Duquesne Family Office

Q4 2015 13F · by Stanley Druckenmiller, portfolio manager

Picture70.1% US stock

Mostly picture · of what this 13F reports is US stock

+36.5 pp in · −36.5 pp out

Very concentrated · behaves like 5 equal-sized positions

High turnover · 131% a year, about 0.8 years per position


METAMeta Platforms, Inc. Class A	38.67%	2,530,494	$265M	trimmed−38%	−3.70 pp	5 q
AMZNAmazon.Com Inc	18.75%	190,000	$128M	added+95%	+13.01 pp	2 q
MSFTMicrosoft Corp	9.44%	1,165,000	$65M	trimmed−16%	+2.36 pp	3 q
RTNRaytheon Company	7.60%	417,800	$52M	new	+7.60 pp	new
CTRPTrip.com Group Limited	5.22%	772,300	$36M	trimmed−20%	+1.72 pp	3 q
HDBHDFC Bank Limited	4.42%	491,100	$30M	trimmed−51%	−2.64 pp	6 q
NOCNorthrop Grumman Corp.	3.74%	135,600	$26M	new	+3.74 pp	new
GOOGLAlphabet Inc. Class A	3.73%	32,800	$26M	new	+3.73 pp	new
PEverpure, Inc.	3.64%	1,600,000	$25M	new	+3.64 pp	new
SYFSynchrony Financial	2.10%	473,600	$14M	new	+2.10 pp	new
CMGChipotle Mexican Grill, Inc.	1.42%	20,200	$10M	new	+1.42 pp	new
SGISomnigroup International Inc.	1.29%	125,500	$9M	new	+1.29 pp	new
WFCWells Fargo & Co.	—	−1,188,900	—	exited	−7.03 pp	—
WDAYWorkday, Inc. Class A	—	−438,379	—	exited	−3.48 pp	—
JDJD.com, Inc.	—	−1,078,400	—	exited	−3.24 pp	—
ILMNIllumina Inc	—	−155,800	—	exited	−3.15 pp	—
UAAUnder Armour, Inc.	—	−259,800	—	exited	−2.90 pp	—
EXPEExpedia Group, Inc.	—	−173,100	—	exited	−2.35 pp	—
CCLCarnival Corporation Ltd.	—	−388,400	—	exited	−2.22 pp	—
unresolvedPriceline Grp Inc	—	−15,600	—	exited	−2.22 pp	—
RCLRoyal Caribbean Group	—	−213,500	—	exited	−2.19 pp	—
PYPLPayPal Holdings, Inc.	—	−565,200	—	exited	−2.02 pp	—
EOGEOG Resources, Inc.	—	−138,000	—	exited	−1.16 pp	—
PXDPioneer Natural Resource Co.	—	−82,700	—	exited	−1.16 pp	—
unresolvedDow Chemical Co	—	−235,800	—	exited	−1.15 pp	—

Options 1

Contract	% of notional	Shares	Notional
SPDR Gold Trust CALL	100.00%	2,880,000	$292M

Notes 0

None in this filing