Duquesne manages the personal wealth of legendary investor Stanley Druckenmiller achieving an impressive average annual return of 30% without a single down year over 30 years. The firm employs Druckenmiller's signature top-down, macro-focused investment approach, capitalizing on his renowned ability to identify emerging opportunities and anticipate second and third-order market effects.
New positions: In Q4 2024, Duquesne established 17 new positions, with the most significant being United Airlines Holdings (UAL) at $101.4M, Skechers U.S.A. (SKX) at $72.3M, Amazon.com (AMZN) at $72.0M, SLM Corporation (SLM) at $69.5M, and Delta Air Lines (DAL) at $57.4M, showing a notable focus on transportation and consumer discretionary sectors.
Bought: The firm significantly increased several existing positions, most notably Teva Pharmaceutical (TEVA) by 7.6M shares (671% value increase), YPF Sociedad Anónima (YPF) by 1.3M shares (687% value increase), Seagate Technology (STX) by 1.3M shares (369% value increase), Barclays PLC (BCS) by 1.2M shares, and Philip Morris International (PM) by 880K shares (184% value increase).
Sold: Duquesne completely liquidated 20 positions, including Broadcom Inc. (AVGO), Mid-America Apartment Communities (MAA), Camden Property Trust (CPT), Microsoft Corporation (MSFT), and Adobe Inc. (ADBE), while also substantially reducing stakes in Coupang (CPNG) by 2.8M shares, SPDR S&P Regional Banking ETF (KRE) by 1.5M shares (71% decrease), TeraWulf (WULF) by 1.5M shares, and Freeport-McMoRan (FCX) by 618K shares (58% decrease).
Holdings on December 31, 2024
| Ticker | Company | Weight | Shares | Value | Q4 Return |
|---|---|---|---|---|---|
| NTRA | Natera, Inc. | 21.9% | $564,632,000 | + 24.69% | |
| TEVA | Teva Pharmaceutical Industries Limited | 7.7% | ▲ Added | $198,303,000 | + 670.65% |
| CPNG | Coupang, Inc. | 7.6% | ▼ Trimmed | $195,680,000 | - 31.85% |
| PM | Philip Morris International Inc. | 6.3% | ▲ Added | $162,744,000 | + 183.90% |
| STX | Seagate Technology Holdings plc | 5.2% | ▲ Added | $134,995,000 | + 368.64% |
| UAL | United Airlines Holdings, Inc. | 3.9% | ▲ New | $101,353,000 | |
| SKX | Skechers U.S.A., Inc. | 2.8% | ▲ New | $72,272,000 | |
| AMZN | Amazon.com, Inc. | 2.8% | ▲ New | $72,048,000 | |
| YPF | YPF Sociedad Anónima | 2.8% | ▲ Added | $71,745,000 | + 686.51% |
| SLM | SLM Corporation | 2.7% | ▲ New | $69,509,000 | |
| KMI | Kinder Morgan, Inc. | 2.4% | ▼ Trimmed | $60,973,000 | + 5.67% |
| DAL | Delta Air Lines, Inc. | 2.2% | ▲ New | $57,445,000 | |
| X | United States Steel Corporation | 2.1% | ▲ Added | $54,725,000 | + 133.60% |
| WBD | Warner Bros. Discovery, Inc. | 1.9% | ▲ New | $49,231,000 | |
| LLY | Eli Lilly and Company | 1.9% | ▲ New | $48,011,000 | |
| ARGT | Global X MSCI Argentina ETF | 1.8% | ▲ Added | $45,369,000 | + 142.65% |
| AAL | American Airlines Group Inc. | 1.7% | ▲ New | $44,856,000 | |
| BCS | Barclays PLC | 1.6% | ▲ Added | $42,353,000 | + 73.62% |
| INSM | Insmed Incorporated | 1.6% | ▲ Added | $40,973,000 | + 2706.37% |
| ASND | Ascendis Pharma A/S | 1.4% | $36,488,000 | - 7.80% | |
| BN | Brookfield Corporation | 1.4% | ▲ New | $35,057,000 | |
