Investor: Stanley Druckenmiller
Number of Assets: 62
Reporting Period: Q4 - 2025
Holdings at Report: $4,494,450,000
Return Since Report: -$186,051,225
Return Since Report: -4.14%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Adma Biologics Inc. (ADMA) | Equity | +100% | 252,200 | 0.11% | $18.24 | $9.01 | $4,600,000 | $2,272,322 | -$2,327,678 | -50.60% |
| Aeva Technologies Inc. (AEVA) | Equity | -0.79% | 1,824,862 | 0.57% | $13.28 | N/A | $24,234,000 | N/A | N/A | N/A |
| Alcoa Corp. (AA) | Equity | +100% | 1,376,050 | 1.73% | $53.14 | $66.12 | $73,123,000 | $90,984,426 | +$17,861,426 | +24.43% |
| Almonty Inds inc | Equity | +100% | 469,880 | 0.10% | $8.81 | N/A | $4,140,000 | N/A | N/A | N/A |
| Alphabet Inc. (GOOGL) | Equity | +276.71% | 385,000 | 2.86% | $313.00 | $287.22 | $120,505,000 | $110,579,700 | -$9,925,300 | -8.24% |
| Amazon.com Inc. (AMZN) | Equity | +68.84% | 737,940 | 4.04% | $230.82 | $208.30 | $170,331,000 | $153,712,902 | -$16,618,098 | -9.76% |
| Amazon.com Inc. (AMZN) | Call | +100% | 100,000 | N/A | $230.82 | N/A | $23,082,000 | N/A | N/A | N/A |
| American Airlines Group Inc. (AAL) | Equity | +100% | 639,785 | 0.23% | $15.33 | $10.74 | $9,808,000 | $6,871,291 | -$2,936,709 | -29.94% |
| Argan Inc. (AGX) | Equity | +100% | 30,000 | 0.22% | $313.33 | $541.23 | $9,400,000 | $16,236,900 | +$6,836,900 | +72.73% |
| BBB Foods Inc. (TBBB) | Equity | +126.11% | 2,675,152 | 2.12% | $33.39 | $35.32 | $89,323,000 | $94,486,369 | +$5,163,369 | +5.78% |
| Bloom Energy Corp. (BE) | Equity | +100% | 740,545 | 1.52% | $86.89 | $135.54 | $64,346,000 | $100,373,469 | +$36,027,469 | +55.99% |
| Chipotle Mexican Grill Inc. (CMG) | Equity | +68.06% | 391,930 | 0.34% | $37.00 | $31.99 | $14,501,000 | $12,537,841 | -$1,963,159 | -13.54% |
| Cidara Therapeutics Inc. (CDTX) | Equity | +100% | 49,495 | 0.26% | $220.89 | $221.38 | $10,933,000 | $10,957,203 | +$24,203 | +0.22% |
| Cleveland-Cliffs Inc. (CLF) | Equity | -35.70% | 1,745,655 | 0.55% | $13.28 | N/A | $23,182,000 | N/A | N/A | N/A |
| Cogent Biosciences Inc. (COGT) | Equity | +109.00% | 2,214,470 | 1.86% | $35.52 | $38.50 | $78,658,000 | $85,257,095 | +$6,599,095 | +8.39% |
| Coupang Inc. (CPNG) | Equity | +46.18% | 6,772,909 | 3.79% | $23.59 | $18.89 | $159,773,000 | $127,906,386 | -$31,866,614 | -19.94% |
| CRH PLC (CRH) | Equity | +20.60% | 474,955 | 1.40% | $124.80 | $105.35 | $59,274,000 | $50,036,509 | -$9,237,491 | -15.58% |
| Daktronics Inc. (DAKT) | Equity | -40.64% | 852,960 | 0.40% | $19.77 | $19.63 | $16,863,000 | $16,743,605 | -$119,395 | -0.71% |
| Delta Air Lines Inc. (DAL) | Equity | +100% | 650,910 | 1.07% | $69.40 | $66.50 | $45,173,000 | $43,282,260 | -$1,890,740 | -4.19% |
| Docusign Inc. (DOCU) | Equity | -39.55% | 1,019,085 | 1.65% | $68.40 | $47.39 | $69,705,000 | $48,294,438 | -$21,410,562 | -30.72% |
