Duquesne Family Office

Q2 2019 13F · by Stanley Druckenmiller, portfolio manager

As of: Jun 30, 2019
Filed: Aug 14, 2019
US stock: $3.4B · prev $3.4B
Positions: 60 · prev 61
Options notional: $6M
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.2%
Calls at notional value 0.0%

Moves77 since the prior filing

+26.3 pp in · −26.2 pp out

New 19 +13.86 pp
Added 14 +12.40 pp
Trimmed 23 −11.54 pp
Exited 20 −14.68 pp

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

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 87% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions43% of US stock

MSFT Microsoft Corp added+3.14 pp added+3.1420.8%
AMZN Amazon.Com Inc added+1.20 pp added+1.207.1%
NFLX NetFlix Inc trimmed+0.25 pp trimmed+0.255.8%
BABA Alibaba Group Holding Limited added+0.32 pp added+0.325.2%
ADBE Adobe Inc. trimmed−0.43 pp trimmed−0.434.5%

Positions60 in this filing · 20 exited


MSFTMicrosoft Corp	20.82%	5,226,193	$700M	added+1%	+3.14 pp	10 q
AMZNAmazon.Com Inc	7.07%	125,527	$238M	added+10%	+1.20 pp	10 q
NFLXNetFlix Inc	5.83%	534,160	$196M	trimmed−1%	+0.25 pp	6 q
BABAAlibaba Group Holding Limited	5.23%	1,038,393	$176M	added+12%	+0.32 pp	6 q
ADBEAdobe Inc.	4.52%	515,971	$152M	trimmed−19%	−0.43 pp	6 q
UBERUber Technologies, Inc.	3.71%	2,689,840	$125M	new	+3.71 pp	new
MELIMercado Libre, Inc	3.55%	194,913	$119M	added+6%	+0.85 pp	3 q
EEMiShares MSCI Emerging Markets ETF	3.08%	2,410,500	$103M	trimmed−66%	−5.67 pp	3 q
WDAYWorkday, Inc. Class A	3.02%	493,787	$102M	trimmed−6%	+0.09 pp	10 q
HDHome Depot, Inc.	2.81%	453,900	$94M	added+17%	+0.66 pp	2 q
COUPCoupa Software Incorporated	2.61%	693,306	$88M	trimmed−14%	+0.49 pp	5 q
AIYActivision Blizzard Inc	2.45%	1,744,075	$82M	added+60%	+1.01 pp	2 q
ABTAbbott Laboratories	2.29%	916,300	$77M	trimmed−36%	−1.05 pp	4 q
SNAPSnap Inc.	2.23%	5,234,631	$75M	added×4.2	+1.83 pp	2 q
CRMSalesforce, Inc.	2.17%	482,103	$73M	new	+2.17 pp	new
PCGPG&E Corporation	2.08%	3,051,300	$70M	new	+2.08 pp	new
unresolvedGeneral Electric Co	1.93%	6,190,650	$65M	trimmed−1%	+0.12 pp	2 q
ABXBarrick Mining Corporation	1.87%	3,980,100	$63M	new	+1.87 pp	new
ILMNIllumina Inc	1.87%	170,800	$63M	trimmed−1%	+0.32 pp	3 q
MAMastercard Incorporated	1.84%	234,000	$62M	trimmed−2%	+0.21 pp	2 q
FISFidelity National Information Services, Inc.	1.80%	493,237	$61M	added+27%	+0.52 pp	2 q
VVISA Inc.	1.78%	344,700	$60M	trimmed−2%	+0.19 pp	2 q
TMUST-Mobile US, Inc.	1.69%	765,600	$57M	trimmed−60%	−2.15 pp	2 q
PYPLPayPal Holdings, Inc.	1.64%	481,100	$55M	trimmed−40%	−0.79 pp	4 q
NOWServicenow, Inc.	1.64%	200,580	$55M	added+48%	+0.67 pp	4 q
SESea Limited	1.58%	1,599,905	$53M	added×75.5	+1.57 pp	2 q
JDJD.com, Inc.	1.17%	1,299,213	$39M	new	+1.17 pp	new
MRKMerck & Co., Inc.	1.16%	467,200	$39M	added+75%	+0.52 pp	2 q
IIntelsat SA	0.79%	1,364,570	$27M	new	+0.79 pp	new
MPCMarathon Petroleum Corporation	0.68%	410,100	$23M	trimmed−24%	−0.26 pp	2 q
