Duquesne Family Office

Q3 2020 13F · by Stanley Druckenmiller, portfolio manager

As of: Sep 30, 2020
Filed: Nov 16, 2020
US stock: $3.4B · prev $3.3B
Positions: 58 · prev 70
Options notional: $34M
Documents: 1· no amendments

Picture99.0% US stock

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

US stock listed on a US exchange 99.0%
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 1.0%

Moves75 since the prior filing

+29.6 pp in · −29.3 pp out

New 15 +12.30 pp
Added 18 +17.33 pp
Trimmed 14 −12.93 pp
Exited 27 −16.33 pp

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

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 111% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions40% of US stock

MSFT Microsoft Corp added+5.08 pp added+5.0816.3%
AMZN Amazon.Com Inc added+0.80 pp added+0.808.0%
TMUS T-Mobile US, Inc. added+1.67 pp added+1.676.7%
BABA Alibaba Group Holding Limited added+1.83 pp added+1.834.7%
SE Sea Limited trimmed+1.17 pp trimmed+1.174.4%

Positions58 in this filing · 27 exited


MSFTMicrosoft Corp	16.31%	2,645,630	$556M	added+47%	+5.08 pp	15 q
AMZNAmazon.Com Inc	8.01%	86,717	$273M	added+2%	+0.80 pp	15 q
TMUST-Mobile US, Inc.	6.69%	1,994,124	$228M	added+27%	+1.67 pp	2 q
BABAAlibaba Group Holding Limited	4.70%	545,755	$160M	added+26%	+1.83 pp	11 q
SESea Limited	4.43%	981,083	$151M	trimmed−1%	+1.17 pp	7 q
NFLXNetFlix Inc	4.08%	278,372	$139M	trimmed−10%	−0.24 pp	11 q
PENNPENN Entertainment, Inc.	4.03%	1,892,501	$138M	added+81%	+3.05 pp	2 q
ABXBarrick Mining Corporation	4.00%	4,853,153	$136M	added+14%	+0.47 pp	6 q
SBUXStarbucks Corp	3.68%	1,462,100	$126M	added+61%	+1.64 pp	2 q
JDJD.com, Inc.	3.46%	1,521,943	$118M	added+2%	+0.71 pp	4 q
FCXFreeport-McMoran Inc.	2.90%	6,318,400	$99M	trimmed−2%	+0.61 pp	4 q
NUANNuance Communications, Inc.	2.83%	2,911,525	$97M	new	+2.83 pp	new
MELIMercado Libre, Inc	2.26%	71,121	$77M	added+99%	+1.18 pp	2 q
GDXVanEck Gold Miners ETF	2.08%	1,808,825	$71M	new	+2.08 pp	new
GOOGLAlphabet Inc. Class A	1.77%	41,181	$60M	trimmed−52%	−1.99 pp	4 q
NEENextEra Energy, Inc.	1.76%	215,884	$60M	new	+1.76 pp	new
METAMeta Platforms, Inc. Class A	1.60%	207,895	$54M	trimmed−10%	−0.02 pp	7 q
ALNYAlnylam Pharmaceuticals, Inc.	1.57%	368,419	$54M	held	—	4 q
RETAReata Pharmaceuticals, Inc. Class A	1.55%	543,901	$53M	added+2%	−1.00 pp	5 q
SMARSmartsheet Inc.	1.55%	1,070,448	$53M	added+5%	−0.04 pp	2 q
WDAYWorkday, Inc. Class A	1.49%	236,095	$51M	trimmed−66%	−2.51 pp	15 q
XLIState Street Industrial Select Sector SPDR ETF	1.47%	650,000	$50M	new	+1.47 pp	new
FISFidelity National Information Services, Inc.	1.37%	317,851	$47M	added+90%	+0.68 pp	7 q
VZVerizon Communications	0.99%	567,443	$34M	added×3.5	+0.72 pp	2 q
CCLCarnival Corporation Ltd.	0.89%	2,002,500	$30M	trimmed−28%	−0.52 pp	2 q
BKNGBooking Holdings Inc.	0.87%	17,290	$30M	trimmed−54%	−0.95 pp	2 q
EXPEExpedia Group, Inc.	0.85%	316,278	$29M	new	+0.85 pp	new
PYPLPayPal Holdings, Inc.	0.82%	141,333	$28M	trimmed−82%	−3.29 pp	3 q
unresolvedGeneral Electric Co	0.80%	4,375,778	$27M	held	—	7 q
LYVLive Nation Entertainment Inc.	0.77%	489,607	$26M	trimmed−41%	−0.36 pp	2 q
WENThe Wendy's Company	0.76%	1,170,047	$26M	added+13%	+0.07 pp	2 q
