Duquesne Family Office

Q4 2014 13F · by Stanley Druckenmiller, portfolio manager

As of: Dec 31, 2014
Filed: Feb 12, 2015
US stock: $1.0B · prev $815M
Positions: 35 · prev 36
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%

Moves50 since the prior filing

+55.7 pp in · −54.3 pp out

New 16 +28.05 pp
Added 14 +27.65 pp
Trimmed 3 −7.83 pp
Exited 17 −46.48 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 170% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions35% of US stock

BIIB Biogen Inc. added+7.75 pp added+7.7512.0%
ILMN Illumina Inc held held7.4%
TGT Target Corporation added+3.26 pp added+3.265.7%
HD Home Depot, Inc. added+2.95 pp added+2.955.5%
HDB HDFC Bank Limited added+3.24 pp added+3.245.0%

Positions35 in this filing · 17 exited


BIIBBiogen Inc.	11.96%	359,400	$122M	added×3.5	+7.75 pp	3 q
ILMNIllumina Inc	7.42%	410,100	$76M	held	—	6 q
TGTTarget Corporation	5.66%	760,600	$58M	added×2.4	+3.26 pp	2 q
HDHome Depot, Inc.	5.45%	529,100	$56M	added×2.4	+2.95 pp	2 q
HDBHDFC Bank Limited	4.99%	1,003,600	$51M	added×3.3	+3.24 pp	2 q
CELGCelgene Corp	4.76%	434,100	$49M	trimmed−23%	−1.76 pp	3 q
LOWLowe's Companies Inc.	4.51%	669,200	$46M	added+80%	+2.10 pp	2 q
COSTCostco Wholesale Corp	3.96%	285,000	$40M	added+80%	+1.53 pp	2 q
JWNNordstrom, Inc.	3.34%	429,400	$34M	added×3.0	+2.14 pp	2 q
METAMeta Platforms, Inc. Class A	3.29%	430,000	$34M	new	+3.29 pp	new
unresolvedBluebird Bio Inc	3.20%	355,400	$33M	new	+3.20 pp	new
unresolvedAlcoa Inc.	2.90%	1,875,600	$30M	trimmed−53%	−5.03 pp	5 q
WDAYWorkday, Inc. Class A	2.65%	330,679	$27M	added+49%	+0.40 pp	7 q
BABAAlibaba Group Holding Limited	2.59%	253,900	$26M	added×25.4	+2.48 pp	2 q
WSMWilliams-Sonoma, Inc.	2.58%	347,600	$26M	added+60%	+0.80 pp	2 q
GSGoldman Sachs Group Inc.	2.52%	132,500	$26M	new	+2.52 pp	new
MSMorgan Stanley	2.52%	663,700	$26M	new	+2.52 pp	new
WFCWells Fargo & Co.	2.43%	453,000	$25M	new	+2.43 pp	new
LBBath & Body Works, Inc.	2.30%	271,600	$24M	added+80%	+1.06 pp	2 q
AALAmerican Airlines Group Inc.	2.18%	414,600	$22M	new	+2.18 pp	new
DALDelta Air Lines, Inc.	2.03%	419,900	$21M	new	+2.03 pp	new
AEOAmerican Eagle Outfitters	1.94%	1,429,200	$20M	added+41%	+0.13 pp	2 q
INFYInfosys Limited	1.92%	623,700	$20M	new	+1.92 pp	new
CTSHCognizant Technology Solutions	1.91%	369,600	$19M	new	+1.91 pp	new
MGNXMacroGenics, Inc.	1.62%	472,500	$17M	new	+1.62 pp	new
MMacy's Inc.	1.61%	250,200	$16M	added+2%	−0.15 pp	2 q
KSSKohls Corporation	1.38%	229,900	$14M	trimmed−29%	−1.04 pp	2 q
WOOFoot Locker Inc	1.16%	210,400	$12M	added+20%	−0.04 pp	2 q
LUVSouthwest Airlines Co.	1.12%	270,000	$11M	new	+1.12 pp	new
unresolvedMattress Firm Hldg Corp	1.00%	176,200	$10M	new	+1.00 pp	new
NKTRNektar Therapeutics	1.00%	655,000	$10M	new	+1.00 pp	new
CCICrown Castle Inc.	0.92%	119,000	$9M	new	+0.92 pp	new
YPFYPF Sociedad Anonima	0.78%	298,900	$8M	held	—	2 q
unresolvedJuno Therapeutics Inc	0.36%	70,000	$4M	new	+0.36 pp	new
unresolvedVirgin America Inc	0.03%	8,100	$350,000	new	+0.03 pp	new
unresolvedGoogle Inc.	—	−166,810	—	exited	−12.04 pp	—
unresolvedWalgreen Co	—	−648,000	—	exited	−4.71 pp	—
unresolvedMkt Vectors Gld Miners ETF	—	−1,546,600	—	exited	−4.05 pp	—
unresolvedMcDermott Int'l Inc.	—	−4,555,000	—	exited	−3.20 pp	—
CCJCameco Corporation	—	−1,428,200	—	exited	−3.09 pp	—
GILDGilead Sciences Inc	—	−217,500	—	exited	−2.84 pp	—
AMGNAmgen Inc	—	−158,900	—	exited	−2.74 pp	—
MRKMerck & Co., Inc.	—	−329,600	—	exited	−2.40 pp	—
MLNXMellanox Technologies Ltd	—	−389,300	—	exited	−2.14 pp	—
VRTXVertex Pharmaceuticals Inc	—	−146,600	—	exited	−2.02 pp	—
SCHWThe Charles Schwab Corporation	—	−485,700	—	exited	−1.75 pp	—
XLVState Street Health Care Select Sector SPDR ETF	—	−172,300	—	exited	−1.35 pp	—
DIAState Street SPDR Dow Jones Industrial Average ETF Trust	—	−58,300	—	exited	−1.22 pp	—
XLFState Street Financial Select Sector SPDR ETF	—	−428,700	—	exited	−1.22 pp	—
unresolvedARIAD Pharms Inc	—	−1,645,000	—	exited	−1.09 pp	—
NLNKNewLink Genetics Corporation	—	−182,500	—	exited	−0.48 pp	—
unresolvedKite Pharma Inc	—	−40,000	—	exited	−0.14 pp	—