Duquesne Family Office

Q4 2024 · CIK 0001536411

Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024

Portfolio — Q4 2024

Reported Book

$3.7B

13F value · +26% QoQ

Positions

+3 vs Q3 2024

Top 10

53.5%

of reported book

In Dimetrics Coverage

20.0%

of reported book

Reported book is the value of 13F-reportable US positions as filed — not the manager's total assets under management, which include cash, debt, non-US and private holdings.

Book structure

Long 95.5%

Long $3.6B· 74 lines

Calls $168.2M· 4 lines

Reported book structure — not net exposure. 13F reports options at the notional value of the underlying, with no strike, expiry, or premium. Delta is unknowable. This describes what was filed.

Reported book by group

PutsLongCallsNotes

Photonics

7.2%

$267.2M

Storage

5.5%

$203.8M

Hyperscalers

2.3%

$86.6M

AI Merchant Power

1.0%

$39.1M

Memory

0.9%

$34.4M

AI Grid & Power Equipment

0.9%

$32.8M

Liquid Cooling

0.8%

$30.7M

Custom Silicon

0.6%

$22.0M

Filed value by group, split by line type. Option lines are shown at the notional value of the underlying — a put bar is not exposure to that group, it is a position filed against it.

Holdings — 78 positions

Ticker	Security	Line	Value	Weight	Group	Coverage
NTRA	Natera Inc	Long	$564.6M	15.17%	—	Outside
COHR	Coherent Corp	Long	$267.2M	7.18%	Photonics	Covered
WWD	Woodward Inc	Long	$204.0M	5.48%	—	Outside
TEVA	Teva Pharmaceutical Inds Ltd	Long	$198.3M	5.33%	—	Outside
CPNG	Coupang Inc	Long	$195.7M	5.26%	—	Outside
PM	Philip Morris Intl Inc	Long	$162.7M	4.37%	—	Outside
STX	Seagate Technology Hldngs Pl	Long	$135.0M	3.63%	Storage	Covered
UAL	United Airls Hldgs Inc	Long	$101.4M	2.72%	—	Outside
MELI	Mercadolibre Inc	Long	$91.4M	2.45%	—	Outside
—	Skechers U S A Inc	Long	$72.3M	1.94%	—	Outside
AMZN	Amazon Com Inc	Long	$72.0M	1.94%	Hyperscalers	Covered
YPF	Ypf Sociedad Anonima	Long	$71.7M	1.93%	—	Outside
SLM	Slm Corp	Long	$69.5M	1.87%	—	Outside
KMI	Kinder Morgan Inc Del	Long	$61.0M	1.64%	—	Outside
DAL	Delta Air Lines Inc Del	Call	$57.4M	1.54%	—	Outside
—	United States Stl Corp	Long	$54.7M	1.47%	—	Outside
WAB	Wabtec	Long	$53.1M	1.43%	—	Outside
DAL	Delta Air Lines Inc Del	Long	$49.5M	1.33%	—	Outside
WBD	Warner Bros Discovery Inc	Long	$49.2M	1.32%	—	Outside
LLY	Eli Lilly & Co	Long	$48.0M	1.29%	—	Outside
BMA	Banco Macro Sa	Long	$47.0M	1.26%	—	Outside
ARGT	Global X Fds	Long	$45.4M	1.22%	—	Outside
AAL	American Airl	Call	$44.9M	1.20%	—	Outside
DAKT	Daktronics Inc	Long	$44.3M	1.19%	—	Outside
STX	Seagate Technology Hldngs Pl	Call	$44.0M	1.18%	Storage	Covered
BCS	Barclays Plc	Long	$42.4M	1.14%	—	Outside
—	Verona Pharma Plc	Long	$41.2M	1.11%	—	Outside
INSM	Insmed Inc	Long	$41.0M	1.10%	—	Outside
VST	Vistra Corp	Long	$39.1M	1.05%	AI Merchant Power	Covered
