We break down the stocks Stanley Druckenmiller (Duquesne) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Duquesne's 13F filed on May 15, 2025.
Who are Stanley Druckenmiller and Duquesne?
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.
Portfolio Changes in Q1 2025
New Positions
Duquesne initiated 12 new positions in Q1 2025, with the largest being DocuSign (DOCU) at $87.5 million, CCC Intelligent Solutions (CCCS) at $50.5 million, EQT Corporation (EQT) at $45.9 million, Caesars Entertainment (CZR) at $38.7 million, Twilio (TWLO) at $35.5 million, and Capital One Financial (COF) at $35.4 million.
Bought
The firm significantly increased its stake in Teva Pharmaceutical (TEVA) by adding 5.9 million shares, boosted its position in Flutter Entertainment (PDYPF) by nearly 2,000%, added 1.8 million shares to PureCycle Technologies (PCT), increased Taiwan Semiconductor (TSM) by 491,265 shares (457% increase), and added 775,580 shares to Insmed (INSM) (131% increase).
Sold
Duquesne dramatically reduced its holdings in American Airlines (AAL) by 95%, cut Seagate Technology (STX) by 86%, reduced United Airlines (UAL) by 78%, and trimmed Delta Air Lines (DAL) by 64%, while completely exiting positions in Skechers (SKX), SLM Corporation (SLM), United States Steel (X), Warner Bros. Discovery (WBD), Vistra (VST), Micron Technology (MU), and SPDR S&P Regional Banking ETF (KRE).
New Investments in Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| DOCU | DocuSign, Inc. | 5.2% | NEW | $87,477,000 |
| CCCS | CCC Intelligent Solutions Holdings Inc. | 3.0% | NEW | $50,523,000 |
| EQT | EQT Corporation | 2.7% | NEW | $45,915,000 |
| CZR | Caesars Entertainment, Inc. | 2.3% | NEW | $38,711,000 |
| TWLO | Twilio Inc. | 2.1% | NEW | $35,459,000 |
| COF | Capital One Financial Corporation | 2.1% | NEW | $35,442,000 |
| ROKU | Roku, Inc. | 2.1% | NEW | $34,769,000 |
| BBIO | BridgeBio Pharma, Inc. | 0.9% | NEW | $15,143,000 |
| CHK | Chesapeake Energy Corporation | 0.6% | NEW | $10,876,000 |
| APP | AppLovin Corporation | 0.6% | NEW | $10,652,000 |
| AR | Antero Resources Corporation | 0.6% | NEW | $10,450,000 |
| PI | Impinj, Inc. | 0.6% | NEW | $9,839,000 |
DocuSign, Inc. DOCU
Stanley Druckenmiller bought 1,074,655 shares of DocuSign, Inc. in Q1 2025. DocuSign, Inc. has shown moderate stock performance over the past 12 months, with shares trading at $83.29 as of May 9, 2025, below its 52-week high of $107.86 but well above its low of $48.70. The company reported a 9% year-over-year revenue increase in fiscal 2025, driven by its AI-powered Docusign IAM platform. While facing market volatility, its current price sits 29.5% below the 52-week high but 41.5% above the low, reflecting mixed investor sentiment amid strategic product investments.
- Revenue grew 9% YoY to $776.3 million in fiscal 2025.
- Shares traded 29.5% below 52-week high but 41.5% above 52-week low as of May 2025.
- Launched AI-powered Docusign IAM platform, cited as a key growth driver in Q4 2025 earnings.
CCC Intelligent Solutions Holdings Inc. CCCS
Stanley Druckenmiller bought 5,595,039 shares of CCC Intelligent Solutions Holdings Inc. in Q1 2025. CCC Intelligent Solutions Holdings Inc. (CCCS) demonstrated 11% year-over-year revenue growth in Q1 2025, reaching $251.6 million, while full-year 2024 revenue grew 9% to $944.8 million. The company achieved 12% adjusted EBITDA growth in 2024 ($397.4M) and maintained strong margins of 76-78%, though it reported a GAAP net loss of $17.4 million in Q1 2025. Recent performance shows accelerating SaaS platform adoption in the insurance economy despite some profitability challenges.
- Q1 2025 revenue grew 11% to $251.6M with adjusted EBITDA margin of 39%.
- Full-year 2024 adjusted EBITDA increased 12% to $397.4M on 9% revenue growth.
- GAAP net loss widened to $17.4M in Q1 2025 from $0.6M loss in prior-year quarter.
