Duquesne Family Office

Q4 2017 13F · by Stanley Druckenmiller, portfolio manager

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $2.0B · prev $2.2B
Positions: 30 · prev 37
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%

Moves51 since the prior filing

+42.8 pp in · −43.2 pp out

New 16 +23.64 pp
Added 7 +19.16 pp
Trimmed 5 −3.14 pp
Exited 23 −40.08 pp

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 128% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions56% of US stock

Positions30 in this filing · 23 exited


MSFTMicrosoft Corp	13.92%	3,227,800	$276M	added+11%	+4.07 pp	4 q
GOOGLAlphabet Inc. Class A	13.67%	257,350	$271M	added+11%	+3.40 pp	4 q
AMZNAmazon.Com Inc	9.90%	168,003	$196M	added+15%	+3.52 pp	4 q
METAMeta Platforms, Inc. Class A	9.63%	1,082,200	$191M	trimmed−0%	+1.21 pp	4 q
CRMSalesforce, Inc.	8.83%	1,714,300	$175M	added+12%	+2.34 pp	4 q
NKTRNektar Therapeutics	5.52%	1,834,000	$110M	added+57%	+4.25 pp	4 q
WDAYWorkday, Inc. Class A	4.27%	832,500	$85M	added+6%	+0.50 pp	4 q
EOGEOG Resources, Inc.	2.85%	524,700	$57M	new	+2.85 pp	new
WFCWells Fargo & Co.	2.60%	850,000	$52M	new	+2.60 pp	new
BACBank of America Corporation	2.56%	1,717,500	$51M	new	+2.56 pp	new
JDJD.com, Inc.	2.29%	1,098,200	$45M	trimmed−50%	−1.51 pp	4 q
DVNDevon Energy Corporation	2.11%	1,009,800	$42M	new	+2.11 pp	new
9990302DApache Corp	1.92%	903,000	$38M	new	+1.92 pp	new
BIIBBiogen Inc.	1.76%	109,400	$35M	added×2.3	+1.08 pp	2 q
PYPLPayPal Holdings, Inc.	1.73%	465,100	$34M	trimmed−50%	−0.96 pp	4 q
CTRPTrip.com Group Limited	1.62%	728,900	$32M	trimmed−48%	−1.77 pp	4 q
STMPStamps.com, Inc.	1.59%	168,000	$32M	new	+1.59 pp	new
CXOConcho Resources Inc.	1.56%	206,400	$31M	new	+1.56 pp	new
ACIUAC Immune SA	1.54%	2,388,700	$31M	held	—	6 q
CTRACoterra Energy Inc.	1.50%	1,040,200	$30M	new	+1.50 pp	new
TWXTime Warner Inc	1.28%	278,100	$25M	new	+1.28 pp	new
XUnited States Steel Corp	1.26%	709,200	$25M	new	+1.26 pp	new
MPCMarathon Petroleum Corporation	1.07%	321,100	$21M	new	+1.07 pp	new
unresolvedAndeavor	1.05%	181,700	$21M	new	+1.05 pp	new
MROMarathon Oil Corporation	1.05%	1,227,000	$21M	new	+1.05 pp	new
VALEVale S.a.	1.03%	1,666,600	$20M	trimmed−33%	−0.11 pp	2 q
HDBHDFC Bank Limited	0.66%	128,200	$13M	held	—	3 q
unresolvedEncana Corp	0.57%	846,400	$11M	new	+0.57 pp	new
NBISNebius Group N.V. Class A	0.50%	304,000	$10M	new	+0.50 pp	new
LOMALoma Negra Compañía Industrial Argentina Sociedad Anónima	0.17%	150,000	$3M	new	+0.17 pp	new
unresolvedPriceline Grp Inc	—	−74,090	—	exited	−6.17 pp	—
BABAAlibaba Group Holding Limited	—	−777,400	—	exited	−6.11 pp	—
EAElectronic Arts Inc	—	−713,900	—	exited	−3.83 pp	—
CCitigroup Inc.	—	−1,095,200	—	exited	−3.62 pp	—
EXPEExpedia Group, Inc.	—	−323,884	—	exited	−2.12 pp	—
AIYActivision Blizzard Inc	—	−714,100	—	exited	−2.10 pp	—
LVSLas Vegas Sands Corp.	—	−614,500	—	exited	−1.79 pp	—
IBBiShares Biotechnology ETF	—	−332,100	—	exited	−1.68 pp	—
CBChubb Limited	—	−206,600	—	exited	−1.34 pp	—
CELGCelgene Corp	—	−188,100	—	exited	−1.25 pp	—
PXGBXPraxair Inc	—	−184,700	—	exited	−1.17 pp	—
YUMCYum China Holdings, Inc.	—	−597,200	—	exited	−1.09 pp	—
MAMastercard Incorporated	—	−165,200	—	exited	−1.06 pp	—
VVISA Inc.	—	−216,400	—	exited	−1.04 pp	—
NFLXNetFlix Inc	—	−114,500	—	exited	−0.94 pp	—
BNYBank of New York Mellon Corporation	—	−376,000	—	exited	−0.91 pp	—
NVDANvidia Corp	—	−91,500	—	exited	−0.74 pp	—
REGNRegeneron Pharmaceuticals Inc	—	−31,800	—	exited	−0.65 pp	—
CFCF Industries Holding, Inc.	—	−391,900	—	exited	−0.63 pp	—
POTPotash Corp Of Saskatchewan	—	−609,900	—	exited	−0.53 pp	—
GGALGrupo Financiero Galicia SA	—	−200,000	—	exited	−0.47 pp	—
DESPDespegar.com Corp	—	−300,000	—	exited	−0.44 pp	—
INCYIncyte Genomics Inc	—	−75,400	—	exited	−0.40 pp	—