Duquesne Family Office

Q4 2018 13F · by Stanley Druckenmiller, portfolio manager

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $1.6B · prev $2.1B
Positions: 30 · prev 40
Options notional: $100M
Documents: 1· no amendments

Picture94.2% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 94.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 5.8%
Calls at notional value 0.0%

Moves51 since the prior filing

+38.7 pp in · −39.5 pp out

New 12 +17.35 pp
Added 7 +21.36 pp
Trimmed 9 −23.47 pp
Exited 22 −16.08 pp

Options: 1 move on a notional base, in the table below.

The book

Very concentrated · behaves like 9 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 159% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions58% of US stock

MSFT Microsoft Corp added+9.66 pp added+9.6628.8%
AMZN Amazon.Com Inc trimmed−2.18 pp trimmed−2.189.1%
CRM Salesforce, Inc. trimmed−2.71 pp trimmed−2.719.0%
ABT Abbott Laboratories added+3.21 pp added+3.215.8%
WDAY Workday, Inc. Class A added+2.04 pp added+2.045.2%

Positions30 in this filing · 22 exited


MSFTMicrosoft Corp	28.82%	4,618,471	$469M	added+31%	+9.66 pp	8 q
AMZNAmazon.Com Inc	9.08%	98,428	$148M	trimmed−17%	−2.18 pp	8 q
CRMSalesforce, Inc.	9.03%	1,072,585	$147M	trimmed−31%	−2.71 pp	8 q
ABTAbbott Laboratories	5.76%	1,295,700	$94M	added+77%	+3.21 pp	2 q
WDAYWorkday, Inc. Class A	5.15%	525,400	$84M	added+17%	+2.04 pp	8 q
COUPCoupa Software Incorporated	4.37%	1,131,000	$71M	added×8.1	+3.84 pp	3 q
ADBEAdobe Inc.	4.18%	301,015	$68M	added+13%	+0.75 pp	4 q
EEMiShares MSCI Emerging Markets ETF	4.03%	1,679,700	$66M	new	+4.03 pp	new
GILDGilead Sciences Inc	3.93%	1,023,345	$64M	trimmed−30%	−1.45 pp	3 q
ISRGIntuitive Surgical Inc.	3.25%	110,300	$53M	new	+3.25 pp	new
ILMNIllumina Inc	2.57%	139,500	$42M	new	+2.57 pp	new
PYPLPayPal Holdings, Inc.	2.11%	408,535	$34M	trimmed−44%	−0.93 pp	2 q
IBBiShares Biotechnology ETF	2.08%	350,300	$34M	trimmed−66%	−3.91 pp	3 q
MDTMedtronic plc	2.08%	372,500	$34M	held	—	2 q
DALDelta Air Lines, Inc.	1.92%	626,600	$31M	new	+1.92 pp	new
BABAAlibaba Group Holding Limited	1.47%	174,400	$24M	added×2.2	+0.86 pp	4 q
ACIUAC Immune SA	1.45%	2,491,517	$24M	held	—	10 q
MELIMercado Libre, Inc	1.33%	74,016	$22M	new	+1.33 pp	new
NFLXNetFlix Inc	1.09%	66,010	$18M	added×12.7	+1.00 pp	4 q
AALAmerican Airlines Group Inc.	1.04%	524,900	$17M	new	+1.04 pp	new
AAgilent Technologies Inc.	0.92%	221,300	$15M	new	+0.92 pp	new
NOWServicenow, Inc.	0.90%	82,200	$15M	trimmed−58%	−0.91 pp	2 q
HOLXHologic Inc	0.85%	336,700	$14M	new	+0.85 pp	new
GOOGLAlphabet Inc. Class A	0.73%	11,299	$12M	trimmed−94%	−10.14 pp	8 q
OKTAOkta, Inc. Class A	0.68%	173,900	$11M	new	+0.68 pp	new
KSSKohls Corporation	0.60%	147,500	$10M	new	+0.60 pp	new
ADSKAutodesk Inc	0.21%	26,690	$3M	trimmed−23%	−0.05 pp	3 q
ZENZendesk Inc	0.21%	57,600	$3M	trimmed−86%	−1.19 pp	2 q
ABXBarrick Mining Corporation	0.12%	149,300	$2M	new	+0.12 pp	new
ESTCElastic N.V.	0.04%	10,000	$715,000	new	+0.04 pp	new
CCitigroup Inc.	—	−667,100	—	exited	−2.27 pp	—
XLEState Street Energy Select Sector SPDR ETF	—	−522,900	—	exited	−1.88 pp	—
OIHNVanEck Oil Services ETF	—	−1,565,100	—	exited	−1.87 pp	—
unresolvedTwenty First Centy Fox Inc	—	−557,800	—	exited	−1.23 pp	—
HDHome Depot, Inc.	—	−123,400	—	exited	−1.21 pp	—
TMUST-Mobile US, Inc.	—	−359,800	—	exited	−1.20 pp	—
QCOMQualcomm Inc	—	−347,300	—	exited	−1.19 pp	—
ALXNAlexion Pharmaceuticals Inc	—	−148,000	—	exited	−0.98 pp	—
EAElectronic Arts Inc	—	−130,970	—	exited	−0.75 pp	—
BURLBurlington Stores, Inc.	—	−87,600	—	exited	−0.68 pp	—
GWPHGW Pharmaceuticals Plc	—	−62,100	—	exited	−0.51 pp	—
CVECenovus Energy Inc.	—	−986,300	—	exited	−0.47 pp	—
PTLAPortola Pharmaceuticals, Inc.	—	−347,700	—	exited	−0.44 pp	—
ITCIIntra-Cellular Therapies Inc.	—	−296,986	—	exited	−0.31 pp	—
SPLKSplunk Inc	—	−48,100	—	exited	−0.28 pp	—
KSUKansas City Southern	—	−39,380	—	exited	−0.21 pp	—
METAMeta Platforms, Inc. Class A	—	−21,600	—	exited	−0.17 pp	—
MAMastercard Incorporated	—	−13,980	—	exited	−0.15 pp	—
STMPStamps.com, Inc.	—	−12,930	—	exited	−0.14 pp	—
HLTHilton Worldwide Holdings Inc.	—	−24,600	—	exited	−0.09 pp	—
FLTCorpay, Inc.	—	−4,500	—	exited	−0.05 pp	—
BACBank of America Corporation	—	−900	—	exited	0.00 pp	—