| MU | Micron Technology, Inc. | 1.3% | ▲ New | $34,412,000 | |
| KRE | SPDR S&P Regional Banking ETF | 1.3% | ▼ Trimmed | $33,442,000 | - 71.22% |
| BWXT | BWX Technologies, Inc. | 1.3% | ▲ New | $33,325,000 | |
| NVT | nVent Electric plc | 1.2% | $30,745,000 | - 2.99% | |
| FCX | Freeport-McMoRan Inc. | 1.1% | ▼ Trimmed | $28,899,000 | - 57.96% |
| WDC | Western Digital Corporation | 1.0% | ▲ Added | $24,875,000 | + 410.15% |
| USB | U.S. Bancorp | 0.9% | ▲ Added | $24,087,000 | + 142.28% |
| ZOM | ZoomInfo Technologies Inc. | 0.7% | ▼ Trimmed | $18,518,000 | - 16.18% |
| TECK | Teck Resources Limited | 0.7% | ▼ Trimmed | $17,491,000 | - 67.08% |
| PCT | PureCycle Technologies, Inc. | 0.6% | ▲ New | $16,323,000 | |
| TSLA | Tesla, Inc. | 0.6% | ▲ New | $15,215,000 | |
| GOOGL | Alphabet Inc. | 0.6% | ▲ New | $14,516,000 | |
| FLEX | Flex Ltd. | 0.5% | $13,394,000 | + 14.83% | |
| FHN | First Horizon Corporation | 0.5% | $12,481,000 | + 29.69% | |
| WFC | Wells Fargo & Company | 0.4% | ▲ New | $11,035,000 | |
| FCNCA | First Citizens BancShares, Inc. | 0.4% | $10,952,000 | + 14.78% | |
| HBAN | Huntington Bancshares Incorporated | 0.4% | $10,920,000 | + 10.67% | |
| LYV | Live Nation Entertainment, Inc. | 0.4% | ▲ New | $10,313,000 | |
| TFC | Truist Financial Corporation | 0.4% | $10,129,000 | + 1.42% | |
| ABCB | Ameris Bancorp | 0.4% | $9,636,000 | + 0.29% | |
| WULF | TeraWulf Inc. | 0.3% | ▼ Trimmed | $8,333,000 | - 39.53% |
| NAMS | Newamsterdam Pharma | 0.3% | $7,390,000 | + 54.83% | |
| MIR | Mirion Technologies, Inc. | 0.2% | ▲ New | $5,980,000 | |
| ACLX | Arcellx, Inc. | 0.2% | $5,683,000 | - 8.16% | |
| C | Citigroup Inc. | 0.2% | ▼ Trimmed | $5,114,000 | - 75.05% |
| RARE | Ultragenyx Pharmaceutical Inc. | 0.1% | $3,595,000 | - 24.25% | |
| PLTR | Palantir Technologies Inc. | 0.1% | $3,155,000 | + 103.29% | |
| TLSI | TriSalus Life Sciences, Inc. | 0.1% | $2,139,000 | + 8.69% | |
| IVVD | Adagio Therapeutics, Inc. | 0.0% | $253,000 | - 56.60% | |
| AVGO | Broadcom Inc. | 0.0% | ▼ Liquidated | $0 | |
| MAA | Mid-America Apartment Communities, Inc. | 0.0% | ▼ Liquidated | $0 | |
| CPT | Camden Property Trust | 0.0% | ▼ Liquidated | $0 | |
| CNM | Core & Main, Inc. | 0.0% | ▼ Liquidated | $0 | |
| MSFT | Microsoft Corporation | 0.0% | ▼ Liquidated | $0 | |
| ADBE | Adobe Inc. | 0.0% | ▼ Liquidated | $0 | |
| CRH | CRH plc | 0.0% | ▼ Liquidated | $0 | |
| TPG | TPG Inc. | 0.0% | ▼ Liquidated | $0 | |
| CB | Chubb Limited | 0.0% | ▼ Liquidated | $0 | |
| ADSK | Autodesk, Inc. | 0.0% | ▼ Liquidated | $0 | |
| MTB | M&T Bank Corporation | 0.0% | ▼ Liquidated | $0 | |
| CFG | Citizens Financial Group, Inc. | 0.0% | ▼ Liquidated | $0 | |
| SPRY | ARS Pharmaceuticals, Inc. | 0.0% | ▼ Liquidated | $0 | |
| SLN | Silence Therapeutics plc | 0.0% | ▼ Liquidated | $0 | |
| TRP | TC Energy Corporation | 0.0% | ▼ Liquidated | $0 | |
| SBUX | Starbucks Corporation | 0.0% | ▼ Liquidated | $0 | |
| XPO | XPO Logistics, Inc. | 0.0% | ▼ Liquidated | $0 | |
| BCYC | Bicycle Therapeutics plc | 0.0% | ▼ Liquidated | $0 | |
| IHS | IHS Holding Limited | 0.0% | ▼ Liquidated | $0 | |
