Duquesne Family Office

Q4 2020 13F · by Stanley Druckenmiller, portfolio manager

As of: Dec 31, 2020
Filed: Feb 16, 2021
US stock: $3.7B · prev $3.4B
Positions: 54 · prev 58
Options notional: $17M
Documents: 1· no amendments

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
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 0.5%

Moves77 since the prior filing

+31.1 pp in · −32.3 pp out

New 20 +11.84 pp
Added 14 +19.31 pp
Trimmed 16 −7.82 pp
Exited 24 −24.46 pp

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

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 116% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions42% of US stock

MSFT Microsoft Corp trimmed−0.43 pp trimmed−0.4315.9%
TMUS T-Mobile US, Inc. added+1.84 pp added+1.848.5%
AMZN Amazon.Com Inc trimmed−0.72 pp trimmed−0.727.3%
SBUX Starbucks Corp added+2.04 pp added+2.045.7%
FCX Freeport-McMoran Inc. trimmed+1.52 pp trimmed+1.524.4%

Positions54 in this filing · 24 exited


MSFTMicrosoft Corp	15.88%	2,638,074	$587M	trimmed−0%	−0.43 pp	16 q
TMUST-Mobile US, Inc.	8.53%	2,338,580	$315M	added+17%	+1.84 pp	3 q
AMZNAmazon.Com Inc	7.29%	82,753	$270M	trimmed−5%	−0.72 pp	16 q
SBUXStarbucks Corp	5.72%	1,977,100	$212M	added+35%	+2.04 pp	3 q
FCXFreeport-McMoran Inc.	4.42%	6,284,379	$164M	trimmed−1%	+1.52 pp	5 q
PANWPalo Alto Networks, Inc.	4.41%	459,060	$163M	added×5.6	+3.82 pp	2 q
SESea Limited	4.12%	764,714	$152M	trimmed−22%	−0.31 pp	8 q
PENNPENN Entertainment, Inc.	3.55%	1,517,501	$131M	trimmed−20%	−0.48 pp	3 q
NUANNuance Communications, Inc.	3.47%	2,911,525	$128M	held	—	2 q
DISThe Walt Disney Company	3.35%	684,335	$124M	added×4.8	+2.83 pp	3 q
CVNACarvana Co.	3.15%	485,981	$116M	added×5.3	+2.55 pp	2 q
MELIMercado Libre, Inc	2.87%	63,277	$106M	trimmed−11%	+0.61 pp	3 q
RETAReata Pharmaceuticals, Inc. Class A	2.51%	749,897	$93M	added+38%	+0.96 pp	6 q
ABXBarrick Mining Corporation	2.22%	3,606,850	$82M	trimmed−26%	−1.78 pp	7 q
NETCloudflare, Inc. Class A, par value $0.001 per share	1.63%	790,848	$60M	added×3.1	+1.32 pp	2 q
NEENextEra Energy, Inc.	1.63%	779,800	$60M	trimmed−10%	−0.13 pp	2 q
TECKTeck Resources Limited	1.61%	3,275,350	$59M	added×5.0	+1.34 pp	2 q
CCLCarnival Corporation Ltd.	1.55%	2,644,400	$57M	added+32%	+0.66 pp	3 q
CMICummins Inc.	1.35%	219,320	$50M	new	+1.35 pp	new
unresolvedGeneral Electric Co	1.28%	4,375,778	$47M	held	—	8 q
RUNSunrun Inc	1.24%	661,535	$46M	new	+1.24 pp	new
99952EURLinde PLC/OLD	1.03%	144,675	$38M	new	+1.03 pp	new
ASHRXtrackers Harvest CSI 300 China A-Shares ETF	0.99%	915,910	$37M	new	+0.99 pp	new
IQVIQVIA Holdings Inc.	0.98%	201,977	$36M	added×2.8	+0.65 pp	4 q
EXPEExpedia Group, Inc.	0.97%	270,299	$36M	trimmed−15%	+0.12 pp	2 q
GOOGLAlphabet Inc. Class A	0.90%	19,024	$33M	trimmed−54%	−0.87 pp	5 q
ADIAnalog Devices, Inc.	0.85%	213,328	$32M	added+67%	+0.41 pp	2 q
FLEXFlex Ltd.	0.84%	1,733,430	$31M	added×2.4	+0.61 pp	5 q
WDAYWorkday, Inc. Class A	0.77%	119,082	$29M	trimmed−50%	−0.72 pp	16 q
SMARSmartsheet Inc.	0.75%	402,361	$28M	trimmed−62%	−0.80 pp	3 q