| Doordash Inc. (DASH) | Equity | +100% | 35,900 | 0.19% | $226.49 | $150.82 | $8,131,000 | $5,414,438 | -$2,716,562 | -33.41% |
| Echostar Corp. (SATS) | Equity | 0% | 60,765 | 0.16% | $108.70 | $117.24 | $6,605,000 | $7,124,089 | +$519,089 | +7.86% |
| Entegris Inc. (ENTG) | Equity | +100% | 844,160 | 1.69% | $84.25 | $117.35 | $71,120,000 | $99,062,176 | +$27,942,176 | +39.29% |
| Figure Technology Solutio | Equity | -27.26% | 1,539,785 | 1.49% | $40.84 | N/A | $62,885,000 | N/A | N/A | N/A |
| Flutter Entertainment PLC (FLUT) | Equity | 0% | 115,245 | 0.59% | $215.04 | $102.32 | $24,782,000 | $11,791,868 | -$12,990,132 | -52.42% |
| The Goldman Sachs Group Inc. (GS) | Equity | +100% | 27,500 | 0.57% | $879.02 | $843.02 | $24,173,000 | $23,183,050 | -$989,950 | -4.10% |
| Insmed Inc. (INSM) | Equity | -38.86% | 1,481,752 | 6.11% | $174.04 | $163.52 | $257,884,000 | $242,296,087 | -$15,587,913 | -6.04% |
| Invesco S&P 500 Equal Weight ETF (RSP) | Equity | +100% | 1,173,925 | 5.33% | $191.56 | $191.90 | $224,877,000 | $225,276,208 | +$399,208 | +0.18% |
| Ishares MSCI Brazil ETF (EWZ) | Equity | +100% | 3,552,575 | 2.67% | $31.77 | $29.23 | $112,865,000 | $103,841,767 | -$9,023,233 | -7.99% |
| Ishares MSCI Brazil ETF (EWZ) | Call | +100% | 4,228,000 | N/A | $31.77 | N/A | $134,324,000 | N/A | N/A | N/A |
| Ishares MSCI Emerging Markets ETF (EEM) | Equity | -52.50% | 902,500 | 1.17% | $54.71 | N/A | $49,376,000 | N/A | N/A | N/A |
| Ishares Russell 2000 ETF (IWM) | Call | +100% | 226,000 | N/A | $246.16 | N/A | $55,632,000 | N/A | N/A | N/A |
| Lattice Semiconductor Corp. (LSCC) | Equity | +100% | 925,970 | 1.61% | $73.58 | N/A | $68,133,000 | N/A | N/A | N/A |
| Mercadolibre Inc. (MELI) | Equity | -19.19% | 47,149 | 2.25% | $2,014.25 | $1,729.02 | $94,970,000 | $81,521,564 | -$13,448,436 | -14.16% |
| Natera Inc. (NTRA) | Equity | -21.87% | 2,511,357 | 13.63% | $229.09 | $199.53 | $575,327,000 | $501,091,062 | -$74,235,938 | -12.90% |
| Neptune INS Hldgs INC | Equity | +100% | 20,000 | 0.01% | $29.15 | N/A | $583,000 | N/A | N/A | N/A |
| Newamsterdam Pharma Company N.V. (NAMS) | Equity | +59.60% | 3,070,146 | 2.55% | $35.08 | $32.20 | $107,701,000 | $98,858,701 | -$8,842,299 | -8.21% |
| On Semiconductor Corp. (ON) | Equity | +100% | 536,260 | 0.69% | $54.15 | $61.72 | $29,038,000 | $33,097,967 | +$4,059,967 | +13.98% |
| Option Care Health Inc. (OPCH) | Equity | +78.58% | 1,745,950 | 1.32% | $31.86 | $26.95 | $55,626,000 | $47,053,353 | -$8,572,648 | -15.41% |
| Philip Morris International Inc. (PM) | Equity | +100% | 67,400 | 0.26% | $160.40 | $165.49 | $10,811,000 | $11,154,026 | +$343,026 | +3.17% |
| Progyny Inc. (PGNY) | Equity | +100% | 295,115 | 0.18% | $25.68 | $17.01 | $7,579,000 | $5,019,906 | -$2,559,094 | -33.77% |
