Stanley Druckenmiller (Duquesne) disclosed 4 option positions for the 2025Q2 quarter — 4 long-calls and 0 long-puts — totaling $157.3M of underlying-share notional value. The largest exposures are a call on IWM, a call on SPY, a call on NTRA. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| CALL | IWMISHARES TR | 335K | $72.3M | 1.8% |
| CALL | SPYSPDR S&P 500 ETF TR | 90K | $55.6M | 1.4% |
| CALL | NTRANATERA INC | 115K | $19.3M | 0.5% |
| CALL | INSMINSMED INC | 100K | $10.1M | 0.2% |
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.
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.