares in Q1, shaving 10% off the portfolio position. Druckenmiller now holds a $200 million position in WWD, though he may already regret the first-quarter cut given the stock’s 46% climb year to date and 26% rise over the past three months.
Analysts are largely supporting the stock, with Goldman Sachs issuing a “buy” call this week with a target price of $255 per share. That’s up from $229 per share in its last WWD research note. Additionally, the consensus call from eight analysts tracking WWD shares stands at $245, representing a modest upside from the $240 levels the stock has been trading at this week.
Percentage of portfolio: 6.7% Market value of shares: $200.3 million
Philip Morris International Inc. (PM)
Druckenmiller lopped 18.3% off the portfolio’s Philip Morris position in the first quarter of 2025. The current position is valued at $175.4 million and comprises 5.9% of the Duquesne portfolio. The stock closed at $184.49 per share on June 24, and the share price is up roughly 50% for the year to date. The stock also comes with a tidy 2.9% dividend yield.
Philip Morris has done a solid job emerging from the tobacco cultural wars, and is making its hay in rising areas like smokeless goods, led by its Zyn nicotine pouch and its new IQOS premium heated tobacco product. Prospects look good for PM for the rest of the year, with analysts pegging the company’s expected earnings growth rate at 13.7%. PM also remains a popular consumer staples stock with a regularly increasing dividend (16 consecutive years) and a 10-year compound annual growth rate of 4%.
Percentage of portfolio: 5.9% Market value of shares: $175.4 million
Coherent Corp. (COHR)
The Duquesne team also cut its position in Coherent, selling 21.2% of the stock. That left COHR at 4.8% of the total Druckenmiller portfolio with a market value of $144.3 million.
The Saxonburg, Pennsylvania, engineered materials company saw its shares drop by 14.5% year to date, but the stock is up 7% over the past three months. The company’s expansive optics technology portfolio has earned a recent “buy” call from Bank of America Securities analyst Vivek Arya and an “overweight” call from J.P. Morgan with a top price target of $100 per share. The stock closed at $80.96 on June 24. The company makes and markets optoelectronic components and lasers for industrial, communications and electronics use and has global reach.
Percentage of portfolio: 4.8% Market value of shares: $144.3 million
MercadoLibre Inc. (MELI)
E-commerce platform MercadoLibre’s shares have rebounded over the past six months, with the stock up 49% year to date. That’s good news for Druckenmiller, who held firm on MELI in Q1 and benefited from its robust performance in the first half of 2025. The stock makes up 3.5% of the Duquesne portfolio with a $104.8 million market value.
MercadoLibre has focused its e-commerce efforts in 18 Latin American countries, including Brazil, Mexico and Argentina, and its fintech arm, Mercado Pago, features a digital wallet that resembles Venmo. As e-commerce opportunities grow in Mexico and the heavily cash-driven economy opens doors for fintech, MercadoLibre is expected to benefit as one of the major players in the region. Active platform users were up 25% in the first quarter of 2025, while merchandise numbers were up a whopping 40% on a year-to-year basis. That makes MELI a home run for Druckenmiller and likely a portfolio mainstay for the long run.
Percentage of portfolio: 3.5% Market value of shares: $104.8 million
The Takeaway on Druckenmiller’s Updated Portfolio
Several deviations stand out for the Druckenmiller portfolio after the first quarter of 2025.
First, conviction has always been a theme of the portfolio, and its relatively high turnover of 56% suggests conviction that market volatility is in play and that Druckenmiller may believe big economic changes are on the table in 2025. A rising energy position in the fund is also evident.
“The unusually large energy play adds, (such as) EQT, Chesapeake (and) Antero, echo his 2020 commodity playbook but arrive alongside deep tech, an uncommon pairing for him,” Klayman says. “Additionally, a big step-up in Taiwan Semiconductor departs from his typical aversion to capital-heavy foundries, hinting he sees supply chain leverage in the AI cycle outweighing geopolitical risk.”
“Together, these moves paint a manager positioning for slower U.S. growth, stickier inflation and an earnings hand-off from consumer cyclicals to defensible innovators,” Klayman says.
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Stanley Druckenmiller’s Updated Portfolio: 7 Top Stocks in 2025 originally appeared on usnews.com
Update 06/25/25: This story was published at an earlier date and has been updated with new information.
