Duquesne Family Office

Q4 2019 13F · by Stanley Druckenmiller, portfolio manager

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $3.3B · prev $2.6B
Positions: 59 · prev 42
Options notional: $154M
Documents: 1· no amendments

Picture95.5% US stock

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

US stock listed on a US exchange 95.5%
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 4.5%

Moves65 since the prior filing

+51.2 pp in · −50.4 pp out

New 27 +37.15 pp
Added 12 +14.07 pp
Trimmed 13 −41.88 pp
Exited 10 −8.55 pp

Options: 3 moves on a notional base, in the table below.

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 165% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions35% of US stock

IWM iShares Russell 2000 ETF new+7.88 pp new+7.887.9%
MSFT Microsoft Corp trimmed−13.90 pp trimmed−13.907.8%
WDAY Workday, Inc. Class A added+3.12 pp added+3.127.7%
NFLX NetFlix Inc added+2.15 pp added+2.155.8%
unresolved General Electric Co added+0.52 pp added+0.525.7%

Positions59 in this filing · 10 exited


IWMiShares Russell 2000 ETF	7.88%	1,550,100	$257M	new	+7.88 pp	new
MSFTMicrosoft Corp	7.84%	1,620,433	$256M	trimmed−59%	−13.90 pp	12 q
WDAYWorkday, Inc. Class A	7.65%	1,515,555	$249M	added×2.2	+3.12 pp	12 q
NFLXNetFlix Inc	5.79%	582,860	$189M	added+68%	+2.15 pp	8 q
unresolvedGeneral Electric Co	5.71%	16,657,128	$186M	added+12%	+0.52 pp	4 q
EEMiShares MSCI Emerging Markets ETF	5.60%	4,065,100	$182M	new	+5.60 pp	new
JPMJPMorgan Chase & Co.	5.51%	1,286,900	$179M	new	+5.51 pp	new
METAMeta Platforms, Inc. Class A	4.47%	709,008	$146M	added×5.0	+3.48 pp	4 q
GOOGLAlphabet Inc. Class A	3.79%	92,189	$123M	new	+3.79 pp	new
INDAiShares MSCI India ETF	3.71%	3,437,850	$121M	added×2.3	+1.77 pp	2 q
AIYActivision Blizzard Inc	3.01%	1,652,355	$98M	held	—	4 q
RETAReata Pharmaceuticals, Inc. Class A	2.68%	426,719	$87M	added×2.5	+2.14 pp	2 q
HDHome Depot, Inc.	2.64%	394,500	$86M	trimmed−5%	−1.12 pp	4 q
HDBHDFC Bank Limited	2.50%	1,286,100	$82M	added+51%	+0.60 pp	2 q
ABTAbbott Laboratories	2.44%	916,300	$80M	held	—	6 q
ABXBarrick Mining Corporation	2.44%	4,271,600	$79M	added+9%	−0.22 pp	3 q
SESea Limited	2.16%	1,746,301	$70M	trimmed−29%	−0.80 pp	4 q
FCXFreeport-McMoran Inc.	1.84%	4,572,051	$60M	new	+1.84 pp	new
FDXFedEx Corporation	1.56%	336,950	$51M	new	+1.56 pp	new
MDCOMedicines Co	1.53%	585,500	$50M	held	—	2 q
PNCPNC Financial Services Group	1.45%	296,300	$47M	new	+1.45 pp	new
WFCWells Fargo & Co.	1.43%	867,900	$47M	new	+1.43 pp	new
AEMAgnico Eagle Mines Ltd.	1.41%	747,500	$46M	added+28%	+0.18 pp	3 q
MPCMarathon Petroleum Corporation	1.36%	735,000	$44M	new	+1.36 pp	new
