Duquesne Family Office

Q4 2022 13F · by Stanley Druckenmiller, portfolio manager

As of: Dec 31, 2022
Filed: Feb 14, 2023
US stock: $2.0B · prev $1.7B
Positions: 57 · prev 63
Options notional: $11M
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 0.6%

Moves60 since the prior filing

+34.6 pp in · −33.5 pp out

New 16 +16.90 pp
Added 11 +17.66 pp
Trimmed 10 −9.70 pp
Exited 22 −23.83 pp

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

The book

Concentrated · behaves like 15 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions50% of US stock

CPNG Coupang, Inc. added−3.76 pp added−3.7614.8%
LLY Eli Lilly & Co. added+4.42 pp added+4.4213.4%
CVX Chevron Corporation added+3.09 pp added+3.098.8%
LW Lamb Weston Holdings, Inc. added+3.16 pp added+3.167.4%
META Meta Platforms, Inc. Class A added+4.15 pp added+4.155.4%

Positions57 in this filing · 22 exited


CPNGCoupang, Inc.	14.85%	20,283,765	$298M	added+4%	−3.76 pp	8 q
LLYEli Lilly & Co.	13.43%	737,725	$270M	added+52%	+4.42 pp	3 q
CVXChevron Corporation	8.79%	983,655	$177M	added+43%	+3.09 pp	5 q
LWLamb Weston Holdings, Inc.	7.37%	1,657,875	$148M	added+75%	+3.16 pp	2 q
METAMeta Platforms, Inc. Class A	5.40%	901,675	$109M	added×5.6	+4.15 pp	2 q
KBRKBR, Inc.	4.43%	1,687,468	$89M	trimmed−7%	−0.08 pp	8 q
NVDANvidia Corp	4.24%	582,915	$85M	new	+4.24 pp	new
VRTVertiv Holdings Co Class A	4.02%	5,916,120	$81M	added+20%	+1.27 pp	2 q
TECKTeck Resources Limited	3.35%	1,780,705	$67M	added+30%	+0.95 pp	4 q
TMUST-Mobile US, Inc.	3.17%	454,362	$64M	trimmed−37%	−2.37 pp	11 q
CVECenovus Energy Inc.	2.61%	2,701,140	$52M	added×3.2	+1.87 pp	4 q
OPCHOption Care Health, Inc.	2.29%	1,526,120	$46M	added×4.9	+1.73 pp	2 q
LENLennar Corporation Class A	1.99%	441,892	$40M	new	+1.99 pp	new
FCXFreeport-McMoran Inc.	1.58%	837,627	$32M	trimmed−28%	−0.26 pp	13 q
DEDeere & Company	1.56%	72,905	$31M	new	+1.56 pp	new
OXYOccidental Petroleum Corporation	1.32%	420,580	$26M	new	+1.32 pp	new
NTRANatera, Inc.	1.29%	643,530	$26M	added+55%	+0.25 pp	2 q
TAT&T Inc.	1.26%	1,375,780	$25M	new	+1.26 pp	new
DDOGDatadog, Inc. Class A	1.22%	332,253	$24M	trimmed−58%	−2.80 pp	3 q
ALNYAlnylam Pharmaceuticals, Inc.	1.05%	88,910	$21M	held	—	2 q
OVVOvintiv Inc.	1.04%	413,980	$21M	added×2.1	+0.53 pp	2 q
AMDAdvanced Micro Devices	0.99%	308,235	$20M	new	+0.99 pp	new
PHParker-Hannifin Corporation	0.97%	66,800	$19M	new	+0.97 pp	new
ACCAArch Resources Inc	0.92%	129,140	$18M	trimmed−13%	−0.09 pp	2 q
VALEVale S.a.	0.88%	1,045,000	$18M	new	+0.88 pp	new
CCJCameco Corporation	0.84%	748,204	$17M	new	+0.84 pp	new
PXDPioneer Natural Resource Co.	0.81%	71,505	$16M	trimmed−22%	−0.33 pp	4 q
CATCaterpillar Inc.	0.76%	63,800	$15M	new	+0.76 pp	new
PANWPalo Alto Networks, Inc.	0.76%	109,270	$15M	trimmed−29%	−0.70 pp	3 q
WSCWillScot Holdings Corporation Class A	0.70%	309,866	$14M	trimmed−68%	−1.57 pp	5 q
PSXPhillips 66	0.59%	113,850	$12M	new	+0.59 pp	new
