Duquesne Family Office

Q2 2020 13F · by Stanley Druckenmiller, portfolio manager

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $3.3B · prev $2.5B
Positions: 70 · prev 43
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 0.0%
Calls at notional value 0.2%

Moves78 since the prior filing

+44.3 pp in · −44.5 pp out

New 41 +36.31 pp
Added 9 +7.95 pp
Trimmed 13 −35.94 pp
Exited 14 −8.54 pp

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

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 179% a year, about 0.6 years per position

Low
Moderate
High

Top 5 positions32% of US stock

Positions70 in this filing · 14 exited


MSFTMicrosoft Corp	11.23%	1,799,825	$366M	added+63%	+4.15 pp	14 q
AMZNAmazon.Com Inc	7.21%	85,235	$235M	trimmed−53%	−7.11 pp	14 q
TMUST-Mobile US, Inc.	5.02%	1,571,324	$164M	new	+5.02 pp	new
JPMJPMorgan Chase & Co.	4.65%	1,611,940	$152M	new	+4.65 pp	new
NFLXNetFlix Inc	4.32%	309,477	$141M	trimmed−63%	−8.60 pp	10 q
PYPLPayPal Holdings, Inc.	4.11%	768,510	$134M	trimmed−17%	+0.49 pp	2 q
WDAYWorkday, Inc. Class A	4.00%	696,230	$130M	trimmed−58%	−4.73 pp	14 q
GOOGLAlphabet Inc. Class A	3.76%	86,502	$123M	trimmed−38%	−2.84 pp	3 q
XBIState Street SPDR S&P Biotech ETF	3.76%	1,095,200	$123M	new	+3.76 pp	new
ABXBarrick Mining Corporation	3.53%	4,271,600	$115M	held	—	5 q
SESea Limited	3.26%	990,437	$106M	trimmed−16%	+1.15 pp	6 q
BABAAlibaba Group Holding Limited	2.87%	434,601	$94M	added+5%	−0.39 pp	10 q
JDJD.com, Inc.	2.75%	1,492,740	$90M	added×2.6	+1.80 pp	3 q
RETAReata Pharmaceuticals, Inc. Class A	2.55%	532,878	$83M	added0%	−0.57 pp	4 q
HDHome Depot, Inc.	2.37%	309,100	$77M	held	—	6 q
FCXFreeport-McMoran Inc.	2.29%	6,466,200	$75M	added×4.6	+1.91 pp	3 q
SBUXStarbucks Corp	2.04%	905,915	$67M	new	+2.04 pp	new
BKNGBooking Holdings Inc.	1.82%	37,360	$59M	new	+1.82 pp	new
ALNYAlnylam Pharmaceuticals, Inc.	1.67%	368,419	$55M	held	—	3 q
METAMeta Platforms, Inc. Class A	1.62%	231,998	$53M	trimmed−81%	−6.81 pp	6 q
SMARSmartsheet Inc.	1.59%	1,016,955	$52M	new	+1.59 pp	new
CCLCarnival Corporation Ltd.	1.41%	2,798,725	$46M	new	+1.41 pp	new
WFCWells Fargo & Co.	1.22%	1,548,500	$40M	new	+1.22 pp	new
LYVLive Nation Entertainment Inc.	1.13%	829,051	$37M	new	+1.13 pp	new
CBChubb Limited	1.10%	282,625	$36M	new	+1.10 pp	new
MELIMercado Libre, Inc	1.08%	35,705	$35M	new	+1.08 pp	new
INSMInsmed, Inc.	1.04%	1,227,400	$34M	new	+1.04 pp	new
PENNPENN Entertainment, Inc.	0.98%	1,046,794	$32M	new	+0.98 pp	new
unresolvedGeneral Electric Co	0.92%	4,375,778	$30M	trimmed−45%	−1.65 pp	6 q
SRPTSarepta Therapeutics,, Inc.	0.83%	169,350	$27M	new	+0.83 pp	new
FSLYFastly, Inc. Class A	0.77%	296,593	$25M	added×2.6	+0.68 pp	4 q
REGNRegeneron Pharmaceuticals Inc	0.74%	38,700	$24M	new	+0.74 pp	new
BMRNBioMarin Pharmaceuticals Inc	0.73%	192,700	$24M	new	+0.73 pp	new
FISFidelity National Information Services, Inc.	0.69%	167,580	$22M	trimmed−51%	−1.02 pp	6 q
