Stanley Druckenmiller
Stanley Druckenmiller runs Duquesne, a family office overseeing $4.22B in disclosed equity holdings (SEC CIK 0001536411). The latest portfolio (2025Q4) discloses 58 positions across 9 sectors, with the largest positions in NTRA, XLF and INSM. On a mark-to-market basis the tracked portfolio has returned 57.4% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.
What Stanley is holding in options
Stanley Druckenmiller (Duquesne) disclosed 3 option positions for the 2025Q3 quarter — 3 long-calls and 0 long-puts — totaling $130.7M of underlying-share notional value. The largest exposures are a call on SPY, a call on IWM, a call on NTRA. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
Options & derivatives
3 positions · $130.7M notional3 CALL · $130.7M| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| CALL | SPYSPDR S&P 500 ETF TR | 90K | $60.0M | 1.5% |
| CALL | IWMISHARES TR | 226K | $54.7M | 1.3% |
| CALL | NTRANATERA INC | 100K | $16.1M | 0.4% |
Notional = value of the underlying shares at the quarter-end snapshot, not the option premium paid. A long PUT is a bearish bet on the underlying; a long CALL is a bullish bet. The reported value is included in the portfolio total but does not reflect actual capital at risk.