RXRXRecursion Pharmaceuticals, Inc. Class A	0.53%	1,385,950	$11M	held	—	6 q
DHID.R. Horton Inc.	0.50%	113,400	$10M	new	+0.50 pp	new
IOTSamsara Inc.	0.50%	810,713	$10M	new	+0.50 pp	new
PLTRPalantir Technologies Inc. Class A	0.41%	1,270,707	$8M	trimmed−48%	−0.72 pp	8 q
NEENextEra Energy, Inc.	0.39%	93,400	$8M	held	—	2 q
CEGConstellation Energy Corporation	0.38%	88,825	$8M	held	—	2 q
ABCLAbCellera Biologics Inc.	0.33%	659,750	$7M	held	—	6 q
AMRAlpha Metallurgical Resources, Inc.	0.29%	39,370	$6M	trimmed−71%	−0.78 pp	2 q
ENVXEnovix Corporation	0.29%	464,400	$6M	held	—	2 q
LGIHLGI Homes, Inc.	0.23%	50,000	$5M	new	+0.23 pp	new
AVTRAvantor, Inc.	0.20%	189,695	$4M	held	—	2 q
MRNAModerna, Inc.	0.20%	22,154	$4M	held	—	3 q
IHSIHS Holding Limited	0.19%	771,096	$4M	held	—	5 q
ENTGEntegris Inc	0.18%	55,500	$4M	new	+0.18 pp	new
RUNSunrun Inc	0.17%	139,000	$3M	held	—	2 q
CCCCCC Intelligent Solutions Holdings Inc.	0.12%	281,879	$2M	held	—	8 q
OSCROscar Health, Inc.	0.12%	994,289	$2M	held	—	8 q
RETAReata Pharmaceuticals, Inc. Class A	0.11%	58,997	$2M	held	—	14 q
KBHKB Home	0.09%	58,535	$2M	new	+0.09 pp	new
OPENOpendoor Technologies Inc	0.09%	1,538,085	$2M	held	—	5 q
DISHDISH Network Corp.	0.08%	112,400	$2M	held	—	7 q
ACADAcadia Pharmaceuticals Inc.	0.06%	74,400	$1M	held	—	7 q
COMPCompass, Inc.	0.05%	399,100	$929,903	held	—	5 q
SNSEFaeth Therapeutics, Inc.	0.01%	100,000	$149,000	held	—	8 q
unresolvedCazoo Group Ltd	0.00%	140,100	$21,968	held	—	5 q
JOBYJoby Aviation, Inc.	0.00%	11,246	$37,674	held	—	2 q
AMZNAmazon.Com Inc	—	−906,250	—	exited	−5.88 pp	—
MSFTMicrosoft Corp	—	−193,535	—	exited	−2.59 pp	—
WDAYWorkday, Inc. Class A	—	−240,925	—	exited	−2.11 pp	—
SESea Limited	—	−539,740	—	exited	−1.74 pp	—
CTRACoterra Energy Inc.	—	−1,113,900	—	exited	−1.67 pp	—
CRWDCrowdStrike Holdings, Inc. Class A	—	−153,524	—	exited	−1.45 pp	—
PPGPPG Industries, Inc.	—	−212,945	—	exited	−1.35 pp	—
NFENew Fortress Energy Inc. Class A	—	−387,325	—	exited	−0.97 pp	—
EIXEdison International	—	−287,600	—	exited	−0.93 pp	—
NETCloudflare, Inc. Class A, par value $0.001 per share	—	−249,305	—	exited	−0.79 pp	—
SHOPShopify Inc. Class A subordinate voting shares	—	−490,250	—	exited	−0.76 pp	—
BLDRBuilders FirstSource, Inc.	—	−169,620	—	exited	−0.57 pp	—
EQTEqt Corp	—	−240,080	—	exited	−0.56 pp	—
ARAntero Resources Corporation	—	−281,640	—	exited	−0.49 pp	—
CARRCarrier Global Corporation	—	−229,590	—	exited	−0.47 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−87,900	—	exited	−0.35 pp	—
SMARSmartsheet Inc.	—	−151,500	—	exited	−0.30 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−85,400	—	exited	−0.29 pp	—
TXG10x Genomics, Inc. Class A	—	−116,715	—	exited	−0.19 pp	—
SEDGSolarEdge Technologies, Inc.	—	−13,400	—	exited	−0.18 pp	—
CRBUCaribou Biosciences, Inc.	—	−271,430	—	exited	−0.16 pp	—
BTUPeabody Energy Corporation	—	−21,587	—	exited	−0.03 pp	—