Duquesne Family Office

Q2 2014 13F · by Stanley Druckenmiller, portfolio manager

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $1.4B · prev $886M
Positions: 46 · prev 21
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%

Moves48 since the prior filing

+56.0 pp in · −26.5 pp out

New 32 +54.58 pp
Added 4 +1.42 pp
Trimmed 5 −5.95 pp
Exited 7 −20.53 pp

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions36% of US stock

unresolved Google Inc. held held10.8%
unresolved Mkt Vectors Gld Miners ETF new+7.35 pp new+7.357.3%
unresolved Walgreen Co held held6.6%
unresolved Alcoa Inc. added−1.16 pp added−1.166.1%
GOOG Alphabet Inc. Class C new+5.29 pp new+5.295.3%

Positions46 in this filing · 7 exited


unresolvedGoogle Inc.	10.83%	259,610	$152M	held	—	5 q
unresolvedMkt Vectors Gld Miners ETF	7.35%	3,895,000	$103M	new	+7.35 pp	new
unresolvedWalgreen Co	6.56%	1,240,000	$92M	held	—	2 q
unresolvedAlcoa Inc.	6.10%	5,744,000	$86M	added+15%	−1.16 pp	3 q
GOOGAlphabet Inc. Class C	5.29%	128,910	$74M	new	+5.29 pp	new
ILMNIllumina Inc	5.23%	410,100	$73M	added+62%	+0.98 pp	4 q
TEVATeva Pharmaceutical Industries Limited	4.64%	1,241,000	$65M	held	—	3 q
METAMeta Platforms, Inc. Class A	4.55%	948,500	$64M	new	+4.55 pp	new
unresolvedSanDisk Corp	2.46%	330,600	$35M	added×2.5	+1.26 pp	2 q
EOGEOG Resources, Inc.	2.40%	288,200	$34M	new	+2.40 pp	new
BIIBBiogen Inc.	2.34%	103,800	$33M	new	+2.34 pp	new
RRCRange Resources Corp	2.25%	363,400	$32M	new	+2.25 pp	new
CCJCameco Corporation	2.00%	1,428,200	$28M	held	—	2 q
DISHDISH Network Corp.	1.93%	414,500	$27M	new	+1.93 pp	new
unresolvedMcDermott Int'l Inc.	1.91%	3,300,000	$27M	new	+1.91 pp	new
HALHalliburton Company	1.87%	368,700	$26M	new	+1.87 pp	new
PBRPetroleo Brasileiro S.a.-petrobras	1.79%	1,717,000	$25M	new	+1.79 pp	new
PSXPhillips 66	1.74%	303,200	$24M	new	+1.74 pp	new
CELGCelgene Corp	1.69%	276,000	$24M	new	+1.69 pp	new
BIDUBaidu, Inc.	1.68%	126,000	$24M	new	+1.68 pp	new
ATIATI Inc.	1.64%	510,000	$23M	new	+1.64 pp	new
PXDPioneer Natural Resource Co.	1.64%	99,800	$23M	new	+1.64 pp	new
NXPINXP Semiconductors N.V.	1.53%	324,400	$21M	added+81%	+0.34 pp	2 q
WDAYWorkday, Inc. Class A	1.43%	222,679	$20M	trimmed−49%	−3.08 pp	5 q
EQTEqt Corp	1.34%	175,900	$19M	held	—	3 q
unresolvedCanadian Pac Ry Ltd	1.19%	92,000	$17M	new	+1.19 pp	new
DVNDevon Energy Corporation	1.18%	207,500	$16M	new	+1.18 pp	new
AZNNAstrazeneca Plc-spons ADR	1.11%	208,900	$16M	trimmed−42%	−1.53 pp	3 q
LENLennar Corporation Class A	1.11%	370,400	$16M	new	+1.11 pp	new
XLKState Street Technology Select Sector SPDR ETF	1.08%	394,400	$15M	new	+1.08 pp	new
FLRFluor Corporation	1.06%	192,800	$15M	new	+1.06 pp	new
DHID.R. Horton Inc.	0.87%	494,429	$12M	new	+0.87 pp	new
HCAHCA Healthcare, Inc.	0.78%	194,600	$11M	new	+0.78 pp	new
HUMHumana Inc.	0.76%	83,900	$11M	new	+0.76 pp	new
OXYOccidental Petroleum Corporation	0.76%	103,400	$11M	new	+0.76 pp	new
XLVState Street Health Care Select Sector SPDR ETF	0.75%	172,300	$10M	trimmed−11%	−0.53 pp	3 q
AALAmerican Airlines Group Inc.	0.74%	240,700	$10M	new	+0.74 pp	new
FXIiShares China Large-Cap ETF	0.74%	281,100	$10M	new	+0.74 pp	new
SPWRQSunpower Corp	0.73%	250,800	$10M	new	+0.73 pp	new
XLBState Street Materials Select Sector SPDR ETF	0.72%	202,600	$10M	trimmed−3%	−0.40 pp	2 q
XLFState Street Financial Select Sector SPDR ETF	0.72%	441,500	$10M	trimmed−1%	−0.41 pp	3 q
SPYState Street SPDR S&P 500 ETF Trust	0.71%	51,100	$10M	new	+0.71 pp	new
XLIState Street Industrial Select Sector SPDR ETF	0.71%	183,300	$10M	new	+0.71 pp	new
VLOValero Energy Corporation	0.71%	198,500	$10M	new	+0.71 pp	new
EXPDExpeditors International of Washington, Inc.	0.69%	220,000	$10M	new	+0.69 pp	new
MPCMarathon Petroleum Corporation	0.69%	123,400	$10M	new	+0.69 pp	new
MSFTMicrosoft Corp	—	−1,724,200	—	exited	−7.97 pp	—
ADBEAdobe Inc.	—	−976,700	—	exited	−7.25 pp	—
unresolvedMonsanto Co	—	−177,500	—	exited	−2.28 pp	—
unresolvedSensata Technologies Hldng NV	—	−248,100	—	exited	−1.19 pp	—
EWAiShares MSCI Australia ETF	—	−397,000	—	exited	−1.16 pp	—
ECHiShares MSCI Chile ETF	—	−67,000	—	exited	−0.34 pp	—
EPHEiShares MSCI Philippines ETF	—	−87,300	—	exited	−0.34 pp	—