SMHVanEck Semiconductor ETF	0.73%	123,900	$27M	new	+0.73 pp	new
ABCLAbCellera Biologics Inc.	0.72%	659,750	$27M	new	+0.72 pp	new
NYTNew York Times Co.	0.72%	513,150	$27M	new	+0.72 pp	new
AAAlcoa Corporation	0.69%	1,102,000	$25M	new	+0.69 pp	new
FSLRFirst Solar, Inc.	0.62%	231,000	$23M	new	+0.62 pp	new
ARRYArray Technologies, Inc.	0.60%	518,250	$22M	new	+0.60 pp	new
FWONKLiberty Media Corporation Series C Liberty Formula One	0.56%	485,800	$21M	new	+0.56 pp	new
ELANElanco Animal Health Incorporated	0.52%	623,975	$19M	new	+0.52 pp	new
JDJD.com, Inc.	0.49%	205,313	$18M	trimmed−87%	−2.97 pp	5 q
BMRNBioMarin Pharmaceuticals Inc	0.46%	192,700	$17M	held	—	3 q
CRWDCrowdStrike Holdings, Inc. Class A	0.45%	78,304	$17M	new	+0.45 pp	new
UBERUber Technologies, Inc.	0.44%	321,675	$16M	added+19%	+0.15 pp	2 q
LYVLive Nation Entertainment Inc.	0.43%	214,350	$16M	trimmed−56%	−0.34 pp	3 q
PYPLPayPal Holdings, Inc.	0.43%	67,188	$16M	trimmed−52%	−0.39 pp	4 q
FSLYFastly, Inc. Class A	0.37%	157,078	$14M	trimmed−13%	−0.13 pp	6 q
CYBRCyberark Software LTD/ISRAEL	0.37%	83,965	$14M	new	+0.37 pp	new
VALEVale S.a.	0.31%	691,012	$12M	new	+0.31 pp	new
CNQCanadian Natural Resources Limited	0.27%	411,525	$10M	new	+0.27 pp	new
HESHess Corporation	0.24%	166,800	$9M	new	+0.24 pp	new
unresolvedArco Platform Ltd Com	0.23%	236,460	$8M	added×2.8	+0.13 pp	2 q
OPCHOption Care Health, Inc.	0.16%	388,915	$6M	new	+0.16 pp	new
USFDUS Foods Holding Corp.	0.14%	157,200	$5M	new	+0.14 pp	new
SAILSailPoint, Inc.	0.13%	88,005	$5M	new	+0.13 pp	new
unresolvedVapotherm Inc	0.06%	77,660	$2M	held	—	3 q
BABAAlibaba Group Holding Limited	—	−545,755	—	exited	−4.70 pp	—
NFLXNetFlix Inc	—	−278,372	—	exited	−4.08 pp	—
GDXVanEck Gold Miners ETF	—	−1,808,825	—	exited	−2.08 pp	—
METAMeta Platforms, Inc. Class A	—	−207,895	—	exited	−1.60 pp	—
ALNYAlnylam Pharmaceuticals, Inc.	—	−368,419	—	exited	−1.57 pp	—
XLIState Street Industrial Select Sector SPDR ETF	—	−650,000	—	exited	−1.47 pp	—
FISFidelity National Information Services, Inc.	—	−317,851	—	exited	−1.37 pp	—
VZVerizon Communications	—	−567,443	—	exited	−0.99 pp	—
BKNGBooking Holdings Inc.	—	−17,290	—	exited	−0.87 pp	—
WENThe Wendy's Company	—	−1,170,047	—	exited	−0.76 pp	—
TALTAL Education Group	—	−312,300	—	exited	−0.70 pp	—
SYFSynchrony Financial	—	−883,630	—	exited	−0.68 pp	—
REGNRegeneron Pharmaceuticals Inc	—	−35,582	—	exited	−0.58 pp	—
LENLennar Corporation Class A	—	−184,872	—	exited	−0.44 pp	—
YUMYum! Brands, Inc.	—	−151,124	—	exited	−0.40 pp	—
SONYSony Group Corporation	—	−167,335	—	exited	−0.38 pp	—
USBU.S. Bancorp	—	−363,500	—	exited	−0.38 pp	—
DISHDISH Network Corp.	—	−392,679	—	exited	−0.33 pp	—
JPMJPMorgan Chase & Co.	—	−98,165	—	exited	−0.28 pp	—
QCOMQualcomm Inc	—	−82,569	—	exited	−0.28 pp	—
ONCBeOne Medicines Ltd.	—	−31,025	—	exited	−0.26 pp	—
LVSLas Vegas Sands Corp.	—	−77,901	—	exited	−0.11 pp	—
DHID.R. Horton Inc.	—	−46,470	—	exited	−0.10 pp	—
ZLABZai Lab Limited	—	−20,570	—	exited	−0.05 pp	—