—	Ascendis Pharma A/S	Long	$36.5M	0.98%	—	Outside
BN	Brookfield Corp	Long	$35.1M	0.94%	—	Outside
MU	Micron Technology Inc	Long	$34.4M	0.92%	Memory	Covered
KRE	Spdr Ser Tr	Long	$33.4M	0.90%	—	Outside
BWXT	Bwx Technologies Inc	Long	$33.3M	0.90%	—	Outside
GEV	Ge Vernova Inc	Long	$32.8M	0.88%	AI Grid & Power Equipment	Covered
—	Springworks Therapeutics Inc	Long	$31.1M	0.83%	—	Outside
NVT	Nvent Electric Plc	Long	$30.7M	0.83%	Liquid Cooling	Covered
FCX	Freeport-Mcmoran Inc	Long	$28.9M	0.78%	—	Outside
GGAL	Grupo Financiero Galicia S.A	Long	$28.0M	0.75%	—	Outside
—	Discover Finl Svcs	Long	$25.5M	0.68%	—	Outside
WDC	Western Digital Corp	Long	$24.9M	0.67%	Storage	Covered
USB	Us Bancorp Del	Long	$24.1M	0.65%	—	Outside
ARM	Arm Holdings Plc	Long	$22.0M	0.59%	Custom Silicon	Covered
UAL	United Airls Hldgs Inc	Call	$21.9M	0.59%	—	Outside
TSM	Taiwan Semiconductor Mfg Ltd	Long	$21.2M	0.57%	Lithography & Fab Tools	Covered
GTM	Zoominfo Technologies Inc	Long	$18.5M	0.50%	—	Outside
TECK	Teck Resources Ltd	Long	$17.5M	0.47%	—	Outside
PCT	Purecycle Technologies Inc	Long	$16.3M	0.44%	—	Outside
AAL	American Airl	Long	$16.0M	0.43%	—	Outside
PANW	Palo Alto Networks Inc	Long	$15.9M	0.43%	—	Outside
TSLA	Tesla Inc	Long	$15.2M	0.41%	—	Outside
GOOGL	Alphabet Inc	Long	$14.5M	0.39%	Hyperscalers	Covered
FLEX	Flex Ltd	Long	$13.4M	0.36%	—	Outside
FHN	First Horizon Corporation	Long	$12.5M	0.34%	—	Outside
WFC	Wells Fargo Co New	Long	$11.0M	0.30%	—	Outside
FCNCA	First Ctzns Bancshares Inc N	Long	$11.0M	0.29%	—	Outside
HBAN	Huntington Bancshares Inc	Long	$10.9M	0.29%	—	Outside
LYV	Live Nation Entertainment In	Long	$10.3M	0.28%	—	Outside
TFC	Truist Finl Corp	Long	$10.1M	0.27%	—	Outside
ABCB	Ameris Bancorp	Long	$9.6M	0.26%	—	Outside
KEY	Keycorp	Long	$9.0M	0.24%	—	Outside
WULF	Terawulf Inc	Long	$8.3M	0.22%	Power Shells	Covered
NAMS	Newamsterdam Pharma Company	Long	$7.4M	0.20%	—	Outside
PCVX	Vaxcyte Inc	Long	$7.1M	0.19%	—	Outside
CRNX	Crinetics Pharmaceuticals In	Long	$6.3M	0.17%	—	Outside
MIR	Mirion Technologies Inc	Long	$6.0M	0.16%	—	Outside
—	Sunrise Communications Ag Ads	Long	$5.7M	0.15%	—	Outside
—	Arcellx Inc	Long	$5.7M	0.15%	—	Outside
C	Citigroup Inc	Long	$5.1M	0.14%	—	Outside
NU	Nu Hldgs Ltd	Long	$4.8M	0.13%	—	Outside
ELF	E L F Beauty Inc	Long	$4.7M	0.13%	—	Outside
FLUT	Flutter Entmt Plc	Long	$4.7M	0.13%	—	Outside
IQV	Iqvia Hldgs Inc	Long	$4.2M	0.11%	—	Outside
RARE	Ultragenyx Pharmaceutical In	Long	$3.6M	0.10%	—	Outside
PLTR	Palantir Technologies Inc	Long	$3.2M	0.08%	—	Outside
TLSI	Trisalus Life Sciences Inc	Long	$2.1M	0.06%	—	Outside
JOBY	Joby Aviation Inc	Long	$256.0K	0.01%	—	Outside
IVVD	Invivyd Inc	Long	$253.0K	0.01%	—	Outside

Shares and value as filed. Positions held with shared investment discretion are reported in full by each manager, so a filer's book can overlap another's.