| NRIX | Nurix Therapeutics, Inc. | 0.0% | ▼ Liquidated | $0 |
New Positions
United Airlines Holdings, Inc. UAL
Stanley Druckenmiller bought 1,043,805 shares of United Airlines Holdings, Inc. in Q4 2024. United Airlines Holdings has demonstrated strong financial performance over the past 12 months, with 6.23% revenue growth to $57.06 billion in 2024 and a 20.28% increase in earnings to $3.15 billion. The stock has shown upward momentum, closing at $78.62 as of May 12, 2025, supported by robust first-quarter 2025 results that marked the company's best Q1 performance in five years. Strategic investments in fuel-efficient aircraft technology and growing international travel demand position the company for long-term value creation.
- EPS grew 20.28% year-over-year in 2024.
- 16.52% upside projected in analyst price targets to $96.83.
- 14.8 million shares traded on March 21, 2025, signaling strong investor interest during recent volatility.
Skechers U.S.A., Inc. SKX
Stanley Druckenmiller bought 1,074,840 shares of Skechers U.S.A., Inc. in Q4 2024. Skechers U.S.A., Inc. delivered 7.1% year-over-year revenue growth in Q1 2025, reaching $2.41 billion, but faced margin compression with net income declining 2.0% to $202.4 million. The company outperformed EPS expectations by 15% ($1.36 vs estimates) despite higher operational costs, and maintains a 7.4% annual revenue growth forecast that outpaces the broader US luxury industry's 5.3% projection.
- Q1 2025 operating income decreased 11.3% to $265.1 million due to expanded marketing and distribution costs.
- Three-year revenue growth projection of 7.4% p.a. vs industry's 5.3% suggests accelerating market share gains.
- Stock price remained stable (+0.96%) post-earnings despite EPS beat, trading at $62.08 as of latest data.
Amazon.com, Inc. AMZN
Stanley Druckenmiller bought 328,400 shares of Amazon.com, Inc. in Q4 2024. Amazon.com, Inc. has experienced significant volatility over the past 12 months, surging 50.33% from its August 2024 low to an all-time high in February 2025 before declining 13.10% amid broader market adjustments. Despite a 4.47% year-to-date decline, the stock has rallied 9.89% over the past five sessions following reduced U.S.-China tariff tensions, which analysts believe could ease supply chain pressures. Wall Street maintains a Strong Buy rating with a forward P/E ratio of 28.17 and a projected 7.71% upside potential for 2025.
- Gained 50.33% from August 5, 2024 ($140.50) to February 4, 2025 ($211.37).
- Fell 13.10% from its all-time high in February 2025 to current levels.
- Up 9.89% over the past five trading sessions as of May 14, 2025.
SLM Corporation SLM
Stanley Druckenmiller bought 2,520,275 shares of SLM Corporation in Q4 2024. SLM Corporation (SLM) demonstrated strong financial performance over the past 12 months, driven by growth in private education loan originations and improved earnings. The company reported a full-year 2024 GAAP diluted EPS of $2.68, with Q1 2025 results showing accelerated momentum at $1.40 EPS and $301 million net income. Recent guidance reaffirmation for 2025 reflects management's confidence in sustained growth.