AMZNAmazon.Com Inc	1.26%	22,218	$41M	trimmed−85%	−9.04 pp	12 q
DISHDISH Network Corp.	1.05%	966,100	$34M	new	+1.05 pp	new
SNAPSnap Inc.	0.98%	1,957,600	$32M	new	+0.98 pp	new
BACBank of America Corporation	0.82%	759,700	$27M	new	+0.82 pp	new
1T7Tricida Inc	0.80%	688,344	$26M	new	+0.80 pp	new
FISFidelity National Information Services, Inc.	0.78%	181,615	$25M	added+45%	+0.13 pp	4 q
COUPCoupa Software Incorporated	0.69%	154,395	$23M	trimmed−73%	−2.19 pp	7 q
NOWServicenow, Inc.	0.69%	79,805	$23M	trimmed−84%	−4.35 pp	6 q
EAElectronic Arts Inc	0.53%	161,500	$17M	held	—	2 q
FTSVForty Seven Inc	0.47%	385,026	$15M	new	+0.47 pp	new
SONYSony Group Corporation	0.47%	225,600	$15M	new	+0.47 pp	new
UBERUber Technologies, Inc.	0.44%	483,279	$14M	added×2.9	+0.24 pp	3 q
PLANAnaplan, Inc.	0.42%	262,849	$14M	trimmed−80%	−2.01 pp	2 q
ALNYAlnylam Pharmaceuticals, Inc.	0.41%	116,169	$13M	new	+0.41 pp	new
unresolved2U Inc	0.40%	543,178	$13M	new	+0.40 pp	new
AYXAlteryx, Inc.	0.34%	110,337	$11M	trimmed−74%	−1.47 pp	3 q
BABAAlibaba Group Holding Limited	0.33%	50,925	$11M	trimmed−89%	−2.82 pp	8 q
ADBEAdobe Inc.	0.31%	30,592	$10M	held	—	8 q
MELIMercado Libre, Inc	0.28%	15,788	$9M	trimmed−91%	−3.41 pp	5 q
TWLOTwilio Inc.	0.28%	91,974	$9M	trimmed−19%	−0.21 pp	4 q
NXTCNextCure, Inc.	0.24%	141,459	$8M	new	+0.24 pp	new
ZZillow Group, Inc. Class C	0.24%	169,386	$8M	new	+0.24 pp	new
NKTRNektar Therapeutics	0.21%	310,579	$7M	new	+0.21 pp	new
MUMicron Technology, Inc.	0.15%	93,009	$5M	new	+0.15 pp	new
NXPINXP Semiconductors N.V.	0.14%	35,614	$5M	new	+0.14 pp	new
ZMZoom Communications, Inc. Class A	0.13%	61,700	$4M	held	—	2 q
FLEXFlex Ltd.	0.13%	335,235	$4M	new	+0.13 pp	new
CRWDCrowdStrike Holdings, Inc. Class A	0.12%	79,940	$4M	held	—	2 q
JDJD.com, Inc.	0.12%	108,106	$4M	new	+0.12 pp	new
RPRealPage, Inc.	0.11%	64,358	$3M	trimmed−22%	−0.09 pp	4 q
SMARSmartsheet Inc.	0.08%	56,342	$3M	trimmed−85%	−0.47 pp	3 q
FSLYFastly, Inc. Class A	0.07%	116,036	$2M	added+2%	−0.04 pp	2 q
XPXP Inc. Class A	0.06%	50,000	$2M	new	+0.06 pp	new
DDOGDatadog, Inc. Class A	0.03%	25,810	$975,000	new	+0.03 pp	new
IIntelsat SA	0.01%	25,000	$176,000	new	+0.01 pp	new
VVISA Inc.	—	−546,100	—	exited	−3.68 pp	—
SHOPShopify Inc. Class A subordinate voting shares	—	−212,480	—	exited	−2.59 pp	—
OKTAOkta, Inc. Class A	—	−239,300	—	exited	−0.92 pp	—
ISRGIntuitive Surgical Inc.	—	−27,800	—	exited	−0.59 pp	—
EXPEagle Materials, Inc.	—	−77,487	—	exited	−0.27 pp	—
unresolvedAtlassian Corp Plc	—	−25,755	—	exited	−0.13 pp	—
MAMastercard Incorporated	—	−11,115	—	exited	−0.12 pp	—
NEWRNew Relic, Inc.	—	−47,885	—	exited	−0.12 pp	—
WWayfair Inc.	—	−26,785	—	exited	−0.12 pp	—
SAILSailPoint, Inc.	—	−15,870	—	exited	−0.01 pp	—