Duquesne Family Office

Q4 2013 13F · by Stanley Druckenmiller, portfolio manager

As of: Dec 31, 2013
Filed: Feb 14, 2014
US stock: $1.5B · prev $846M
Positions: 42 · prev 28
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves33 since the prior filing

+28.5 pp in · −7.3 pp out

New 21 +35.22 pp
Added 5 −6.72 pp
Trimmed 0 0.00 pp
Exited 7 −7.27 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 16% a year, about 6.1 years per position

Low
Moderate
High

Top 5 positions37% of US stock

unresolved Google Inc. added−5.71 pp added−5.7117.4%
SLB SLB Limited held held6.0%
DAL Delta Air Lines, Inc. held held5.7%
AMZN Amazon.Com Inc held held4.2%
ILMN Illumina Inc held held3.7%

Positions42 in this filing · 7 exited


unresolvedGoogle Inc.	17.42%	233,250	$261M	added+4%	−5.71 pp	3 q
SLBSLB Limited	5.96%	993,000	$89M	held	—	2 q
DALDelta Air Lines, Inc.	5.69%	3,110,000	$85M	held	—	3 q
AMZNAmazon.Com Inc	4.19%	157,700	$63M	held	—	2 q
ILMNIllumina Inc	3.73%	506,700	$56M	held	—	2 q
FDXFedEx Corporation	3.42%	356,900	$51M	new	+3.42 pp	new
BMYBristol-Myers Squibb Co.	3.38%	954,200	$51M	new	+3.38 pp	new
TEVATeva Pharmaceutical Industries Limited	3.31%	1,241,000	$50M	new	+3.31 pp	new
GILDGilead Sciences Inc	3.06%	610,700	$46M	held	—	3 q
unresolvedAlcoa Inc.	2.83%	4,000,000	$43M	new	+2.83 pp	new
HALHalliburton Company	2.80%	826,700	$42M	added+30%	−0.81 pp	2 q
WDAYWorkday, Inc. Class A	2.80%	505,500	$42M	held	—	3 q
unresolvedCrwn Castle Int'l Corp.	2.64%	540,200	$40M	new	+2.64 pp	new
PXDPioneer Natural Resource Co.	2.43%	197,800	$36M	added+38%	−0.76 pp	2 q
unresolvedSBA Comms Corp	2.38%	397,400	$36M	new	+2.38 pp	new
unresolvedEndo Health Sol'ns Inc.	2.37%	527,000	$36M	held	—	2 q
unresolvedCBS Corp	2.05%	481,700	$31M	held	—	3 q
DISHDISH Network Corp.	1.99%	515,000	$30M	new	+1.99 pp	new
VLOValero Energy Corporation	1.94%	578,900	$29M	new	+1.94 pp	new
MPCMarathon Petroleum Corporation	1.93%	315,900	$29M	new	+1.93 pp	new
unresolvedCubist Pharms Inc.	1.90%	413,000	$28M	held	—	3 q
AMGNAmgen Inc	1.76%	231,000	$26M	held	—	2 q
BIIBBiogen Inc.	1.70%	91,500	$26M	held	—	3 q
EQTEqt Corp	1.70%	284,900	$26M	new	+1.70 pp	new
AZNNAstrazeneca Plc-spons ADR	1.43%	360,500	$21M	new	+1.43 pp	new
JNJJohnson & Johnson	1.43%	235,000	$22M	added+82%	+0.11 pp	3 q
ADBEAdobe Inc.	1.34%	336,800	$20M	new	+1.34 pp	new
WENThe Wendy's Company	1.16%	2,000,000	$17M	held	—	2 q
DXJWisdomTree Japan Hedged Equity Fund	1.03%	303,500	$15M	added×3.0	+0.45 pp	2 q
XLFState Street Financial Select Sector SPDR ETF	1.02%	699,000	$15M	new	+1.02 pp	new
unresolvedBaker Hughes Inc.	0.99%	268,000	$15M	new	+0.99 pp	new
BABoeing Company	0.90%	99,200	$14M	held	—	3 q
SPWRQSunpower Corp	0.88%	442,500	$13M	new	+0.88 pp	new
LNGCheniere Energy Inc	0.87%	303,200	$13M	held	—	2 q
XLIState Street Industrial Select Sector SPDR ETF	0.78%	222,900	$12M	held	—	2 q
XLYState Street Consumer Discretionary Select Sector SPDR ETF	0.76%	170,800	$11M	held	—	2 q
unresolvedTowers Watson & Co.	0.75%	88,300	$11M	new	+0.75 pp	new
XLVState Street Health Care Select Sector SPDR ETF	0.70%	188,300	$10M	new	+0.70 pp	new
XLKState Street Technology Select Sector SPDR ETF	0.68%	285,700	$10M	new	+0.68 pp	new
SPYState Street SPDR S&P 500 ETF Trust	0.67%	54,400	$10M	new	+0.67 pp	new
MLNXMellanox Technologies Ltd	0.67%	251,500	$10M	new	+0.67 pp	new
JBLUJetBlue Airways Corp	0.57%	1,000,000	$9M	new	+0.57 pp	new
EMBiShares J.P. Morgan USD Emerging Markets Bond ETF	—	−136,500	—	exited	−1.76 pp	—
EWYiShares MSCI South Korea ETF	—	−165,500	—	exited	−1.20 pp	—
XLEState Street Energy Select Sector SPDR ETF	—	−116,900	—	exited	−1.15 pp	—
FXIiShares China Large-Cap ETF	—	−260,700	—	exited	−1.14 pp	—
NOKNokia Corporation	—	−1,000,000	—	exited	−0.77 pp	—
HLFHerbalife Ltd.	—	−79,032	—	exited	−0.65 pp	—
XLBState Street Materials Select Sector SPDR ETF	—	−120,400	—	exited	−0.60 pp	—