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Druckenmiller produced average annual returns of 30% with no losing years at Duquesne from 1981-2010.
Natera’s (NTRA) revenue grew 35% year-over-year in Q3 2025 and beat analyst estimates by 14%.
Insmed (INSM) stock rose from less than $26 in May 2024 to nearly $200, with revenue growing 52% year-over-year in Q3 2025.
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Stanley Druckenmiller was one of the most successful investors, a billionaire with a long history of high returns in global macroeconomic investments. It’s piling up now Natera (NASDAQ:NTRA), Ongoing (NASDAQ:INSM)And Teva Pharmaceuticals (NYSE: TEVA). They are worth studying, as Druckenmiller has an exceptional track record.
In 1977, Druckenmiller began his financial career as an oil analyst and management trainee at Pittsburgh National Bank.
Within about a year, he became head of the bank’s equity research group, an early sign of his analytical skills and rapid advancement.
In 1981, he left the bank to found his own investment company, Duquesne Capital Management, which would become the primary vehicle for his investment career. Druckenmiller’s reputation grew as he balanced management of Duquesne with consulting work for the Dreyfus Company. In 1986, he was appointed head of the Dreyfus Fund while managing Duquesne. Two years later, George Soros hired Druckenmiller as lead portfolio manager of the Quantum Fund and a key manager at Soros Fund Management.
There, he helped engineer the 1992 trade against the pound, “breaking the Bank of England” and reportedly yielding more than $1 billion in profits.
From 1981 until the fund closed in 2010, Druckenmiller produced average annual returns of about 30% with no losing years at Duquesne. He returned all the money from outside investors and then began managing only his own wealth. This does not mean that all his trades are now secret. You can always get an overview of the stocks he buys through Duquesne Family Office LLC.
Natera is a genetic testing company. It specializes in the use of cell-free DNA (cfDNA) to provide diagnostic tests such as non-invasive prenatal testing. NTRA stock has always been quite volatile, but it has seen tremendous growth since the end of 2023.
NTRA stock is up more than 500% since its October 2023 low. This rally is only accelerating over time as revenues exceed analyst expectations. Revenue grew 34.66% year-over-year in Q3 2025 and beat analyst estimates by 13.9%. The previous quarter, revenues beat estimates by 14.63%. Management also raised its full-year guidance to $2.26 billion from $2.18 billion. This also follows an increase in guidance for the second quarter of 2025. Initial guidance for the first quarter was $240 million lower at the midpoint.
Druckenmiller backed the truck up here. He started accumulating NTRA shares in Q3 2022, Q4 2022 and Q1 2023. Once the stock started to break out in early 2024, he bought again for three consecutive quarters from Q1 2024 to Q3 2024.
Druckenmiller then took profits in the first and second quarters of 2025 as NTRA stock plateaued and declined by around 20% on some occasions. He bought back in the third quarter of 2025, probably during the decline. In the third quarter, it increased its shares by 4.2%, meaning NTRA is now its largest holding.
The average purchase price is estimated at $88.5, with a current value of its stake at $741 million.
Insmed is a biopharmaceutical company that manufactures drugs for serious and rare diseases, with a focus on lung conditions. The core business is moving therapies through clinical trials and regulatory approvals and then bringing them to market. Their first product received accelerated approval from the FDA in 2018, and has since launched in Europe and Japan.
Insmed is entering what analysts describe as a “milestone-rich” period with more than 30 preclinical programs, phase 3 and 2b studies underway and regulatory submissions planned for Europe, the UK and Japan for BRINSUPRI. This is probably where Druckenmiller’s optimism comes from.
INSM stock has been comparatively even more bullish than NTRA. The stock was below $26 in May 2024, but has since climbed to nearly $200. Additionally, revenue increased by 52.36% on an annual basis in Q3 2025.
Druckenmiller first bought back Insmed shares in Q2 2020, selling almost all of his holdings the following quarter at a profit. He made the right call as INSM stock quickly peaked and fell again. INSM stock traded lower from January 2021 to March 2023, and it remained range-bound through May 2024. This is the exact same quarter (Q2 2024) that Druckenmiller bought back in bulk. It suspended purchases in the third quarter of 2024, but has been purchasing every quarter since the fourth quarter of 2024.
He increased his stake in INSM shares by 7.5% in the third quarter of 2025. It now constitutes 11.77% of his portfolio, valued at $482 million in total. The average purchase price is estimated at $74.83.
Teva Pharmaceuticals is an Israeli company specializing in generic medicines. It is the world’s largest manufacturer of generic drugs and manufactures more than 350 active pharmaceutical ingredients for its own use and for sale to third-party manufacturers.
Teva is a well-established, not booming, pharmaceutical startup, but it’s posting excellent numbers. TEVA stock ended a 15-year uptrend in late 2015 after spending more than $40 billion on an acquisition and facing the loss of patent protection on a blockbuster drug.
TEVA stock rose from over $70 in the summer of 2015 and hit its lowest level in 2019. It traded in a range between around $7 and $11, before recovering sharply since September 2023.
Druckenmiller’s record here is also exceptional. He took profits and sold his stake in TEVA in the second quarter of 2015, months before the stock went into freefall. He only started buying in the third quarter of 2024 and has since added to his holdings every quarter. He probably expects a full recovery.
Teva Pharmaceuticals now makes up 9.81% of its portfolio and is worth $402 million. Its average purchase price is estimated at $17.9.
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