Duquesne Family Office

Q1 2015 13F · by Stanley Druckenmiller, portfolio manager

As of: Mar 31, 2015
Filed: May 15, 2015
US stock: $787M · prev $1.0B
Positions: 28 · prev 35
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%

Moves44 since the prior filing

+50.8 pp in · −56.7 pp out

New 14 +43.87 pp
Added 3 +6.96 pp
Trimmed 6 −5.79 pp
Exited 21 −50.90 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 195% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions41% of US stock

ILMN Illumina Inc held held9.7%
BIIB Biogen Inc. trimmed−2.57 pp trimmed−2.579.4%
LYB LyondellBasell Industries N.V. Class A new+8.00 pp new+8.008.0%
HDB HDFC Bank Limited held held7.5%
EOG EOG Resources, Inc. new+6.54 pp new+6.546.5%

Positions28 in this filing · 21 exited


ILMNIllumina Inc	9.67%	410,100	$76M	held	—	7 q
BIIBBiogen Inc.	9.39%	175,000	$74M	trimmed−51%	−2.57 pp	4 q
LYBLyondellBasell Industries N.V. Class A	8.00%	716,950	$63M	new	+8.00 pp	new
HDBHDFC Bank Limited	7.51%	1,003,600	$59M	held	—	3 q
EOGEOG Resources, Inc.	6.54%	561,600	$51M	new	+6.54 pp	new
TEVATeva Pharmaceutical Industries Limited	6.26%	790,500	$49M	new	+6.26 pp	new
CTSHCognizant Technology Solutions	5.76%	726,900	$45M	added+97%	+3.85 pp	2 q
PXDPioneer Natural Resource Co.	4.66%	224,500	$37M	new	+4.66 pp	new
NBLNoble Energy, Inc.	3.86%	621,300	$30M	new	+3.86 pp	new
WDAYWorkday, Inc. Class A	3.55%	330,679	$28M	held	—	8 q
INFYInfosys Limited	3.37%	756,500	$27M	added+21%	+1.45 pp	2 q
AKAMAkamai Technologies Inc	3.21%	355,300	$25M	new	+3.21 pp	new
CELGCelgene Corp	2.87%	195,975	$23M	trimmed−55%	−1.89 pp	4 q
unresolvedBluebird Bio Inc	2.82%	184,082	$22M	trimmed−48%	−0.38 pp	2 q
METAMeta Platforms, Inc. Class A	2.63%	252,000	$21M	trimmed−41%	−0.66 pp	2 q
LNGCheniere Energy Inc	2.54%	258,700	$20M	new	+2.54 pp	new
BABAAlibaba Group Holding Limited	2.53%	239,500	$20M	trimmed−6%	−0.06 pp	3 q
QSRRestaurant Brands International Inc.	2.51%	514,000	$20M	new	+2.51 pp	new
YPFYPF Sociedad Anonima	2.44%	698,300	$19M	added×2.3	+1.66 pp	3 q
BIDUBaidu, Inc.	2.28%	86,200	$18M	new	+2.28 pp	new
EXPEExpedia Group, Inc.	1.91%	160,000	$15M	new	+1.91 pp	new
MGNXMacroGenics, Inc.	1.88%	472,500	$15M	held	—	2 q
NKTRNektar Therapeutics	0.92%	655,000	$7M	held	—	2 q
BMABanco Macro S.A.	0.80%	110,100	$6M	new	+0.80 pp	new
unresolvedMattress Firm Hldg Corp	0.77%	86,900	$6M	trimmed−51%	−0.23 pp	2 q
TEOTelecom Argentina S.A.	0.72%	248,000	$6M	new	+0.72 pp	new
PAMPampa Energia S.a.	0.48%	214,899	$4M	new	+0.48 pp	new
IRSIRSA Inversiones y Representaciones S.A. Global	0.10%	40,300	$794,000	new	+0.10 pp	new
TGTTarget Corporation	—	−760,600	—	exited	−5.66 pp	—
HDHome Depot, Inc.	—	−529,100	—	exited	−5.45 pp	—
LOWLowe's Companies Inc.	—	−669,200	—	exited	−4.51 pp	—
COSTCostco Wholesale Corp	—	−285,000	—	exited	−3.96 pp	—
JWNNordstrom, Inc.	—	−429,400	—	exited	−3.34 pp	—
unresolvedAlcoa Inc.	—	−1,875,600	—	exited	−2.90 pp	—
WSMWilliams-Sonoma, Inc.	—	−347,600	—	exited	−2.58 pp	—
GSGoldman Sachs Group Inc.	—	−132,500	—	exited	−2.52 pp	—
MSMorgan Stanley	—	−663,700	—	exited	−2.52 pp	—
WFCWells Fargo & Co.	—	−453,000	—	exited	−2.43 pp	—
LBBath & Body Works, Inc.	—	−271,600	—	exited	−2.30 pp	—
AALAmerican Airlines Group Inc.	—	−414,600	—	exited	−2.18 pp	—
DALDelta Air Lines, Inc.	—	−419,900	—	exited	−2.03 pp	—
AEOAmerican Eagle Outfitters	—	−1,429,200	—	exited	−1.94 pp	—
MMacy's Inc.	—	−250,200	—	exited	−1.61 pp	—
KSSKohls Corporation	—	−229,900	—	exited	−1.38 pp	—
WOOFoot Locker Inc	—	−210,400	—	exited	−1.16 pp	—
LUVSouthwest Airlines Co.	—	−270,000	—	exited	−1.12 pp	—
CCICrown Castle Inc.	—	−119,000	—	exited	−0.92 pp	—
unresolvedJuno Therapeutics Inc	—	−70,000	—	exited	−0.36 pp	—
unresolvedVirgin America Inc	—	−8,100	—	exited	−0.03 pp	—