TALTAL Education Group	0.70%	312,300	$24M	held	—	3 q
SYFSynchrony Financial	0.68%	883,630	$23M	added+26%	+0.20 pp	2 q
CVNACarvana Co.	0.60%	91,916	$21M	new	+0.60 pp	new
PANWPalo Alto Networks, Inc.	0.59%	82,300	$20M	new	+0.59 pp	new
REGNRegeneron Pharmaceuticals Inc	0.58%	35,582	$20M	trimmed−8%	−0.16 pp	2 q
DISThe Walt Disney Company	0.52%	143,300	$18M	held	—	2 q
FSLYFastly, Inc. Class A	0.50%	180,442	$17M	trimmed−39%	−0.27 pp	5 q
ADIAnalog Devices, Inc.	0.44%	127,511	$15M	new	+0.44 pp	new
LENLennar Corporation Class A	0.44%	184,872	$15M	held	—	2 q
BMRNBioMarin Pharmaceuticals Inc	0.43%	192,700	$15M	held	—	2 q
YUMYum! Brands, Inc.	0.40%	151,124	$14M	held	—	2 q
SONYSony Group Corporation	0.38%	167,335	$13M	new	+0.38 pp	new
USBU.S. Bancorp	0.38%	363,500	$13M	added+57%	+0.12 pp	2 q
DISHDISH Network Corp.	0.33%	392,679	$11M	held	—	4 q
IQVIQVIA Holdings Inc.	0.33%	71,710	$11M	held	—	3 q
NETCloudflare, Inc. Class A, par value $0.001 per share	0.31%	256,535	$11M	new	+0.31 pp	new
UBERUber Technologies, Inc.	0.29%	271,444	$10M	new	+0.29 pp	new
JPMJPMorgan Chase & Co.	0.28%	98,165	$9M	trimmed−94%	−4.37 pp	2 q
QCOMQualcomm Inc	0.28%	82,569	$10M	new	+0.28 pp	new
TECKTeck Resources Limited	0.27%	661,200	$9M	new	+0.27 pp	new
ONCBeOne Medicines Ltd.	0.26%	31,025	$9M	added+19%	+0.11 pp	2 q
FLEXFlex Ltd.	0.23%	711,240	$8M	held	—	4 q
LVSLas Vegas Sands Corp.	0.11%	77,901	$4M	trimmed−20%	−0.03 pp	3 q
DHID.R. Horton Inc.	0.10%	46,470	$4M	held	—	2 q
unresolvedArco Platform Ltd Com	0.10%	84,675	$3M	new	+0.10 pp	new
unresolvedVapotherm Inc	0.07%	77,660	$2M	added×3.3	+0.04 pp	2 q
ZLABZai Lab Limited	0.05%	20,570	$2M	new	+0.05 pp	new
XBIState Street SPDR S&P Biotech ETF	—	−1,095,200	—	exited	−3.76 pp	—
HDHome Depot, Inc.	—	−309,100	—	exited	−2.37 pp	—
WFCWells Fargo & Co.	—	−1,548,500	—	exited	−1.22 pp	—
CBChubb Limited	—	−282,625	—	exited	−1.10 pp	—
INSMInsmed, Inc.	—	−1,227,400	—	exited	−1.04 pp	—
SRPTSarepta Therapeutics,, Inc.	—	−169,350	—	exited	−0.83 pp	—
AZOAutoZone, Inc.	—	−18,900	—	exited	−0.65 pp	—
MARMarriott International Class A	—	−247,264	—	exited	−0.65 pp	—
CRWDCrowdStrike Holdings, Inc. Class A	—	−189,503	—	exited	−0.58 pp	—
1T7Tricida Inc	—	−688,344	—	exited	−0.58 pp	—
AIYActivision Blizzard Inc	—	−211,290	—	exited	−0.49 pp	—
ZBHZimmer Biomet Holdings, Inc.	—	−122,150	—	exited	−0.45 pp	—
BNTXBioNTech SE	—	−204,450	—	exited	−0.42 pp	—
FLTCorpay, Inc.	—	−39,600	—	exited	−0.31 pp	—
PLANAnaplan, Inc.	—	−212,716	—	exited	−0.30 pp	—
DALDelta Air Lines, Inc.	—	−325,050	—	exited	−0.28 pp	—
DKNGDraftKings Inc. Class A	—	−278,000	—	exited	−0.28 pp	—
GWREGuidewire Software, Inc.	—	−58,150	—	exited	−0.20 pp	—
KMXCarMax Inc.	—	−62,695	—	exited	−0.17 pp	—
BILLBILL Holdings, Inc.	—	−59,205	—	exited	−0.16 pp	—
OMFOneMain Holdings, Inc.	—	−209,265	—	exited	−0.16 pp	—
DOCUDocuSign, Inc.	—	−17,535	—	exited	−0.09 pp	—
FFord Motor Company	—	−497,500	—	exited	−0.09 pp	—
NXTCNextCure, Inc.	—	−141,459	—	exited	−0.09 pp	—
PAGPenske Automotive Group, Inc.	—	−40,000	—	exited	−0.05 pp	—
TMUSRT-Mobile US, Inc. Subscription Rights Expiring 7/27/2020	—	−1,052,289	—	exited	−0.01 pp	—
IIntelsat SA	—	−25,000	—	exited	0.00 pp	—