Duquesne Family Office

Q1 2017 13F · by Stanley Druckenmiller, portfolio manager

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $1.5B · prev $1.0B
Positions: 47 · prev 32
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%

Moves63 since the prior filing

+79.5 pp in · −78.1 pp out

New 35 +77.80 pp
Added 5 +1.72 pp
Trimmed 3 −8.25 pp
Exited 20 −69.85 pp

The book

Focused · behaves like 28 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 204% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions31% of US stock

Positions47 in this filing · 20 exited


MSFTMicrosoft Corp	7.02%	1,624,200	$107M	new	+7.02 pp	new
LYBLyondellBasell Industries N.V. Class A	6.93%	1,158,300	$106M	added×2.0	+2.18 pp	2 q
EEMiShares MSCI Emerging Markets ETF	6.46%	2,499,000	$98M	new	+6.46 pp	new
GOOGLAlphabet Inc. Class A	5.58%	100,400	$85M	new	+5.58 pp	new
CRMSalesforce, Inc.	5.22%	964,900	$80M	new	+5.22 pp	new
unresolvedPriceline Grp Inc	4.75%	40,700	$72M	new	+4.75 pp	new
AMZNAmazon.Com Inc	4.14%	71,100	$63M	new	+4.14 pp	new
METAMeta Platforms, Inc. Class A	3.78%	405,900	$58M	new	+3.78 pp	new
ABXBarrick Mining Corporation	3.55%	2,850,000	$54M	new	+3.55 pp	new
EAElectronic Arts Inc	3.37%	573,700	$51M	new	+3.37 pp	new
BACBank of America Corporation	3.27%	2,110,300	$50M	trimmed−18%	−2.25 pp	3 q
AAAlcoa Corporation	3.09%	1,370,511	$47M	added+14%	−0.20 pp	2 q
CTRPTrip.com Group Limited	2.94%	912,200	$45M	new	+2.94 pp	new
PTCPtc, Inc	2.86%	829,700	$44M	new	+2.86 pp	new
AEMAgnico Eagle Mines Ltd.	2.46%	882,900	$37M	new	+2.46 pp	new
POTPotash Corp Of Saskatchewan	2.35%	2,093,500	$36M	new	+2.35 pp	new
AIYActivision Blizzard Inc	1.76%	537,300	$27M	new	+1.76 pp	new
CMCSAComcast Corp	1.69%	686,400	$26M	new	+1.69 pp	new
EXPEExpedia Group, Inc.	1.69%	203,800	$26M	new	+1.69 pp	new
PYPLPayPal Holdings, Inc.	1.62%	573,900	$25M	new	+1.62 pp	new
ACIUAC Immune SA	1.62%	2,388,700	$25M	added+51%	−0.38 pp	3 q
PXDPioneer Natural Resource Co.	1.57%	128,600	$24M	added+15%	−0.40 pp	3 q
CTRACoterra Energy Inc.	1.50%	955,588	$23M	added×2.2	+0.52 pp	2 q
LNGCheniere Energy Inc	1.38%	446,145	$21M	new	+1.38 pp	new
JDJD.com, Inc.	1.30%	638,000	$20M	new	+1.30 pp	new
WDAYWorkday, Inc. Class A	1.27%	233,300	$19M	new	+1.27 pp	new
SYMCGen Digital Inc.	1.11%	551,500	$17M	new	+1.11 pp	new
LVSLas Vegas Sands Corp.	1.04%	276,700	$16M	new	+1.04 pp	new
TMUST-Mobile US, Inc.	1.03%	242,700	$16M	new	+1.03 pp	new
NKTRNektar Therapeutics	1.02%	665,600	$16M	new	+1.02 pp	new
ROKRockwell Automation, Inc.	1.01%	99,000	$15M	new	+1.01 pp	new
HALHalliburton Company	0.97%	301,600	$15M	trimmed−71%	−4.52 pp	2 q
NTESNetEase, inc.	0.97%	52,100	$15M	new	+0.97 pp	new
VMCVulcan Materials Company(Holding Company)	0.96%	122,000	$15M	new	+0.96 pp	new
unresolvedSprint Corporation	0.95%	1,663,500	$14M	new	+0.95 pp	new
ADSKAutodesk Inc	0.90%	158,349	$14M	new	+0.90 pp	new
AZPNAspen Technology Inc	0.81%	209,900	$12M	held	—	2 q
NFLXNetFlix Inc	0.68%	70,600	$10M	new	+0.68 pp	new
CELGCelgene Corp	0.67%	82,400	$10M	new	+0.67 pp	new
WMBWilliams Companies Inc.	0.64%	327,300	$10M	held	—	5 q
NUENucor Corporation	0.62%	157,000	$9M	trimmed−57%	−1.48 pp	4 q
UALUnited Airlines Holdings, Inc.	0.61%	131,600	$9M	new	+0.61 pp	new
PEverpure, Inc.	0.60%	926,133	$9M	held	—	6 q
TWTRTwitter, Inc.	0.59%	605,000	$9M	new	+0.59 pp	new
EQTEqt Corp	0.57%	142,200	$9M	held	—	2 q
AALAmerican Airlines Group Inc.	0.56%	203,100	$9M	new	+0.56 pp	new
RICEEqt Re Merger Sub Inc	0.51%	326,455	$8M	new	+0.51 pp	new
IWMiShares Russell 2000 ETF	—	−991,900	—	exited	−13.04 pp	—
ABBVAbbvie Inc.	—	−1,221,723	—	exited	−7.46 pp	—
XLFState Street Financial Select Sector SPDR ETF	—	−2,397,500	—	exited	−5.43 pp	—
CCitigroup Inc.	—	−927,100	—	exited	−5.37 pp	—
PNCPNC Financial Services Group	—	−466,000	—	exited	−5.31 pp	—
WFCWells Fargo & Co.	—	−960,400	—	exited	−5.16 pp	—
XLIState Street Industrial Select Sector SPDR ETF	—	−827,100	—	exited	−5.02 pp	—
MRKMerck & Co., Inc.	—	−683,800	—	exited	−3.92 pp	—
EOGEOG Resources, Inc.	—	−380,800	—	exited	−3.75 pp	—
FCXFreeport-McMoran Inc.	—	−2,882,600	—	exited	−3.71 pp	—
JPMJPMorgan Chase & Co.	—	−327,500	—	exited	−2.75 pp	—
unresolvedYahoo Inc	—	−483,100	—	exited	−1.82 pp	—
BHPBHP Group Limited	—	−325,000	—	exited	−1.13 pp	—
RIGTransocean LTD.	—	−701,700	—	exited	−1.01 pp	—
DOVDover Corporation	—	−135,600	—	exited	−0.99 pp	—
EMREmerson Electric Co.	—	−175,000	—	exited	−0.95 pp	—
RRCRange Resources Corp	—	−270,000	—	exited	−0.90 pp	—
XUnited States Steel Corp	—	−275,000	—	exited	−0.88 pp	—
SW5Southwestern Energy Co	—	−828,700	—	exited	−0.87 pp	—
unresolvedAgrium Inc.	—	−38,974	—	exited	−0.38 pp	—