The firm’s 13F filing for the second quarter of 2025 provides some insight into his willingness to switch things up. Duquesne reported 87 holdings, with almost 25% of its largest holdings in health care stocks, led by Natera (12.8%), Teva (6.6%), and Insmed (5.6%).
During the quarter, Duquesne bought into 35 new stocks, added to 13 holdings, sold 18, and cut holdings in another 18. According to a Whale Wisdom analysis, Duquesne keeps its holdings for an average of 2.26 quarters; even its top 10 holdings, which make up a bare majority of its portfolio, only lasted 3.6 quarters on average.
Notable successes
It’s likely that Druckenmiller could trade for another century and not change his legacy as the investor who spearheaded a billion-dollar trade. The Bank of England deal became known as “Black Wednesday” because of its effects on the English economy. The U.K. estimated it lost 3.3 billion pounds as its currency plunged 25% against the dollar.
While the trade may have been bad for the U.K. in the short term, defenders argued that it forced basic changes in the country’s economy by ultimately lowering interest rates and making its currency more competitive.
The Black Wednesday trade may wind up being Druckenmiller’s biggest success -- it would be difficult to beat -- but since opening Duquesne Family Office, he’s made a few prescient investments, as well. He saw the artificial intelligence (AI) boom coming and bought Nvidia (NASDAQ: NVDA in the fourth quarter of 2022, scoring a 700% gain. (Druckenmiller dumped his Nvidia holdings in the third quarter of 2024 after it began trading at 50 times forward earnings, a “big mistake,” he told Bloomberg.)