Duquesne Family Office

Q3 2014 13F · by Stanley Druckenmiller, portfolio manager

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $815M · prev $1.4B
Positions: 36 · prev 46
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%

Moves65 since the prior filing

+47.3 pp in · −54.7 pp out

New 24 +41.19 pp
Added 2 +6.12 pp
Trimmed 5 −1.61 pp
Exited 34 −53.09 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 181% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions39% of US stock

unresolved Google Inc. trimmed+1.21 pp trimmed+1.2112.0%
ILMN Illumina Inc held held8.3%
unresolved Alcoa Inc. trimmed+1.83 pp trimmed+1.837.9%
CELG Celgene Corp added+4.83 pp added+4.836.5%
unresolved Walgreen Co trimmed−1.85 pp trimmed−1.854.7%

Positions36 in this filing · 34 exited


unresolvedGoogle Inc.	12.04%	166,810	$98M	trimmed−36%	+1.21 pp	6 q
ILMNIllumina Inc	8.25%	410,100	$67M	held	—	5 q
unresolvedAlcoa Inc.	7.93%	4,018,000	$65M	trimmed−30%	+1.83 pp	4 q
CELGCelgene Corp	6.52%	560,600	$53M	added×2.0	+4.83 pp	2 q
unresolvedWalgreen Co	4.71%	648,000	$38M	trimmed−48%	−1.85 pp	3 q
BIIBBiogen Inc.	4.21%	103,800	$34M	held	—	2 q
unresolvedMkt Vectors Gld Miners ETF	4.05%	1,546,600	$33M	trimmed−60%	−3.30 pp	2 q
unresolvedMcDermott Int'l Inc.	3.20%	4,555,000	$26M	added+38%	+1.29 pp	2 q
CCJCameco Corporation	3.09%	1,428,200	$25M	held	—	3 q
GILDGilead Sciences Inc	2.84%	217,500	$23M	new	+2.84 pp	new
AMGNAmgen Inc	2.74%	158,900	$22M	new	+2.74 pp	new
HDHome Depot, Inc.	2.50%	222,400	$20M	new	+2.50 pp	new
COSTCostco Wholesale Corp	2.43%	158,100	$20M	new	+2.43 pp	new
KSSKohls Corporation	2.42%	323,900	$20M	new	+2.42 pp	new
LOWLowe's Companies Inc.	2.41%	370,900	$20M	new	+2.41 pp	new
MRKMerck & Co., Inc.	2.40%	329,600	$20M	new	+2.40 pp	new
TGTTarget Corporation	2.40%	312,300	$20M	new	+2.40 pp	new
WDAYWorkday, Inc. Class A	2.25%	222,679	$18M	held	—	6 q
MLNXMellanox Technologies Ltd	2.14%	389,300	$17M	new	+2.14 pp	new
VRTXVertex Pharmaceuticals Inc	2.02%	146,600	$16M	new	+2.02 pp	new
AEOAmerican Eagle Outfitters	1.81%	1,017,000	$15M	new	+1.81 pp	new
WSMWilliams-Sonoma, Inc.	1.78%	217,500	$14M	new	+1.78 pp	new
MMacy's Inc.	1.76%	246,400	$14M	new	+1.76 pp	new
HDBHDFC Bank Limited	1.75%	306,000	$14M	new	+1.75 pp	new
SCHWThe Charles Schwab Corporation	1.75%	485,700	$14M	new	+1.75 pp	new
YPFYPF Sociedad Anonima	1.36%	298,900	$11M	new	+1.36 pp	new
XLVState Street Health Care Select Sector SPDR ETF	1.35%	172,300	$11M	held	—	4 q
LBBath & Body Works, Inc.	1.24%	151,300	$10M	new	+1.24 pp	new
DIAState Street SPDR Dow Jones Industrial Average ETF Trust	1.22%	58,300	$10M	new	+1.22 pp	new
