Duquesne Family Office

Q4 2016 13F · by Stanley Druckenmiller, portfolio manager

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $1.0B · prev $1.1B
Positions: 32 · prev 41
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%

Moves57 since the prior filing

+72.6 pp in · −73.0 pp out

New 19 +60.73 pp
Added 7 +11.88 pp
Trimmed 3 −2.26 pp
Exited 28 −70.71 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 283% a year, about 0.3 years per position

Low
Moderate
High

Top 5 positions37% of US stock

IWM iShares Russell 2000 ETF new+13.04 pp new+13.0413.0%
ABBV Abbvie Inc. trimmed+0.07 pp trimmed+0.077.5%
BAC Bank of America Corporation added+3.33 pp added+3.335.5%
HAL Halliburton Company new+5.49 pp new+5.495.5%
XLF State Street Financial Select Sector SPDR ETF new+5.43 pp new+5.435.4%

Positions32 in this filing · 28 exited


IWMiShares Russell 2000 ETF	13.04%	991,900	$134M	new	+13.04 pp	new
ABBVAbbvie Inc.	7.46%	1,221,723	$77M	trimmed−8%	+0.07 pp	3 q
BACBank of America Corporation	5.52%	2,562,400	$57M	added+62%	+3.33 pp	2 q
HALHalliburton Company	5.49%	1,041,300	$56M	new	+5.49 pp	new
XLFState Street Financial Select Sector SPDR ETF	5.43%	2,397,500	$56M	new	+5.43 pp	new
CCitigroup Inc.	5.37%	927,100	$55M	new	+5.37 pp	new
PNCPNC Financial Services Group	5.31%	466,000	$55M	added×6.7	+4.76 pp	2 q
WFCWells Fargo & Co.	5.16%	960,400	$53M	new	+5.16 pp	new
XLIState Street Industrial Select Sector SPDR ETF	5.02%	827,100	$51M	new	+5.02 pp	new
LYBLyondellBasell Industries N.V. Class A	4.75%	568,500	$49M	new	+4.75 pp	new
MRKMerck & Co., Inc.	3.92%	683,800	$40M	held	—	2 q
EOGEOG Resources, Inc.	3.75%	380,800	$38M	added+41%	+1.44 pp	2 q
FCXFreeport-McMoran Inc.	3.71%	2,882,600	$38M	trimmed−41%	−0.97 pp	3 q
AAAlcoa Corporation	3.29%	1,200,800	$34M	new	+3.29 pp	new
JPMJPMorgan Chase & Co.	2.75%	327,500	$28M	new	+2.75 pp	new
NUENucor Corporation	2.10%	362,000	$22M	added+80%	+1.22 pp	3 q
ACIUAC Immune SA	2.00%	1,579,031	$20M	added+5%	−0.18 pp	2 q
PXDPioneer Natural Resource Co.	1.97%	112,300	$20M	added×2.1	+1.08 pp	2 q
unresolvedYahoo Inc	1.82%	483,100	$19M	new	+1.82 pp	new
BHPBHP Group Limited	1.13%	325,000	$12M	held	—	2 q
AZPNAspen Technology Inc	1.12%	209,900	$11M	new	+1.12 pp	new
PEverpure, Inc.	1.02%	926,133	$10M	trimmed−53%	−1.36 pp	5 q
RIGTransocean LTD.	1.01%	701,700	$10M	new	+1.01 pp	new
DOVDover Corporation	0.99%	135,600	$10M	new	+0.99 pp	new
WMBWilliams Companies Inc.	0.99%	327,300	$10M	added+18%	+0.23 pp	4 q
CTRACoterra Energy Inc.	0.98%	429,700	$10M	new	+0.98 pp	new
EMREmerson Electric Co.	0.95%	175,000	$10M	new	+0.95 pp	new
EQTEqt Corp	0.91%	142,200	$9M	new	+0.91 pp	new
RRCRange Resources Corp	0.90%	270,000	$9M	new	+0.90 pp	new
XUnited States Steel Corp	0.88%	275,000	$9M	new	+0.88 pp	new
SW5Southwestern Energy Co	0.87%	828,700	$9M	new	+0.87 pp	new
unresolvedAgrium Inc.	0.38%	38,974	$4M	held	—	3 q
EEMiShares MSCI Emerging Markets ETF	—	−4,534,600	—	exited	−15.02 pp	—
BABAAlibaba Group Holding Limited	—	−470,600	—	exited	−4.40 pp	—
ABTAbbott Laboratories	—	−1,068,000	—	exited	−3.99 pp	—
unresolvedBroadcom Ltd	—	−201,900	—	exited	−3.08 pp	—
AIYActivision Blizzard Inc	—	−748,700	—	exited	−2.93 pp	—
ABXBarrick Mining Corporation	—	−1,832,600	—	exited	−2.87 pp	—
AMZNAmazon.Com Inc	—	−35,800	—	exited	−2.65 pp	—
AEMAgnico Eagle Mines Ltd.	—	−530,800	—	exited	−2.54 pp	—
HDBHDFC Bank Limited	—	−378,600	—	exited	−2.41 pp	—
ZTSZoetis Inc.	—	−477,900	—	exited	−2.20 pp	—
METAMeta Platforms, Inc. Class A	—	−187,894	—	exited	−2.13 pp	—
AMATApplied Materials Inc	—	−777,500	—	exited	−2.07 pp	—
POSTPost Holdings, Inc.	—	−291,200	—	exited	−1.99 pp	—
WDAYWorkday, Inc. Class A	—	−239,700	—	exited	−1.94 pp	—
INTCIntel Corp	—	−547,200	—	exited	−1.83 pp	—
EPIWisdomTree India Earnings Fund ETF	—	−952,800	—	exited	−1.82 pp	—
unresolvedPriceline Grp Inc	—	−13,780	—	exited	−1.79 pp	—
GOOGLAlphabet Inc. Class A	—	−25,000	—	exited	−1.78 pp	—
IBBiShares Biotechnology ETF	—	−67,800	—	exited	−1.73 pp	—
MUMicron Technology, Inc.	—	−927,200	—	exited	−1.46 pp	—
GDGeneral Dynamics Corporation	—	−104,900	—	exited	−1.44 pp	—
LRCXLam Research Corp	—	−169,000	—	exited	−1.42 pp	—
ROKRockwell Automation, Inc.	—	−130,100	—	exited	−1.41 pp	—
NVDANvidia Corp	—	−223,800	—	exited	−1.36 pp	—
MSFTMicrosoft Corp	—	−264,700	—	exited	−1.35 pp	—
unresolvedJuno Therapeutics Inc	—	−493,000	—	exited	−1.31 pp	—
AAgilent Technologies Inc.	—	−220,300	—	exited	−0.92 pp	—
NKTRNektar Therapeutics	—	−572,100	—	exited	−0.87 pp	—