Duquesne Family Office

Q3 2019 13F · by Stanley Druckenmiller, portfolio manager

As of: Sep 30, 2019
Filed: Nov 14, 2019
US stock: $2.6B · prev $3.4B
Positions: 42 · prev 60
Options notional: $15M
Documents: 1· no amendments

Picture99.4% US stock

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

US stock listed on a US exchange 99.4%
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 0.6%

Moves74 since the prior filing

+32.4 pp in · −33.1 pp out

New 13 +13.27 pp
Added 15 +19.12 pp
Trimmed 13 −10.81 pp
Exited 31 −22.29 pp

Options: 2 moves on a notional base, in the table below.

The book

Concentrated · behaves like 13 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 117% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions47% of US stock

MSFT Microsoft Corp trimmed+0.92 pp trimmed+0.9221.7%
AMZN Amazon.Com Inc added+3.23 pp added+3.2310.3%
unresolved General Electric Co added+3.26 pp added+3.265.2%
NOW Servicenow, Inc. added+3.40 pp added+3.405.0%
WDAY Workday, Inc. Class A added+1.51 pp added+1.514.5%

Positions42 in this filing · 31 exited


MSFTMicrosoft Corp	21.74%	3,994,703	$555M	trimmed−24%	+0.92 pp	11 q
AMZNAmazon.Com Inc	10.30%	151,536	$263M	added+21%	+3.23 pp	11 q
unresolvedGeneral Electric Co	5.19%	14,845,368	$133M	added×2.4	+3.26 pp	3 q
NOWServicenow, Inc.	5.04%	507,618	$129M	added×2.5	+3.40 pp	5 q
WDAYWorkday, Inc. Class A	4.53%	680,487	$116M	added+38%	+1.51 pp	11 q
HDHome Depot, Inc.	3.76%	413,800	$96M	trimmed−9%	+0.95 pp	3 q
MELIMercado Libre, Inc	3.69%	170,888	$94M	trimmed−12%	+0.14 pp	4 q
VVISA Inc.	3.68%	546,100	$94M	added+58%	+1.90 pp	3 q
NFLXNetFlix Inc	3.64%	347,172	$93M	trimmed−35%	−2.19 pp	7 q
AIYActivision Blizzard Inc	3.42%	1,652,355	$87M	trimmed−5%	+0.97 pp	3 q
BABAAlibaba Group Holding Limited	3.15%	480,937	$80M	trimmed−54%	−2.08 pp	7 q
ABTAbbott Laboratories	3.00%	916,300	$77M	held	—	5 q
SESea Limited	2.96%	2,443,285	$76M	added+53%	+1.38 pp	3 q
COUPCoupa Software Incorporated	2.88%	568,647	$74M	trimmed−18%	+0.27 pp	6 q
ABXBarrick Mining Corporation	2.66%	3,924,300	$68M	trimmed−1%	+0.79 pp	2 q
SHOPShopify Inc. Class A subordinate voting shares	2.59%	212,480	$66M	new	+2.59 pp	new
PLANAnaplan, Inc.	2.43%	1,323,345	$62M	new	+2.43 pp	new
INDAiShares MSCI India ETF	1.94%	1,476,500	$50M	new	+1.94 pp	new
HDBHDFC Bank Limited	1.90%	849,000	$48M	new	+1.90 pp	new
AYXAlteryx, Inc.	1.81%	429,626	$46M	added×19.2	+1.74 pp	2 q
AEMAgnico Eagle Mines Ltd.	1.23%	586,100	$31M	added+40%	+0.59 pp	2 q
MDCOMedicines Co	1.15%	585,500	$29M	new	+1.15 pp	new
METAMeta Platforms, Inc. Class A	0.99%	142,068	$25M	added×4.1	+0.79 pp	3 q
OKTAOkta, Inc. Class A	0.92%	239,300	$24M	new	+0.92 pp	new
FISFidelity National Information Services, Inc.	0.65%	125,305	$17M	trimmed−75%	−1.15 pp	3 q
