Duquesne Family Office

Q3 2016 13F · by Stanley Druckenmiller, portfolio manager

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $1.1B · prev $871M
Positions: 41 · prev 31
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%

Moves43 since the prior filing

+52.2 pp in · −46.3 pp out

New 22 +42.67 pp
Added 6 +9.50 pp
Trimmed 3 −12.46 pp
Exited 12 −33.83 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 146% a year, about 0.7 years per position

Low
Moderate
High

Top 5 positions35% of US stock

EEM iShares MSCI Emerging Markets ETF added+6.76 pp added+6.7615.0%
ABBV Abbvie Inc. held held7.4%
FCX Freeport-McMoran Inc. added+0.24 pp added+0.244.7%
BABA Alibaba Group Holding Limited new+4.40 pp new+4.404.4%
ABT Abbott Laboratories added+2.25 pp added+2.254.0%

Positions41 in this filing · 12 exited


EEMiShares MSCI Emerging Markets ETF	15.02%	4,534,600	$170M	added×2.2	+6.76 pp	3 q
ABBVAbbvie Inc.	7.39%	1,324,920	$84M	held	—	2 q
FCXFreeport-McMoran Inc.	4.68%	4,877,000	$53M	added+41%	+0.24 pp	2 q
BABAAlibaba Group Holding Limited	4.40%	470,600	$50M	new	+4.40 pp	new
ABTAbbott Laboratories	3.99%	1,068,000	$45M	added×2.8	+2.25 pp	2 q
MRKMerck & Co., Inc.	3.77%	683,800	$43M	new	+3.77 pp	new
unresolvedBroadcom Ltd	3.08%	201,900	$35M	new	+3.08 pp	new
AIYActivision Blizzard Inc	2.93%	748,700	$33M	new	+2.93 pp	new
ABXBarrick Mining Corporation	2.87%	1,832,600	$32M	held	—	3 q
AMZNAmazon.Com Inc	2.65%	35,800	$30M	added+1%	−0.26 pp	5 q
AEMAgnico Eagle Mines Ltd.	2.54%	530,800	$29M	added+22%	−0.13 pp	3 q
HDBHDFC Bank Limited	2.41%	378,600	$27M	added+63%	+0.64 pp	9 q
PEverpure, Inc.	2.38%	1,984,600	$27M	held	—	4 q
EOGEOG Resources, Inc.	2.31%	270,300	$26M	new	+2.31 pp	new
ZTSZoetis Inc.	2.20%	477,900	$25M	held	—	3 q
BACBank of America Corporation	2.19%	1,579,700	$25M	new	+2.19 pp	new
ACIUAC Immune SA	2.18%	1,500,000	$25M	new	+2.18 pp	new
METAMeta Platforms, Inc. Class A	2.13%	187,894	$24M	trimmed−80%	−10.11 pp	8 q
AMATApplied Materials Inc	2.07%	777,500	$23M	new	+2.07 pp	new
POSTPost Holdings, Inc.	1.99%	291,200	$22M	held	—	3 q
WDAYWorkday, Inc. Class A	1.94%	239,700	$22M	new	+1.94 pp	new
INTCIntel Corp	1.83%	547,200	$21M	new	+1.83 pp	new
EPIWisdomTree India Earnings Fund ETF	1.82%	952,800	$21M	new	+1.82 pp	new
unresolvedPriceline Grp Inc	1.79%	13,780	$20M	new	+1.79 pp	new
GOOGLAlphabet Inc. Class A	1.78%	25,000	$20M	new	+1.78 pp	new
IBBiShares Biotechnology ETF	1.73%	67,800	$20M	new	+1.73 pp	new
MUMicron Technology, Inc.	1.46%	927,200	$16M	new	+1.46 pp	new
GDGeneral Dynamics Corporation	1.44%	104,900	$16M	held	—	2 q
LRCXLam Research Corp	1.42%	169,000	$16M	new	+1.42 pp	new
ROKRockwell Automation, Inc.	1.41%	130,100	$16M	held	—	2 q
NVDANvidia Corp	1.36%	223,800	$15M	trimmed−30%	−0.37 pp	2 q
MSFTMicrosoft Corp	1.35%	264,700	$15M	new	+1.35 pp	new
unresolvedJuno Therapeutics Inc	1.31%	493,000	$15M	new	+1.31 pp	new
BHPBHP Group Limited	1.00%	325,000	$11M	new	+1.00 pp	new
AAgilent Technologies Inc.	0.92%	220,300	$10M	held	—	2 q
PXDPioneer Natural Resource Co.	0.89%	54,400	$10M	new	+0.89 pp	new
NUENucor Corporation	0.88%	201,000	$10M	held	—	2 q
NKTRNektar Therapeutics	0.87%	572,100	$10M	new	+0.87 pp	new
WMBWilliams Companies Inc.	0.76%	278,400	$9M	held	—	3 q
PNCPNC Financial Services Group	0.55%	69,500	$6M	new	+0.55 pp	new
unresolvedAgrium Inc.	0.31%	38,974	$4M	trimmed−82%	−1.98 pp	2 q
HALHalliburton Company	—	−2,177,600	—	exited	−11.33 pp	—
unresolvedAlcoa Inc.	—	−3,390,700	—	exited	−3.61 pp	—
DEDeere & Company	—	−360,500	—	exited	−3.36 pp	—
CFCF Industries Holding, Inc.	—	−930,800	—	exited	−2.58 pp	—
POTPotash Corp Of Saskatchewan	—	−1,192,000	—	exited	−2.22 pp	—
unresolvedWhiteWave Foods Co	—	−364,000	—	exited	−1.96 pp	—
CTRPTrip.com Group Limited	—	−409,000	—	exited	−1.94 pp	—
unresolvedIngersoll-Rand Plc	—	−238,500	—	exited	−1.74 pp	—
CRMSalesforce, Inc.	—	−189,000	—	exited	−1.72 pp	—
RTNRaytheon Company	—	−77,100	—	exited	−1.20 pp	—
unresolvedMead Johnson Nut'n Co	—	−110,300	—	exited	−1.15 pp	—
EMNEastman Chemical Company	—	−131,100	—	exited	−1.02 pp	—