- Q1 2025 GAAP diluted EPS surged to $1.40, up significantly from Q4 2024's $0.50.
- Private education loan originations grew 17% YoY in Q4 2024 and maintained double-digit growth trends.
- Q1 2025 net income reached $301 million, with full-year 2025 guidance reaffirmed across key metrics.
Delta Air Lines, Inc. DAL
Stanley Druckenmiller bought 949,500 shares of Delta Air Lines, Inc. in Q4 2024. Delta Air Lines has demonstrated robust financial performance over the past 12 months, driven by record revenues and strong demand for premium offerings. The company reported a 9% year-over-year revenue increase in Q4 2024 to $15.6 billion, with full-year 2024 pre-tax income reaching $5 billion. Its operational efficiency and transatlantic demand momentum position it ahead of peers, with 2025 guidance projecting EPS exceeding $7.35 and free cash flow over $4 billion.
- Q4 2024 operating cash flow surged to $8 billion, supporting $3.4 billion in free cash flow for the year.
- March quarter 2025 revenue guidance of 7-9% growth reflects sustained demand for premium services and international travel.
- 2025 earnings per share projected to surpass $7.35, marking a potential record year for the company.
Warner Bros. Discovery, Inc. WBD
Stanley Druckenmiller bought 4,657,650 shares of Warner Bros. Discovery, Inc. in Q4 2024. Warner Bros. Discovery (WBD) has faced a challenging year, with its stock declining 15% year-to-date despite a recent 5% surge following reports of a potential corporate split. The company reported a year-over-year revenue drop in Q1 2025, reflecting ongoing pressures in the media landscape. Strategic moves to restructure into separate linear TV and streaming/film divisions aim to unlock value, though execution risks remain.
- Stock price fell 15% YTD through May 2025 despite restructuring efforts.
- Q1 2025 revenue declined year-over-year amid industry-wide streaming challenges.
- Shares gained 5% on May 11, 2025, following split speculation reports.
Eli Lilly and Company LLY
Stanley Druckenmiller bought 62,190 shares of Eli Lilly and Company in Q4 2024. Eli Lilly and Company (LLY) has demonstrated strong revenue growth despite recent stock volatility, with Q1 2025 sales surging 45.2% to $12.7 billion driven by blockbuster drugs Mounjaro and Zepbound. While the stock fell 17% in May 2025 due to earnings misses and competitive pressures, the company maintains its full-year sales guidance of $42.5-$43.5 billion. Recent developments include a strategic shift in pharmacy benefit manager preferences impacting its weight-loss drug market position.
- Mounjaro revenue grew 112% year-over-year to $3.84B in Q1 2025 while Zepbound sales reached $2.31B.
- 2025 EPS guidance lowered to $22.20 from $23.49 due to $1.6B acquisition charges, though adjusted EPS grew 29.5% YoY to $3.34.
- Stock price declined 11% on May 1, 2025 following Q1 results and CVS Caremark's partnership with Novo Nordisk for weight-loss drugs.
American Airlines Group Inc. AAL
Stanley Druckenmiller bought 2,573,500 shares of American Airlines Group Inc. in Q4 2024. American Airlines Group Inc. reported record full-year 2024 revenue of $54.2 billion and Q1 2025 revenue of $12.6 billion, though it posted a $473 million GAAP net loss in Q1 2025. The company strengthened its balance sheet with $1.2 billion debt reduction and maintains $10.8 billion liquidity, while facing headwinds from economic uncertainty and operational challenges. Recent strategic moves like the 10-year Citi co-branded credit card deal (generating $6.1 billion in 2024 cash remuneration) and 6% AAdvantage enrollment growth position it for long-term recovery.
- Full-year 2024 revenue grew 17% YoY to $54.2 billion driven by premium cabin demand and loyalty programs.
- International unit revenue increased 2.9% YoY in Q1 2025 despite 0.8% capacity reduction.