EQT Corporation EQT
Stanley Druckenmiller bought 859,345 shares of EQT Corporation in Q1 2025. EQT Corporation has demonstrated mixed financial performance over the last 12 months, with revenue increasing 1.36% to $5.04 billion in 2024 despite an 86.71% decline in earnings. Operational efficiencies, including capital expenditures 7% below guidance and $588 million in Q4 2024 free cash flow, highlight cost discipline amid volatile natural gas prices. Recent 2025 guidance projects production upside and $200 million year-over-year capital spending reductions, positioning the company for improved margins as market conditions stabilize.
- Q4 2024 sales volume reached 605 Bcfe, at the high end of guidance, despite net curtailments of 27 Bcfe.
- Average realized natural gas price rose to $3.01 per Mcfe in Q4 2024, up from $2.75 per Mcfe in the prior quarter.
- Analysts project a 12-month price target of $57.00, representing 1.79% upside from current levels.
Caesars Entertainment, Inc. CZR
Stanley Druckenmiller bought 1,548,420 shares of Caesars Entertainment, Inc. in Q1 2025. Caesars Entertainment has shown mixed performance over the last 12 months, with GAAP net revenues increasing to $2.8 billion in Q1 2025 despite a $115 million net loss. Its Digital segment drove growth with record $1.2 billion revenue (up 20% YoY) in 2024. Analysts project a 57.8% upside to the average price target of $44.23, supported by strong operational performance.
- Digital segment EBITDA grew to $117 million in 2024, demonstrating improving profitability.
- Stock trades at $30.69 as of May 2025, 48% below median analyst target of $45.
- Q1 2025 revenue increased 3.7% YoY despite macroeconomic headwinds impacting casino operations.
Twilio Inc. TWLO
Stanley Druckenmiller bought 362,155 shares of Twilio Inc. in Q1 2025. Twilio Inc. has experienced significant volatility over the past year, with its stock rising 80.62% over the last 12 months but declining 18.2% year-to-date in 2025. The company reported 12% year-over-year revenue growth in Q1 2025 to $1.17 billion, though profitability concerns persist due to below-consensus EPS guidance. While underperforming peers like Microsoft in the short term, Twilio maintains a long-term growth narrative supported by strategic share repurchases.
- Q1 2025 revenue of $1.17 billion exceeded estimates by 2.8%, marking third consecutive quarter of double-digit growth.
- Stock surged 27.60% over the last month following better-than-expected earnings, despite being 18% below 2025 highs.
- Company repurchased $130.2 million in shares during Q1 2025 while guiding EPS of 88-93 cents, below consensus estimates.
Capital One Financial Corporation COF
Stanley Druckenmiller bought 197,670 shares of Capital One Financial Corporation in Q1 2025. Capital One Financial has demonstrated moderate growth over the past year, with 2024 revenue rising 3.93% to $27.40 billion despite a 2.99% earnings decline. The stock reached its 52-week high of $210.67 in February 2025, reflecting investor confidence in its acquisition strategy and digital banking expansion. Recent performance has been bolstered by 5% growth in Q1 2025 credit card purchase volume and progress toward closing its transformative Discover Financial Services acquisition.
- 3.93% revenue growth in 2024 ($27.40B) despite macroeconomic headwinds.
- 5% year-over-year increase in Q1 2025 credit card purchase volume ($157.9B).
- 12-month price target of $206.14 (4.51% upside) with average analyst 'Buy' rating.
Roku, Inc. ROKU
Stanley Druckenmiller bought 493,600 shares of Roku, Inc. in Q1 2025. Roku, Inc. demonstrated mixed performance over the last 12 months, with 17% YoY Platform revenue growth in Q1 2025 offset by declining Devices segment margins. The company maintains its position as the #1 TV OS in the U.S. while navigating macro uncertainties, reaffirming its $3.95B Platform revenue target for 2025 and projecting a path to operating profitability by 2026 through disciplined cost management.
- Platform revenue grew 14% YoY in Q2 2025 with gross margins holding at 51% despite advertising mix challenges .
- Strategic partnership with Apple TV+ drove 3-month free subscriptions and expanded viewership for 'Severance' ahead of Season 2 .
- Negative P/E ratio of -97.4 reflects ongoing investments in growth despite $10.43B market cap and recent stock price recovery .