AEMAgnico Eagle Mines Ltd.	0.64%	419,400	$21M	new	+0.64 pp	new
XYZBlock, Inc.	0.63%	293,838	$21M	new	+0.63 pp	new
INCYIncyte Genomics Inc	0.51%	202,400	$17M	held	—	2 q
NFENew Fortress Energy Inc. Class A	0.42%	1,200,000	$14M	held	—	2 q
MRKTIhs Markit Ltd	0.36%	188,000	$12M	trimmed−23%	−0.03 pp	2 q
CTRACoterra Energy Inc.	0.27%	395,500	$9M	held	—	2 q
MUMicron Technology, Inc.	0.26%	230,613	$9M	trimmed−52%	−0.32 pp	2 q
PANWPalo Alto Networks, Inc.	0.25%	40,700	$8M	new	+0.25 pp	new
METAMeta Platforms, Inc. Class A	0.20%	34,941	$7M	trimmed−43%	−0.10 pp	2 q
DOCUDocuSign, Inc.	0.17%	113,700	$6M	trimmed−66%	−0.33 pp	2 q
FLTCorpay, Inc.	0.15%	17,660	$5M	added+21%	+0.05 pp	2 q
LNGCheniere Energy Inc	0.14%	68,530	$5M	trimmed−89%	−1.07 pp	2 q
RPRealPage, Inc.	0.13%	74,750	$4M	added+27%	+0.03 pp	2 q
ADSKAutodesk Inc	0.12%	23,762	$4M	trimmed−24%	−0.02 pp	5 q
EXPEagle Materials, Inc.	0.11%	40,150	$4M	added+31%	+0.03 pp	2 q
FOXAFox Corporation Class A	0.09%	84,655	$3M	new	+0.09 pp	new
ZENZendesk Inc	0.09%	34,102	$3M	new	+0.09 pp	new
AYXAlteryx, Inc.	0.07%	22,373	$2M	new	+0.07 pp	new
SONYSony Group Corporation	0.06%	38,670	$2M	new	+0.06 pp	new
TWLOTwilio Inc.	0.06%	14,640	$2M	trimmed−53%	−0.06 pp	2 q
SPOTSpotify Technology S.A.	0.06%	13,967	$2M	trimmed−91%	−0.58 pp	2 q
SMARSmartsheet Inc.	0.05%	36,740	$2M	new	+0.05 pp	new
WWayfair Inc.	0.05%	12,505	$2M	new	+0.05 pp	new
NXPINXP Semiconductors N.V.	0.05%	15,725	$2M	new	+0.05 pp	new
VEEVVeeva Systems Inc.	0.04%	8,795	$1M	new	+0.04 pp	new
unresolvedAtlassian Corp Plc	0.04%	10,035	$1M	trimmed−79%	−0.11 pp	2 q
ZZillow Group, Inc. Class C	0.03%	23,200	$1M	new	+0.03 pp	new
QRVOQorvo, Inc.	0.02%	11,675	$778,000	new	+0.02 pp	new
SAILSailPoint, Inc.	0.02%	33,870	$679,000	held	—	2 q
unresolvedSprint Corporation	0.01%	66,610	$438,000	trimmed−96%	−0.24 pp	2 q
IBBiShares Biotechnology ETF	—	−791,200	—	exited	−2.56 pp	—
GOOGLAlphabet Inc. Class A	—	−73,069	—	exited	−2.49 pp	—
ISRGIntuitive Surgical Inc.	—	−131,100	—	exited	−2.17 pp	—
QCOMQualcomm Inc	—	−948,100	—	exited	−1.57 pp	—
AAgilent Technologies Inc.	—	−478,800	—	exited	−1.12 pp	—
XLNXXilinx Inc	—	−224,000	—	exited	−0.82 pp	—
ADIAnalog Devices, Inc.	—	−222,625	—	exited	−0.68 pp	—
DATATableau Software, Inc.	—	−183,405	—	exited	−0.68 pp	—
POSTPost Holdings, Inc.	—	−204,000	—	exited	−0.65 pp	—
HOLXHologic Inc	—	−336,700	—	exited	−0.47 pp	—
SPLKSplunk Inc	—	−115,500	—	exited	−0.42 pp	—
SW5Southwestern Energy Co	—	−2,257,700	—	exited	−0.31 pp	—
RRCRange Resources Corp	—	−844,500	—	exited	−0.28 pp	—
ACIUAC Immune SA	—	−1,324,935	—	exited	−0.19 pp	—
NOKNokia Corporation	—	−731,000	—	exited	−0.12 pp	—
OKTAOkta, Inc. Class A	—	−25,807	—	exited	−0.06 pp	—
unresolvedCarbon Black Inc	—	−105,525	—	exited	−0.04 pp	—
WPWorldpay, Inc.	—	−10,120	—	exited	−0.03 pp	—
EPAYBottomline Technologies Inc	—	−10,200	—	exited	−0.01 pp	—
GOOSCanada Goose Holdings Inc.	—	−9,550	—	exited	−0.01 pp	—