Duquesne Family Office

Q2 2017 13F · by Stanley Druckenmiller, portfolio manager

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $1.9B · prev $1.5B
Positions: 34 · prev 47
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%

Moves56 since the prior filing

+44.5 pp in · −43.5 pp out

New 11 +18.51 pp
Added 20 +25.97 pp
Trimmed 1 −1.53 pp
Exited 24 −41.93 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 141% a year, about 0.7 years per position

Low
Moderate
High

Top 5 positions40% of US stock

MSFT Microsoft Corp added+2.70 pp added+2.709.7%
META Meta Platforms, Inc. Class A added+4.99 pp added+4.998.8%
GOOGL Alphabet Inc. Class A added+3.12 pp added+3.128.7%
unresolved Priceline Grp Inc added+1.56 pp added+1.566.3%
AMZN Amazon.Com Inc added+2.08 pp added+2.086.2%

Positions34 in this filing · 24 exited


MSFTMicrosoft Corp	9.72%	2,632,100	$181M	added+62%	+2.70 pp	2 q
METAMeta Platforms, Inc. Class A	8.77%	1,083,600	$164M	added×2.7	+4.99 pp	2 q
GOOGLAlphabet Inc. Class A	8.70%	174,650	$162M	added+74%	+3.12 pp	2 q
unresolvedPriceline Grp Inc	6.31%	62,930	$118M	added+55%	+1.56 pp	2 q
AMZNAmazon.Com Inc	6.22%	120,003	$116M	added+69%	+2.08 pp	2 q
BABAAlibaba Group Holding Limited	5.36%	710,200	$100M	new	+5.36 pp	new
CRMSalesforce, Inc.	5.02%	1,081,600	$94M	added+12%	−0.20 pp	2 q
CMCSAComcast Corp	4.10%	1,968,400	$77M	added×2.9	+2.41 pp	2 q
CTRPTrip.com Group Limited	4.08%	1,412,200	$76M	added+55%	+1.14 pp	2 q
EAElectronic Arts Inc	4.04%	713,900	$75M	added+24%	+0.67 pp	2 q
JDJD.com, Inc.	2.86%	1,358,800	$53M	added×2.1	+1.56 pp	2 q
PYPLPayPal Holdings, Inc.	2.66%	925,200	$50M	added+61%	+1.04 pp	2 q
MRKMerck & Co., Inc.	2.59%	755,500	$48M	new	+2.59 pp	new
EXPEExpedia Group, Inc.	2.58%	323,884	$48M	added+59%	+0.89 pp	2 q
NOWServicenow, Inc.	2.43%	428,000	$45M	new	+2.43 pp	new
AIYActivision Blizzard Inc	2.20%	714,100	$41M	added+33%	+0.44 pp	2 q
LVSLas Vegas Sands Corp.	2.10%	614,500	$39M	added×2.2	+1.06 pp	2 q
ADSKAutodesk Inc	1.88%	347,800	$35M	added×2.2	+0.98 pp	2 q
POTPotash Corp Of Saskatchewan	1.83%	2,093,500	$34M	held	—	2 q
NTESNetEase, inc.	1.38%	85,700	$26M	added+64%	+0.41 pp	2 q
IBBiShares Biotechnology ETF	1.37%	82,400	$26M	new	+1.37 pp	new
PTCPtc, Inc	1.33%	449,600	$25M	trimmed−46%	−1.53 pp	2 q
WDAYWorkday, Inc. Class A	1.30%	250,300	$24M	added+7%	+0.03 pp	2 q
YUMCYum China Holdings, Inc.	1.26%	597,200	$24M	new	+1.26 pp	new
NKTRNektar Therapeutics	1.22%	1,166,100	$23M	added+75%	+0.20 pp	2 q
DALDelta Air Lines, Inc.	1.13%	391,000	$21M	new	+1.13 pp	new
ACIUAC Immune SA	1.13%	2,388,700	$21M	held	—	4 q
VVISA Inc.	1.09%	216,400	$20M	new	+1.09 pp	new
AALAmerican Airlines Group Inc.	1.08%	400,000	$20M	added+97%	+0.52 pp	2 q
MAMastercard Incorporated	1.08%	165,200	$20M	new	+1.08 pp	new
UALUnited Airlines Holdings, Inc.	0.98%	243,500	$18M	added+85%	+0.37 pp	2 q
SBACSBA Communications Corp	0.81%	112,000	$15M	new	+0.81 pp	new
CCICrown Castle Inc.	0.79%	148,000	$15M	new	+0.79 pp	new
HDBHDFC Bank Limited	0.60%	128,200	$11M	new	+0.60 pp	new
LYBLyondellBasell Industries N.V. Class A	—	−1,158,300	—	exited	−6.93 pp	—
EEMiShares MSCI Emerging Markets ETF	—	−2,499,000	—	exited	−6.46 pp	—
ABXBarrick Mining Corporation	—	−2,850,000	—	exited	−3.55 pp	—
BACBank of America Corporation	—	−2,110,300	—	exited	−3.27 pp	—
AAAlcoa Corporation	—	−1,370,511	—	exited	−3.09 pp	—
AEMAgnico Eagle Mines Ltd.	—	−882,900	—	exited	−2.46 pp	—
PXDPioneer Natural Resource Co.	—	−128,600	—	exited	−1.57 pp	—
CTRACoterra Energy Inc.	—	−955,588	—	exited	−1.50 pp	—
LNGCheniere Energy Inc	—	−446,145	—	exited	−1.38 pp	—
SYMCGen Digital Inc.	—	−551,500	—	exited	−1.11 pp	—
TMUST-Mobile US, Inc.	—	−242,700	—	exited	−1.03 pp	—
ROKRockwell Automation, Inc.	—	−99,000	—	exited	−1.01 pp	—
HALHalliburton Company	—	−301,600	—	exited	−0.97 pp	—
VMCVulcan Materials Company(Holding Company)	—	−122,000	—	exited	−0.96 pp	—
unresolvedSprint Corporation	—	−1,663,500	—	exited	−0.95 pp	—
AZPNAspen Technology Inc	—	−209,900	—	exited	−0.81 pp	—
NFLXNetFlix Inc	—	−70,600	—	exited	−0.68 pp	—
CELGCelgene Corp	—	−82,400	—	exited	−0.67 pp	—
WMBWilliams Companies Inc.	—	−327,300	—	exited	−0.64 pp	—
NUENucor Corporation	—	−157,000	—	exited	−0.62 pp	—
PEverpure, Inc.	—	−926,133	—	exited	−0.60 pp	—
TWTRTwitter, Inc.	—	−605,000	—	exited	−0.59 pp	—
EQTEqt Corp	—	−142,200	—	exited	−0.57 pp	—
RICEEqt Re Merger Sub Inc	—	−326,455	—	exited	−0.51 pp	—