XLFState Street Financial Select Sector SPDR ETF	1.22%	428,700	$10M	trimmed−3%	+0.50 pp	4 q
WOOFoot Locker Inc	1.20%	175,400	$10M	new	+1.20 pp	new
JWNNordstrom, Inc.	1.20%	143,200	$10M	new	+1.20 pp	new
unresolvedARIAD Pharms Inc	1.09%	1,645,000	$9M	new	+1.09 pp	new
NLNKNewLink Genetics Corporation	0.48%	182,500	$4M	new	+0.48 pp	new
unresolvedKite Pharma Inc	0.14%	40,000	$1M	new	+0.14 pp	new
BABAAlibaba Group Holding Limited	0.11%	10,000	$889,000	new	+0.11 pp	new
GOOGAlphabet Inc. Class C	—	−128,910	—	exited	−5.29 pp	—
TEVATeva Pharmaceutical Industries Limited	—	−1,241,000	—	exited	−4.64 pp	—
METAMeta Platforms, Inc. Class A	—	−948,500	—	exited	−4.55 pp	—
unresolvedSanDisk Corp	—	−330,600	—	exited	−2.46 pp	—
EOGEOG Resources, Inc.	—	−288,200	—	exited	−2.40 pp	—
RRCRange Resources Corp	—	−363,400	—	exited	−2.25 pp	—
DISHDISH Network Corp.	—	−414,500	—	exited	−1.93 pp	—
HALHalliburton Company	—	−368,700	—	exited	−1.87 pp	—
PBRPetroleo Brasileiro S.a.-petrobras	—	−1,717,000	—	exited	−1.79 pp	—
PSXPhillips 66	—	−303,200	—	exited	−1.74 pp	—
BIDUBaidu, Inc.	—	−126,000	—	exited	−1.68 pp	—
ATIATI Inc.	—	−510,000	—	exited	−1.64 pp	—
PXDPioneer Natural Resource Co.	—	−99,800	—	exited	−1.64 pp	—
NXPINXP Semiconductors N.V.	—	−324,400	—	exited	−1.53 pp	—
EQTEqt Corp	—	−175,900	—	exited	−1.34 pp	—
unresolvedCanadian Pac Ry Ltd	—	−92,000	—	exited	−1.19 pp	—
DVNDevon Energy Corporation	—	−207,500	—	exited	−1.18 pp	—
AZNNAstrazeneca Plc-spons ADR	—	−208,900	—	exited	−1.11 pp	—
LENLennar Corporation Class A	—	−370,400	—	exited	−1.11 pp	—
XLKState Street Technology Select Sector SPDR ETF	—	−394,400	—	exited	−1.08 pp	—
FLRFluor Corporation	—	−192,800	—	exited	−1.06 pp	—
DHID.R. Horton Inc.	—	−494,429	—	exited	−0.87 pp	—
HCAHCA Healthcare, Inc.	—	−194,600	—	exited	−0.78 pp	—
HUMHumana Inc.	—	−83,900	—	exited	−0.76 pp	—
OXYOccidental Petroleum Corporation	—	−103,400	—	exited	−0.76 pp	—
AALAmerican Airlines Group Inc.	—	−240,700	—	exited	−0.74 pp	—
FXIiShares China Large-Cap ETF	—	−281,100	—	exited	−0.74 pp	—
SPWRQSunpower Corp	—	−250,800	—	exited	−0.73 pp	—
XLBState Street Materials Select Sector SPDR ETF	—	−202,600	—	exited	−0.72 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−51,100	—	exited	−0.71 pp	—
XLIState Street Industrial Select Sector SPDR ETF	—	−183,300	—	exited	−0.71 pp	—
VLOValero Energy Corporation	—	−198,500	—	exited	−0.71 pp	—
EXPDExpeditors International of Washington, Inc.	—	−220,000	—	exited	−0.69 pp	—
MPCMarathon Petroleum Corporation	—	−123,400	—	exited	−0.69 pp	—