EAElectronic Arts Inc	0.62%	161,500	$16M	new	+0.62 pp	new
ISRGIntuitive Surgical Inc.	0.59%	27,800	$15M	new	+0.59 pp	new
SMARSmartsheet Inc.	0.55%	386,510	$14M	added×10.5	+0.50 pp	2 q
RETAReata Pharmaceuticals, Inc. Class A	0.54%	173,285	$14M	new	+0.54 pp	new
TWLOTwilio Inc.	0.49%	113,315	$12M	added×7.7	+0.43 pp	3 q
ADBEAdobe Inc.	0.33%	30,592	$8M	trimmed−94%	−4.19 pp	7 q
EXPEagle Materials, Inc.	0.27%	77,487	$7M	added+93%	+0.16 pp	3 q
RPRealPage, Inc.	0.20%	82,543	$5M	added+10%	+0.07 pp	3 q
UBERUber Technologies, Inc.	0.20%	166,882	$5M	trimmed−94%	−3.51 pp	2 q
CRWDCrowdStrike Holdings, Inc. Class A	0.18%	79,940	$5M	new	+0.18 pp	new
ZMZoom Communications, Inc. Class A	0.18%	61,700	$5M	new	+0.18 pp	new
unresolvedAtlassian Corp Plc	0.13%	25,755	$3M	added×2.6	+0.09 pp	3 q
MAMastercard Incorporated	0.12%	11,115	$3M	trimmed−95%	−1.72 pp	3 q
NEWRNew Relic, Inc.	0.12%	47,885	$3M	new	+0.12 pp	new
WWayfair Inc.	0.12%	26,785	$3M	added×2.1	+0.07 pp	2 q
FSLYFastly, Inc. Class A	0.11%	113,826	$3M	new	+0.11 pp	new
SAILSailPoint, Inc.	0.01%	15,870	$297,000	trimmed−53%	−0.01 pp	3 q
EEMiShares MSCI Emerging Markets ETF	—	−2,410,500	—	exited	−3.08 pp	—
SNAPSnap Inc.	—	−5,234,631	—	exited	−2.23 pp	—
CRMSalesforce, Inc.	—	−482,103	—	exited	−2.17 pp	—
PCGPG&E Corporation	—	−3,051,300	—	exited	−2.08 pp	—
ILMNIllumina Inc	—	−170,800	—	exited	−1.87 pp	—
TMUST-Mobile US, Inc.	—	−765,600	—	exited	−1.69 pp	—
PYPLPayPal Holdings, Inc.	—	−481,100	—	exited	−1.64 pp	—
JDJD.com, Inc.	—	−1,299,213	—	exited	−1.17 pp	—
MRKMerck & Co., Inc.	—	−467,200	—	exited	−1.16 pp	—
IIntelsat SA	—	−1,364,570	—	exited	−0.79 pp	—
MPCMarathon Petroleum Corporation	—	−410,100	—	exited	−0.68 pp	—
XYZBlock, Inc.	—	−293,838	—	exited	−0.63 pp	—
INCYIncyte Genomics Inc	—	−202,400	—	exited	−0.51 pp	—
NFENew Fortress Energy Inc. Class A	—	−1,200,000	—	exited	−0.42 pp	—
MRKTIhs Markit Ltd	—	−188,000	—	exited	−0.36 pp	—
CTRACoterra Energy Inc.	—	−395,500	—	exited	−0.27 pp	—
MUMicron Technology, Inc.	—	−230,613	—	exited	−0.26 pp	—
PANWPalo Alto Networks, Inc.	—	−40,700	—	exited	−0.25 pp	—
DOCUDocuSign, Inc.	—	−113,700	—	exited	−0.17 pp	—
FLTCorpay, Inc.	—	−17,660	—	exited	−0.15 pp	—
LNGCheniere Energy Inc	—	−68,530	—	exited	−0.14 pp	—
ADSKAutodesk Inc	—	−23,762	—	exited	−0.12 pp	—
FOXAFox Corporation Class A	—	−84,655	—	exited	−0.09 pp	—
ZENZendesk Inc	—	−34,102	—	exited	−0.09 pp	—
SONYSony Group Corporation	—	−38,670	—	exited	−0.06 pp	—
SPOTSpotify Technology S.A.	—	−13,967	—	exited	−0.06 pp	—
NXPINXP Semiconductors N.V.	—	−15,725	—	exited	−0.05 pp	—
VEEVVeeva Systems Inc.	—	−8,795	—	exited	−0.04 pp	—
ZZillow Group, Inc. Class C	—	−23,200	—	exited	−0.03 pp	—
QRVOQorvo, Inc.	—	−11,675	—	exited	−0.02 pp	—
unresolvedSprint Corporation	—	−66,610	—	exited	−0.01 pp	—