BridgeBio Pharma, Inc. BBIO
Stanley Druckenmiller bought 438,050 shares of BridgeBio Pharma, Inc. in Q1 2025. BridgeBio Pharma has faced significant financial challenges over the past 12 months, with a widening net loss per share of $0.88 in Q1 2025 compared to $0.20 in the prior-year period. Despite negative returns on assets and equity, analysts project a 69.48% average upside to its $24.96 price, with targets ranging up to $95. The stock's 1.03 beta indicates high volatility relative to the broader market.
- Q1 2025 net loss per share increased 340% year-over-year to $0.88.
- Average analyst price target of $60.44 implies 142% potential upside from current levels.
- Negative returns on assets (-124%) and capital employed (-151%) highlight ongoing operational challenges.
Chesapeake Energy Corporation CHK
Stanley Druckenmiller bought 97,700 shares of Chesapeake Energy Corporation in Q1 2025. Chesapeake Energy Corporation has shown mixed performance over the last 12 months, with a modest 0.72% total return despite a 16.45% year-to-date gain in 2025. The company maintains financial stability with $508 million adjusted EBITDAX in Q1 2024 and a $2.5 billion credit facility, while analysts project a 10.50% upside to its average price target of $130.00. Recent strategic moves like the pending Southwestern merger and $0.715 per share dividend signal confidence in long-term value creation.
- 16.45% YTD stock price increase through May 2025, outperforming energy sector peers.
- 34.45% upside to Roth Capital's $114 price target from September 2024.
- 4.85% price volatility over last 30 days with neutral technical indicators.
AppLovin Corporation APP
Stanley Druckenmiller bought 40,200 shares of AppLovin Corporation in Q1 2025. AppLovin Corporation has demonstrated strong growth in its advertising segment over the past 12 months, with advertising revenue surging 71% year-over-year to $1.16 billion in Q1 2025. This offset a 14% decline in its apps segment revenue during the same period, driving overall revenue growth of 40% to $1.48 billion. The company's advertising EBITDA nearly doubled (92% increase) to $943 million, supported by robust free cash flow generation of $826 million in Q1 2025.
- Advertising revenue grew sequentially every quarter from $678M (Q1 2024) to $1.16B (Q1 2025).
- Free cash flow margin expanded to 56% of revenue in Q1 2025 versus 47% in Q1 2024.
- Company achieved 92% year-over-year growth in advertising EBITDA through improved monetization efficiency.
Antero Resources Corporation AR
Stanley Druckenmiller bought 258,400 shares of Antero Resources Corporation in Q1 2025. Antero Resources Corporation has demonstrated mixed performance over the last 12 months, with a 4.18% revenue decline in 2024 to $4.30 billion but rebounded strongly in Q1 2025 with 110% YoY growth in Adjusted EBITDAX to $549 million. The company improved operational efficiency, generating $337 million in Free Cash Flow in Q1 2025 while reducing Net Debt by $204 million to $1.29 billion. Strategic share repurchases of 2.7 million shares year-to-date and maintained production guidance position it for stable growth despite commodity price volatility.
- Q1 2025 Free Cash Flow surged 112% YoY to $337 million, enabling $204 million debt reduction.
- 2024 liquids production grew 14% YoY to 217 MBbl/d, diversifying revenue streams.
- Analysts project 12-month price target of $41.24 (+2.51% upside) with Buy consensus rating.
Impinj, Inc. PI
Stanley Druckenmiller bought 108,475 shares of Impinj, Inc. in Q1 2025. Impinj, Inc. has demonstrated strong recent financial performance, with Q1 2025 EPS of $0.21 surpassing estimates by 162.50%, driven by revenue guidance of $91.0M to $96.0M. Despite trading 17.0% below its 200-day SMA of $146.36, indicating longer-term declines, the stock has risen 39.8% above its 50-day SMA of $86.90, reflecting bullish near-term momentum. The company's adjusted EBITDA of $23.5M and consistent earnings beats highlight improving operational efficiency and potential for value appreciation.
- Q1 2025 EPS of $0.21 exceeded analyst expectations by 162.50%.
- Stock price trades 39.8% above 50-day SMA ($86.90) but 17.0% below 200-day SMA ($146.36).
- Adjusted EBITDA reached $23.5M in Q1 2025, underscoring strengthened profitability.
