Duquesne Family Office

Q1 2016 13F · by Stanley Druckenmiller, portfolio manager

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $1.1B · prev $685M
Positions: 32 · prev 12
Options notional: $237M
Documents: 1· no amendments

Picture82.3% US stock

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

US stock listed on a US exchange 82.3%
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 17.7%

Moves37 since the prior filing

+63.5 pp in · −62.9 pp out

New 25 +64.58 pp
Added 2 −1.04 pp
Trimmed 4 −42.87 pp
Exited 5 −20.08 pp

Options: 1 move on a notional base, in the table below.

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 153% a year, about 0.7 years per position

Low
Moderate
High

Top 5 positions46% of US stock

Positions32 in this filing · 5 exited


METAMeta Platforms, Inc. Class A	20.96%	2,023,694	$231M	trimmed−20%	−17.71 pp	6 q
EEMiShares MSCI Emerging Markets ETF	9.24%	2,971,000	$102M	new	+9.24 pp	new
KOCoca-Cola Company	5.85%	1,388,900	$64M	new	+5.85 pp	new
PMPhilip Morris International Inc.	4.94%	554,800	$54M	new	+4.94 pp	new
SOThe Southern Company	4.78%	1,017,400	$53M	new	+4.78 pp	new
DUKDuke Energy Corporation	4.75%	649,100	$52M	new	+4.75 pp	new
AMZNAmazon.Com Inc	4.16%	77,200	$46M	trimmed−59%	−14.59 pp	3 q
GOOGLAlphabet Inc. Class A	3.86%	55,700	$42M	added+70%	+0.13 pp	2 q
PPLPPL Corporation	3.37%	974,700	$37M	new	+3.37 pp	new
PEPPepsiCo, Inc.	3.29%	353,300	$36M	new	+3.29 pp	new
EMREmerson Electric Co.	2.72%	551,000	$30M	new	+2.72 pp	new
MSFTMicrosoft Corp	2.59%	517,100	$29M	trimmed−56%	−6.85 pp	4 q
PEverpure, Inc.	2.47%	1,984,600	$27M	added+24%	−1.17 pp	2 q
CATCaterpillar Inc.	2.29%	330,000	$25M	new	+2.29 pp	new
ABXBarrick Mining Corporation	2.26%	1,832,600	$25M	new	+2.26 pp	new
LUVSouthwest Airlines Co.	2.01%	493,000	$22M	new	+2.01 pp	new
VZVerizon Communications	1.96%	400,000	$22M	new	+1.96 pp	new
ZTSZoetis Inc.	1.92%	477,900	$21M	new	+1.92 pp	new
HDHome Depot, Inc.	1.83%	150,700	$20M	new	+1.83 pp	new
POSTPost Holdings, Inc.	1.82%	291,200	$20M	new	+1.82 pp	new
MCDMcDonald's Corporation	1.81%	158,200	$20M	new	+1.81 pp	new
WDAYWorkday, Inc. Class A	1.81%	259,700	$20M	new	+1.81 pp	new
AEMAgnico Eagle Mines Ltd.	1.43%	434,900	$16M	new	+1.43 pp	new
unresolvedWhiteWave Foods Co	1.34%	364,000	$15M	new	+1.34 pp	new
EDConsolidated Edison, Inc.	0.99%	141,900	$11M	new	+0.99 pp	new
AEPAmerican Electric Power Company, Inc.	0.97%	160,200	$11M	new	+0.97 pp	new
WECWEC Energy Group, Inc.	0.97%	178,000	$11M	new	+0.97 pp	new
ELThe Estee Lauder Companies Inc. Class A	0.96%	111,900	$11M	new	+0.96 pp	new
JDJD.com, Inc.	0.86%	356,400	$9M	new	+0.86 pp	new
HDBHDFC Bank Limited	0.70%	125,800	$8M	trimmed−74%	−3.72 pp	7 q
SGISomnigroup International Inc.	0.69%	125,500	$8M	held	—	2 q
WMBWilliams Companies Inc.	0.41%	278,400	$4M	new	+0.41 pp	new
RTNRaytheon Company	—	−417,800	—	exited	−7.60 pp	—
CTRPTrip.com Group Limited	—	−772,300	—	exited	−5.22 pp	—
NOCNorthrop Grumman Corp.	—	−135,600	—	exited	−3.74 pp	—
SYFSynchrony Financial	—	−473,600	—	exited	−2.10 pp	—
CMGChipotle Mexican Grill, Inc.	—	−20,200	—	exited	−1.42 pp	—