Duquesne Family Office

Q3 2018 13F · by Stanley Druckenmiller, portfolio manager

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $2.1B · prev $2.1B
Positions: 40 · prev 33
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%

Moves49 since the prior filing

+34.9 pp in · −34.9 pp out

New 18 +19.54 pp
Added 8 +15.37 pp
Trimmed 12 −24.85 pp
Exited 11 −10.06 pp

The book

Concentrated · behaves like 11 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 129% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions59% of US stock

MSFT Microsoft Corp added+4.94 pp added+4.9419.2%
CRM Salesforce, Inc. trimmed+0.51 pp trimmed+0.5111.7%
AMZN Amazon.Com Inc trimmed−1.48 pp trimmed−1.4811.3%
GOOGL Alphabet Inc. Class A added+1.58 pp added+1.5810.9%
IBB iShares Biotechnology ETF added+5.01 pp added+5.016.0%

Positions40 in this filing · 11 exited


MSFTMicrosoft Corp	19.16%	3,525,300	$403M	added+18%	+4.94 pp	7 q
CRMSalesforce, Inc.	11.74%	1,552,700	$247M	trimmed−9%	+0.51 pp	7 q
AMZNAmazon.Com Inc	11.26%	118,295	$237M	trimmed−24%	−1.48 pp	7 q
GOOGLAlphabet Inc. Class A	10.87%	189,500	$229M	added+11%	+1.58 pp	7 q
IBBiShares Biotechnology ETF	5.99%	1,032,900	$126M	added×5.6	+5.01 pp	2 q
GILDGilead Sciences Inc	5.38%	1,464,900	$113M	added+22%	+1.26 pp	2 q
ADBEAdobe Inc.	3.43%	267,330	$72M	added×2.2	+1.99 pp	3 q
WDAYWorkday, Inc. Class A	3.11%	448,500	$65M	trimmed−31%	−0.69 pp	7 q
PYPLPayPal Holdings, Inc.	3.04%	727,500	$64M	new	+3.04 pp	new
ABTAbbott Laboratories	2.55%	732,100	$54M	new	+2.55 pp	new
CCitigroup Inc.	2.27%	667,100	$48M	new	+2.27 pp	new
XLEState Street Energy Select Sector SPDR ETF	1.88%	522,900	$40M	added+61%	+0.69 pp	2 q
OIHNVanEck Oil Services ETF	1.87%	1,565,100	$39M	trimmed−7%	−0.26 pp	2 q
NOWServicenow, Inc.	1.81%	194,300	$38M	new	+1.81 pp	new
MDTMedtronic plc	1.74%	372,500	$37M	new	+1.74 pp	new
ZENZendesk Inc	1.40%	414,984	$29M	new	+1.40 pp	new
unresolvedTwenty First Centy Fox Inc	1.23%	557,800	$26M	new	+1.23 pp	new
HDHome Depot, Inc.	1.21%	123,400	$26M	trimmed−2%	+0.02 pp	2 q
TMUST-Mobile US, Inc.	1.20%	359,800	$25M	new	+1.20 pp	new
QCOMQualcomm Inc	1.19%	347,300	$25M	new	+1.19 pp	new
ALXNAlexion Pharmaceuticals Inc	0.98%	148,000	$21M	new	+0.98 pp	new
ACIUAC Immune SA	0.95%	2,491,517	$20M	added+4%	−0.12 pp	9 q
EAElectronic Arts Inc	0.75%	130,970	$16M	added+22%	+0.02 pp	2 q
BURLBurlington Stores, Inc.	0.68%	87,600	$14M	new	+0.68 pp	new
BABAAlibaba Group Holding Limited	0.61%	78,380	$13M	trimmed−90%	−6.59 pp	3 q
COUPCoupa Software Incorporated	0.53%	140,100	$11M	trimmed−15%	+0.03 pp	2 q
GWPHGW Pharmaceuticals Plc	0.51%	62,100	$11M	new	+0.51 pp	new
CVECenovus Energy Inc.	0.47%	986,300	$10M	held	—	2 q
PTLAPortola Pharmaceuticals, Inc.	0.44%	347,700	$9M	new	+0.44 pp	new
ITCIIntra-Cellular Therapies Inc.	0.31%	296,986	$6M	held	—	3 q
SPLKSplunk Inc	0.28%	48,100	$6M	trimmed−86%	−1.36 pp	2 q
ADSKAutodesk Inc	0.26%	34,500	$5M	trimmed−86%	−1.35 pp	2 q
KSUKansas City Southern	0.21%	39,380	$4M	new	+0.21 pp	new
METAMeta Platforms, Inc. Class A	0.17%	21,600	$4M	trimmed−98%	−8.44 pp	2 q
MAMastercard Incorporated	0.15%	13,980	$3M	new	+0.15 pp	new
STMPStamps.com, Inc.	0.14%	12,930	$3M	trimmed−92%	−1.75 pp	4 q
HLTHilton Worldwide Holdings Inc.	0.09%	24,600	$2M	new	+0.09 pp	new
NFLXNetFlix Inc	0.09%	5,200	$2M	trimmed−97%	−3.49 pp	3 q
FLTCorpay, Inc.	0.05%	4,500	$1M	new	+0.05 pp	new
BACBank of America Corporation	0.00%	900	$27,000	new	0.00 pp	new
MPCMarathon Petroleum Corporation	—	−496,400	—	exited	−1.68 pp	—
DVNDevon Energy Corporation	—	−740,700	—	exited	−1.57 pp	—
AIYActivision Blizzard Inc	—	−337,200	—	exited	−1.24 pp	—
TALTAL Education Group	—	−682,000	—	exited	−1.21 pp	—
CLVSNClovis Oncology Inc	—	−482,000	—	exited	−1.06 pp	—
CTRPTrip.com Group Limited	—	−421,100	—	exited	−0.97 pp	—
XYZBlock, Inc.	—	−247,000	—	exited	−0.73 pp	—
FCXFreeport-McMoran Inc.	—	−858,000	—	exited	−0.71 pp	—
NBRNabors Industries Ltd.	—	−1,176,000	—	exited	−0.36 pp	—
PAGSPagSeguro Digital Ltd.	—	−215,000	—	exited	−0.29 pp	—
MELIMercado Libre, Inc	—	−16,900	—	exited	−0.24 pp	—