Duquesne Family Office

Q1 2014 13F · by Stanley Druckenmiller, portfolio manager

As of: Mar 31, 2014
Filed: May 14, 2014
US stock: $886M · prev $1.5B
Positions: 21 · prev 42
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%

Moves51 since the prior filing

+55.9 pp in · −61.2 pp out

New 11 +29.72 pp
Added 4 +26.15 pp
Trimmed 4 +2.56 pp
Exited 32 −63.73 pp

The book

Very concentrated · behaves like 7 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 157% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions65% of US stock

unresolved Google Inc. added+15.23 pp added+15.2332.6%
unresolved Walgreen Co new+9.24 pp new+9.249.2%
MSFT Microsoft Corp new+7.97 pp new+7.978.0%
TEVA Teva Pharmaceutical Industries Limited held held7.4%
unresolved Alcoa Inc. added+4.43 pp added+4.437.3%

Positions21 in this filing · 32 exited


unresolvedGoogle Inc.	32.65%	259,610	$289M	added+11%	+15.23 pp	4 q
unresolvedWalgreen Co	9.24%	1,240,000	$82M	new	+9.24 pp	new
MSFTMicrosoft Corp	7.97%	1,724,200	$71M	new	+7.97 pp	new
TEVATeva Pharmaceutical Industries Limited	7.40%	1,241,000	$66M	held	—	2 q
unresolvedAlcoa Inc.	7.26%	5,000,000	$64M	added+25%	+4.43 pp	2 q
ADBEAdobe Inc.	7.25%	976,700	$64M	added×2.9	+5.91 pp	2 q
WDAYWorkday, Inc. Class A	4.51%	437,079	$40M	trimmed−14%	+1.71 pp	4 q
ILMNIllumina Inc	4.25%	253,300	$38M	trimmed−50%	+0.52 pp	3 q
CCJCameco Corporation	3.69%	1,428,200	$33M	new	+3.69 pp	new
AZNNAstrazeneca Plc-spons ADR	2.64%	360,500	$23M	held	—	2 q
unresolvedMonsanto Co	2.28%	177,500	$20M	new	+2.28 pp	new
EQTEqt Corp	1.92%	175,900	$17M	trimmed−38%	+0.22 pp	2 q
XLVState Street Health Care Select Sector SPDR ETF	1.28%	193,300	$11M	added+3%	+0.58 pp	2 q
unresolvedSanDisk Corp	1.20%	130,800	$11M	new	+1.20 pp	new
NXPINXP Semiconductors N.V.	1.19%	179,400	$11M	new	+1.19 pp	new
unresolvedSensata Technologies Hldng NV	1.19%	248,100	$11M	new	+1.19 pp	new
EWAiShares MSCI Australia ETF	1.16%	397,000	$10M	new	+1.16 pp	new
XLFState Street Financial Select Sector SPDR ETF	1.13%	447,600	$10M	trimmed−36%	+0.11 pp	2 q
XLBState Street Materials Select Sector SPDR ETF	1.12%	209,000	$10M	new	+1.12 pp	new
ECHiShares MSCI Chile ETF	0.34%	67,000	$3M	new	+0.34 pp	new
EPHEiShares MSCI Philippines ETF	0.34%	87,300	$3M	new	+0.34 pp	new
SLBSLB Limited	—	−993,000	—	exited	−5.96 pp	—
DALDelta Air Lines, Inc.	—	−3,110,000	—	exited	−5.69 pp	—
AMZNAmazon.Com Inc	—	−157,700	—	exited	−4.19 pp	—
FDXFedEx Corporation	—	−356,900	—	exited	−3.42 pp	—
BMYBristol-Myers Squibb Co.	—	−954,200	—	exited	−3.38 pp	—
GILDGilead Sciences Inc	—	−610,700	—	exited	−3.06 pp	—
HALHalliburton Company	—	−826,700	—	exited	−2.80 pp	—
unresolvedCrwn Castle Int'l Corp.	—	−540,200	—	exited	−2.64 pp	—
PXDPioneer Natural Resource Co.	—	−197,800	—	exited	−2.43 pp	—
unresolvedSBA Comms Corp	—	−397,400	—	exited	−2.38 pp	—
unresolvedEndo Health Sol'ns Inc.	—	−527,000	—	exited	−2.37 pp	—
unresolvedCBS Corp	—	−481,700	—	exited	−2.05 pp	—
DISHDISH Network Corp.	—	−515,000	—	exited	−1.99 pp	—
VLOValero Energy Corporation	—	−578,900	—	exited	−1.94 pp	—
MPCMarathon Petroleum Corporation	—	−315,900	—	exited	−1.93 pp	—
unresolvedCubist Pharms Inc.	—	−413,000	—	exited	−1.90 pp	—
AMGNAmgen Inc	—	−231,000	—	exited	−1.76 pp	—
BIIBBiogen Inc.	—	−91,500	—	exited	−1.70 pp	—
JNJJohnson & Johnson	—	−235,000	—	exited	−1.43 pp	—
WENThe Wendy's Company	—	−2,000,000	—	exited	−1.16 pp	—
DXJWisdomTree Japan Hedged Equity Fund	—	−303,500	—	exited	−1.03 pp	—
unresolvedBaker Hughes Inc.	—	−268,000	—	exited	−0.99 pp	—
BABoeing Company	—	−99,200	—	exited	−0.90 pp	—
SPWRQSunpower Corp	—	−442,500	—	exited	−0.88 pp	—
LNGCheniere Energy Inc	—	−303,200	—	exited	−0.87 pp	—
XLIState Street Industrial Select Sector SPDR ETF	—	−222,900	—	exited	−0.78 pp	—
XLYState Street Consumer Discretionary Select Sector SPDR ETF	—	−170,800	—	exited	−0.76 pp	—
unresolvedTowers Watson & Co.	—	−88,300	—	exited	−0.75 pp	—
XLKState Street Technology Select Sector SPDR ETF	—	−285,700	—	exited	−0.68 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−54,400	—	exited	−0.67 pp	—
MLNXMellanox Technologies Ltd	—	−251,500	—	exited	−0.67 pp	—
JBLUJetBlue Airways Corp	—	−1,000,000	—	exited	−0.57 pp	—

Source

Form: 13F-HR
Reading: 0 defects · 6 unresolved
Accession: 0001536411-14-000005
Options: none in this filing
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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