Holdings at the end of Q1 2025
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| TEVA | Teva Pharmaceutical Industries Limited | 13.5% | Bought | $228,702,000 |
| CPNG | Coupang, Inc. | 12.1% | Bought | $204,007,000 |
| COHR | Coherent, Inc. | 8.5% | Sold | $144,301,000 |
| MELI | MercadoLibre, Inc. | 6.2% | $104,810,000 | |
| INSM | Insmed Incorporated | 6.2% | Bought | $104,445,000 |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 5.9% | Bought | $99,397,000 |
| DOCU | DocuSign, Inc. | 5.2% | New | $87,477,000 |
| PDYPF | Flutter Entertainment | 4.9% | Bought | $83,566,000 |
| YPF | YPF Sociedad Anónima | 4.3% | Bought | $72,722,000 |
| BCS | Barclays PLC | 3.5% | Bought | $58,634,000 |
| CCCS | CCC Intelligent Solutions Holdings Inc. | 3.0% | New | $50,523,000 |
| KMI | Kinder Morgan, Inc. | 2.8% | Sold | $47,192,000 |
| EQT | EQT Corporation | 2.7% | New | $45,915,000 |
| CZR | Caesars Entertainment, Inc. | 2.3% | New | $38,711,000 |
| DAKT | Daktronics, Inc. | 2.2% | Bought | $37,364,000 |
| TWLO | Twilio Inc. | 2.1% | New | $35,459,000 |
| COF | Capital One Financial Corporation | 2.1% | New | $35,442,000 |
| ROKU | Roku, Inc. | 2.1% | New | $34,769,000 |
| PCT | PureCycle Technologies, Inc. | 1.4% | Bought | $23,285,000 |
| STX | Seagate Technology Holdings plc | 1.1% | Sold | $18,645,000 |
| NAMS | Newamsterdam Pharma | 1.0% | Bought | $16,383,000 |
| TECK | Teck Resources Limited | 0.9% | $15,721,000 | |
| UAL | United Airlines Holdings, Inc. | 0.9% | Sold | $15,605,000 |
| BBIO | BridgeBio Pharma, Inc. | 0.9% | New | $15,143,000 |
| DAL | Delta Air Lines, Inc. | 0.9% | Sold | $15,048,000 |
| FLEX | Flex Ltd. | 0.7% | $11,542,000 | |
| CHK | Chesapeake Energy Corporation | 0.6% | New | $10,876,000 |
| APP | AppLovin Corporation | 0.6% | New | $10,652,000 |
| AR | Antero Resources Corporation | 0.6% | New | $10,450,000 |
| PI | Impinj, Inc. | 0.6% | New | $9,839,000 |
| RARE | Ultragenyx Pharmaceutical Inc. | 0.2% | $3,094,000 | |
| AAL | American Airlines Group Inc. | 0.1% | Sold | $1,411,000 |
| IVVD | Adagio Therapeutics, Inc. | 0.0% | $346,000 | |
| JOBY | Joby Aviation, Inc. | 0.0% | $190,000 | |
| SKX | Skechers U.S.A., Inc. | 0.0% | Sold Out | $0 |
| SLM | SLM Corporation | 0.0% | Sold Out | $0 |
| X | United States Steel Corporation | 0.0% | Sold Out | $0 |
| WBD | Warner Bros. Discovery, Inc. | 0.0% | Sold Out | $0 |
| VST | Vistra Corp. | 0.0% | Sold Out | $0 |
| MU | Micron Technology, Inc. | 0.0% | Sold Out | $0 |
| KRE | SPDR S&P Regional Banking ETF | 0.0% | Sold Out | $0 |
| BWXT | BWX Technologies, Inc. | 0.0% | Sold Out | $0 |
| GEV | GE Vernova Inc. | 0.0% | Sold Out | $0 |
| NVT | nVent Electric plc | 0.0% | Sold Out | $0 |
| DFS | Discover Financial Services | 0.0% | Sold Out | $0 |
| WDC | Western Digital Corporation | 0.0% | Sold Out | $0 |
| USB | U.S. Bancorp | 0.0% | Sold Out | $0 |
| ARM | Arm Holdings plc American Depositary Shares | 0.0% | Sold Out | $0 |
| ZOM | ZoomInfo Technologies Inc. | 0.0% | Sold Out | $0 |
| PANW | Palo Alto Networks, Inc. | 0.0% | Sold Out | $0 |
| GOOGL | Alphabet Inc. | 0.0% | Sold Out | $0 |
| FHN | First Horizon Corporation | 0.0% | Sold Out | $0 |
| WFC | Wells Fargo & Company | 0.0% | Sold Out | $0 |
| FCNCA | First Citizens BancShares, Inc. | 0.0% | Sold Out | $0 |
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