| Protagonist Therapeutics Inc. (PTGX) | Equity | 0% | 159,700 | 0.33% | $87.34 | $105.40 | $13,948,000 | $16,832,380 | +$2,884,380 | +20.68% |
| Purecycle Technologies Inc. (PCT) | Equity | +24.98% | 2,878,434 | 0.59% | $8.59 | $5.20 | $24,726,000 | $14,953,465 | -$9,772,535 | -39.52% |
| Restaurant Brands International Inc. (QSR) | Equity | +6.86% | 1,209,000 | 1.95% | $68.23 | $73.95 | $82,490,000 | $89,399,505 | +$6,909,505 | +8.38% |
| RH (RH) | Equity | +100% | 88,200 | 0.37% | $179.15 | $139.76 | $15,801,000 | $12,326,832 | -$3,474,168 | -21.99% |
| Roku Inc. (ROKU) | Equity | -29.12% | 582,980 | 1.50% | $108.49 | $94.62 | $63,248,000 | $55,161,568 | -$8,086,432 | -12.79% |
| Sea Limited (SE) | Equity | +244.32% | 944,120 | 2.85% | $127.57 | $82.54 | $120,441,000 | $77,927,665 | -$42,513,335 | -35.30% |
| The Financial Select Sector SPDR Fund (XLF) | Equity | +100% | 5,495,600 | 7.13% | $54.77 | $49.45 | $300,994,000 | $271,729,942 | -$29,264,058 | -9.72% |
| Southern Copper Corp. (SCCO) | Equity | +100% | 120,817 | 0.41% | $143.47 | N/A | $17,334,000 | N/A | N/A | N/A |
| SPDR S&P 500 ETF Trust (SPY) | Call | +100% | 90,000 | N/A | $681.92 | N/A | $61,373,000 | N/A | N/A | N/A |
| Stmicroelectronics N.V. (STM) | Equity | +100% | 773,555 | 0.48% | $25.94 | N/A | $20,066,000 | N/A | N/A | N/A |
| Stubhub Hldgs INC | Equity | -45.87% | 2,305,751 | 0.74% | $13.53 | N/A | $31,197,000 | N/A | N/A | N/A |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -29.02% | 543,085 | 3.91% | $303.89 | $337.70 | $165,038,000 | $183,399,805 | +$18,361,804 | +11.13% |
| Teva Pharmaceutical Industries Limited (TEVA) | Equity | -64.60% | 5,874,870 | 4.34% | $31.21 | $30.01 | $183,355,000 | $176,304,849 | -$7,050,151 | -3.85% |
| United Airlines Holdings Inc. (UAL) | Equity | +100% | 348,400 | 0.92% | $111.82 | $91.97 | $38,958,000 | $32,042,348 | -$6,915,652 | -17.75% |
| Unity Software Inc. (U) | Equity | -53.54% | 410,020 | 0.43% | $44.17 | $22.00 | $18,111,000 | $9,018,390 | -$9,092,610 | -50.20% |
| Westinghouse Air Brake Technologies Corp. (WAB) | Equity | -0.76% | 300,110 | 1.52% | $213.45 | $250.02 | $64,058,000 | $75,033,502 | +$10,975,502 | +17.13% |
| Wave Life Sciences Ltd. (WVE) | Equity | +100% | 173,000 | 0.07% | $17.00 | $7.25 | $2,941,000 | $1,254,250 | -$1,686,750 | -57.35% |
| Wolfspeed INC | Equity | +100% | 186,900 | 0.08% | $17.41 | N/A | $3,254,000 | N/A | N/A | N/A |
| Woodward Inc. (WWD) | Equity | -6.65% | 590,930 | 4.23% | $302.32 | $358.81 | $178,650,000 | $212,031,593 | +$33,381,593 | +18.69% |
| YPF Sociedad Anónima (YPF) | Equity | +429.22% | 606,990 | 0.52% | $36.16 | $45.96 | $21,949,000 | $27,897,260 | +$5,948,260 | +27.10% |
| Zillow Group Inc. (Z) | Equity | +100% | 192,640 | 0.31% | $68.22 | $41.38 | $13,142,000 | $7,971,443 | -$5,170,557 | -39.34% |