WENThe Wendy's Company	0.69%	1,032,909	$22M	new	+0.69 pp	new
AZOAutoZone, Inc.	0.65%	18,900	$21M	new	+0.65 pp	new
MARMarriott International Class A	0.65%	247,264	$21M	new	+0.65 pp	new
TALTAL Education Group	0.65%	312,300	$21M	held	—	2 q
CRWDCrowdStrike Holdings, Inc. Class A	0.58%	189,503	$19M	added+19%	+0.22 pp	4 q
1T7Tricida Inc	0.58%	688,344	$19M	held	—	3 q
AIYActivision Blizzard Inc	0.49%	211,290	$16M	trimmed−86%	−3.28 pp	6 q
DISThe Walt Disney Company	0.49%	143,300	$16M	new	+0.49 pp	new
SYFSynchrony Financial	0.48%	703,013	$16M	new	+0.48 pp	new
ZBHZimmer Biomet Holdings, Inc.	0.45%	122,150	$15M	new	+0.45 pp	new
BNTXBioNTech SE	0.42%	204,450	$14M	new	+0.42 pp	new
DISHDISH Network Corp.	0.42%	392,679	$14M	trimmed−59%	−0.36 pp	3 q
YUMYum! Brands, Inc.	0.40%	151,124	$13M	new	+0.40 pp	new
LENLennar Corporation Class A	0.35%	184,872	$11M	new	+0.35 pp	new
FLTCorpay, Inc.	0.31%	39,600	$10M	new	+0.31 pp	new
IQVIQVIA Holdings Inc.	0.31%	71,710	$10M	trimmed−76%	−1.02 pp	2 q
PLANAnaplan, Inc.	0.30%	212,716	$10M	added+25%	+0.09 pp	4 q
DALDelta Air Lines, Inc.	0.28%	325,050	$9M	new	+0.28 pp	new
DKNGDraftKings Inc. Class A	0.28%	278,000	$9M	new	+0.28 pp	new
VZVerizon Communications	0.27%	160,675	$9M	new	+0.27 pp	new
USBU.S. Bancorp	0.26%	231,500	$9M	new	+0.26 pp	new
FLEXFlex Ltd.	0.22%	711,240	$7M	added+55%	+0.06 pp	3 q
GWREGuidewire Software, Inc.	0.20%	58,150	$6M	new	+0.20 pp	new
KMXCarMax Inc.	0.17%	62,695	$6M	new	+0.17 pp	new
BILLBILL Holdings, Inc.	0.16%	59,205	$5M	new	+0.16 pp	new
OMFOneMain Holdings, Inc.	0.16%	209,265	$5M	new	+0.16 pp	new
ONCBeOne Medicines Ltd.	0.15%	26,180	$5M	new	+0.15 pp	new
LVSLas Vegas Sands Corp.	0.14%	97,776	$4M	trimmed−45%	−0.16 pp	2 q
DOCUDocuSign, Inc.	0.09%	17,535	$3M	new	+0.09 pp	new
FFord Motor Company	0.09%	497,500	$3M	new	+0.09 pp	new
NXTCNextCure, Inc.	0.09%	141,459	$3M	held	—	3 q
DHID.R. Horton Inc.	0.08%	46,470	$3M	new	+0.08 pp	new
PAGPenske Automotive Group, Inc.	0.05%	40,000	$2M	new	+0.05 pp	new
unresolvedVapotherm Inc	0.03%	23,635	$969,000	new	+0.03 pp	new
TMUSRT-Mobile US, Inc. Subscription Rights Expiring 7/27/2020	0.01%	1,052,289	$177,000	new	+0.01 pp	new
IIntelsat SA	0.00%	25,000	$14,000	held	—	3 q
ABTAbbott Laboratories	—	−791,300	—	exited	−2.54 pp	—
QCOMQualcomm Inc	—	−472,150	—	exited	−1.30 pp	—
NOWServicenow, Inc.	—	−110,030	—	exited	−1.28 pp	—
ADBEAdobe Inc.	—	−59,930	—	exited	−0.78 pp	—
INDAiShares MSCI India ETF	—	−750,450	—	exited	−0.74 pp	—
COUPCoupa Software Incorporated	—	−94,000	—	exited	−0.53 pp	—
unresolved2U Inc	—	−444,748	—	exited	−0.38 pp	—
unresolvedNew Oriental Ed & Tech Grp I	—	−80,230	—	exited	−0.35 pp	—
SONYSony Group Corporation	—	−146,400	—	exited	−0.35 pp	—
TWLOTwilio Inc.	—	−26,558	—	exited	−0.10 pp	—
TMETencent Music Entertainment Group	—	−213,775	—	exited	−0.09 pp	—
DDOGDatadog, Inc. Class A	—	−25,810	—	exited	−0.04 pp	—
XPXP Inc. Class A	—	−50,000	—	exited	−0.04 pp	—
LKNCYLuckin Coffee Inc SP/	—	−21,276	—	exited	−0.02 pp	—