- Total debt reduced by $8.4 billion since 2021, with $10 billion+ in unencumbered assets supporting financial flexibility.
Brookfield Corporation BN
Stanley Druckenmiller bought 610,225 shares of Brookfield Corporation in Q4 2024. Brookfield Corporation BN has demonstrated robust financial performance over the past year, driven by a 27% increase in distributable earnings to $1.5 billion in Q1 2025 and record capital deployment. The company is gaining momentum, with its asset management business attracting $25 billion in inflows during the first quarter of 2025 and deployable capital reaching a historic $165 billion. Strategic share repurchases of $850 million year-to-date in 2025 and a focus on delivering 15%+ long-term returns underscore confidence in its growth trajectory.
- Distributable earnings before realizations grew 30% year-over-year in Q1 2025, outpacing peers in diversified asset management.
- Deployable capital increased to a record $165 billion, positioning the company for large-scale investments.
- Accelerated $850 million in share buybacks in 2025, reflecting strong cash flow generation and undervaluation opportunities.
Micron Technology, Inc. MU
Stanley Druckenmiller bought 408,885 shares of Micron Technology, Inc. in Q4 2024. Micron Technology has demonstrated significant growth over the past 12 months, driven by robust AI demand and a tripling of data center revenue year-over-year. The company reported Q2 fiscal 2025 revenue of $8.05 billion (up 38% YoY) and non-GAAP EPS of $1.56, with HBM revenue surpassing $1 billion for the first time. Its stock has risen 13.7% over the last 6 months, outperforming semiconductor peers, supported by technology leadership in DRAM and record profitability expectations for fiscal 2025.
- Revenue grew 38% YoY to $8.05B in Q2 2025, with data center revenue tripling annually.
- Non-GAAP EPS increased to $1.56 in Q2, beating guidance, with operating cash flow surging 223% YoY to $3.94B.
- Analysts project 28.92% upside (avg price target $122.90) and Strong Buy consensus, fueled by 1-gamma DRAM node launch and AI-driven demand.
BWX Technologies, Inc. BWXT
Stanley Druckenmiller bought 299,171 shares of BWX Technologies, Inc. in Q4 2024. BWX Technologies, Inc. (BWXT) has demonstrated solid financial growth over the past 12 months, driven by increased government and commercial demand for nuclear components. Revenue rose 8.31% to $2.70 billion in 2024, while earnings grew 14.68% to $281.94 million, reflecting improved operational efficiency. The company’s strategic acquisitions and strong backlog position it for continued expansion in the nuclear energy and defense sectors.
- Q1 2025 revenue reached $682.3 million, with net income of $75.5 million and adjusted EBITDA of $130.3 million.
- Analysts project a 17.81% upside to the stock with a 12-month price target of $126.22 (forward P/E ratio of 30.37).
- Recent acquisitions of A.O.T and Kinectrics aim to expand capabilities in nuclear services, supporting 2025 guidance for non-GAAP EPS of $3.40-$3.55.
PureCycle Technologies, Inc. PCT
Stanley Druckenmiller bought 1,592,500 shares of PureCycle Technologies, Inc. in Q4 2024. PureCycle Technologies has faced stock price volatility over the past year, declining 4.4% from its 2023 average price of $6.99 to its current $6.68 level. The company achieved its first-ever revenue of $1.6 million in Q1 2025 while making operational progress at its Ironton facility, though analysts project -$194.7 million in 2025 earnings. Wall Street remains cautiously optimistic with a 86.6% upside to the average price target of $13.60, driven by potential commercialization of its PureFive™ resin.
- Stock trades 9.9% below 50-day SMA ($7.46) and 25.7% below 200-day SMA ($8.99).
- Q1 2025 marked first revenue generation ($1.6M) with plant achieving 90% onstream time in April.
- Analysts project 29.5% potential ROI by June 2025 with price targets ranging from $10.00 to $18.00.
Tesla, Inc. TSLA
Stanley Druckenmiller bought 37,675 shares of Tesla, Inc. in Q4 2024. Tesla, Inc. has experienced significant volatility over the past 12 months, with shares rebounding 45% from April 2025 lows but still down 15% year-to-date. Recent gains stem from eased U.S.-China trade tensions, CEO Elon Musk's renewed focus on Tesla, and production numbers exceeding expectations by 8%. However, technical indicators like a 70+ RSI and Bollinger Band breakout suggest potential near-term pullback risks.
- Shares surged 12% year-over-year in vehicle deliveries despite global supply chain challenges.
- RSI climbed above 70 in May 2025, matching December 2024 levels that preceded a 50% price collapse.
- Short interest remains elevated at 2.7-2.9% of float, creating potential downside pressure if it breaches 3%.
Alphabet Inc. GOOGL
Stanley Druckenmiller bought 76,680 shares of Alphabet Inc. in Q4 2024. Alphabet Inc. has demonstrated strong financial performance over the past 12 months, with Q1 2025 revenue increasing 12% year-over-year to $90.2 billion and net income surging 46%. Growth was driven by robust demand in Google Search, YouTube ads, and a 28% YoY increase in Google Cloud revenue. The company also raised its dividend by 5%, reflecting confidence in sustained momentum.
- EPS grew 49% YoY to $2.81 in Q1 2025, exceeding estimates by 38.84%.
- Google Cloud revenue reached $12.3 billion in Q1 2025, accounting for 13.6% of total revenue.
- Analysts project a 21.73% upside with a 12-month price target of $201.3.
Wells Fargo & Company WFC
Stanley Druckenmiller bought 157,100 shares of Wells Fargo & Company in Q4 2024. Wells Fargo & Company has demonstrated strong stock performance over the past 12 months, with its share price rising from a 2024 annual average of $57.85 to $72.4 in 2025. This 25% year-over-year gain reflects improved investor confidence driven by aggressive capital returns and operational efficiency initiatives. Recent announcements of a $40 billion stock repurchase program and sustained dividends further position the company for value appreciation.
- Stock price increased 9.23% over the past month, closing at $76.28 on May 14, 2025.
- Quarterly dividend maintained at $0.40/share, yielding 2.1% annually at current prices.
- New $40 billion buyback authorization represents a 33% increase from prior program size.
Live Nation Entertainment, Inc. LYV
Stanley Druckenmiller bought 79,635 shares of Live Nation Entertainment, Inc. in Q4 2024. Live Nation Entertainment (LYV) has delivered 49.2% stock price growth over the past year, outperforming the broader U.S. market's 11.5% return but slightly lagging the entertainment industry's 54.3% average. The company reported 1.89% revenue growth to $23.16 billion in 2024 with earnings surging 106.24% to $638 million, though its elevated P/E ratio of 47.97 suggests premium valuation expectations. Recent analyst upgrades to Strong Buy with a 12% upside to price targets reflect confidence in its market leadership and 2025 growth catalysts.
- 49.2% 1-year stock return vs 11.5% market benchmark.
- 106% EPS growth in 2024 driven by margin expansion.
- 12% upside to average price target of $159.28 despite recent all-time high of $154.66.
Mirion Technologies, Inc. MIR
Stanley Druckenmiller bought 342,700 shares of Mirion Technologies, Inc. in Q4 2024. Mirion Technologies has demonstrated consistent growth over the past year, with Q1 2025 revenue increasing 4.9% to $202 million and Q4 2024 revenue up 10.4% to $254.3 million. The company improved profitability significantly, turning a $14.5 million net loss in Q4 2023 into a $15.9 million net profit in Q4 2024. Recent order momentum (11.5% YoY increase in Q1 2025) and a Zacks Rank #2 (Buy) rating suggest sustainable growth potential.
- Adjusted EBITDA margin expanded to $69.6 million in Q4 2024 (14.1% increase YoY) driven by procurement savings.
- Order entry accelerated to $203 million in Q1 2025 with potential $300-400 million in pending large projects.
- Stock gained 12.2% over the last 6 months (March-September 2024) as profitability improved.
