Duquesne Family Office Llc 13F Positions
Stanley Druckenmiller’s Duquesne Family Office Llc just filed its Q1 2015 13F. Dated 22/05/2015, the filing reveals the hedge fund has a portfolio value of $786.99 million, representing a decrease of $233.01 million from the previous quarter when it was $1.02 billion. Note: This filling reprents only assets that which are listed in the US.
|Previous Mkt Value:||$1,019,993,000|
|Chg Mkt Value %:||-22.84%|
|Top 10 Holdings %:||65.2%|
In this quarter, Stanley Druckenmiller’s Duquesne Family Office Llc opened new positions in Lyondellbasell Ind’s Nv (LYB) for $62.95 million, Eog Res’s Inc (EOG) for $51.49 million, Teva Pharm Ind’s Ltd (TEVA) for $49.25 million, Pioneer Nat’l Res’s Co (PXD) for $36.71 million and Noble Energy Inc (NBL) for $30.38 million. These were the 5 biggest new positions. In total the hedge fund bought 14 new stocks.
|Top 5 New Buys|
|Lyondellbasell Ind’s Nv||8.00%|
|Eog Res’s Inc||6.54%|
|Teva Pharm Ind’s Ltd||6.26%|
|Pioneer Nat’l Res’s Co||4.66%|
|Noble Energy Inc||3.86%|
|13F Sector Allocation|
The hedge fund didn’t report any increased positions in this quarter.
Stanley Druckenmiller’s fund got rid of its stakes in Target Corp (TGT), Home Depot Inc (HD), Lowe’s Companies Inc (LOW), Costco Wholesale Corp (COST) and Nordstrom Inc (JWN). These securities constituted 5.66%, 5.45%, 4.51%, 3.96% and 3.34% of the fund’s portfolio, respectively. We can only speculate about the reasons for this selling but we believe it has to do with either value, momentum or a better place for Duquesne Family Office Llc’s capital.
The fund also trimmed its postitons in Biogen Inc (BIIB) by -51.31%, Celgene Corp (CELG) by -54.85%, Facebook Inc (FB) by -41.40%, Bluebird Bio Inc (BLUE) by -48.20% and Alibaba Grp Hldg Ltd (BABA) by -5.67%.
Top 5 Positions
Illumina Inc (ILMN), Biogen Inc (BIIB) and Lyondellbasell Ind’s Nv (LYB) made up the majority of Duquesne Family Office Llc’s total US long portfolio in Q1 2015. These holdings were top 3 and constitute 27.06% of Duquesne Family Office Llc’s US-listed securities. The top 10 holdings make approximately 65.2% of the investment manager’s portfolio.
It seems Stanley Druckenmiller ‘s Duquesne Family Office Llc holds concentrated portfolio. We wonder do they believe, same as legendary trader Stanley Druckenmiller, that diversification is wrong trading approach? The picture above provides an overview of Duquesne Family Office Llc’s top 10 US-listed equities in Q1 2015.
Duquesne Family Office Llc increased the energy sector from 1% to 20%. According to the filing, the institutional investor also has securities for 34% in the health care sector. The information technology sector is 23% of Duquesne Family Office Llc’s US-listed long portfolio. The fund trimmed the Consumer Discretionary and Finance sector positions by 3% and 11%, respectively.
So these are Q1 2015 fund’s sector weights now: health care 34% for $267.57 million, information technology 23% for $181.01 million, energy 20% for $157.40 million, finance 8% for $62.96 million, materials 8% for $62.96 million, consumer discretionary 3% for $23.61 million and utilities & telecommunications 1% for $7.87 million.
Important Position Changes
Top 10 Q1 2015 New Positions: Lyondellbasell Ind’s Nv (LYB), Eog Res’s Inc (EOG), Teva Pharm Ind’s Ltd (TEVA), Pioneer Nat’l Res’s Co (PXD), Noble Energy Inc (NBL), Akamai Tech Inc (AKAM), Cheniere Energy Inc (LNG), Restaurant Brands Int’l Inc, Baidu.Com Inc (BIDU) and Expedia Inc (EXPE).
Top 10 Q1 2015 Sold Out Completely: Target Corp (TGT), Home Depot Inc (HD), Lowe’s Companies Inc (LOW), Costco Wholesale Corp (COST), Nordstrom Inc (JWN), Alcoa Inc (AA), Williams (WSM), Goldman Sachs Grp Inc (GS), Morgan Stanley (MS) and Wells Fargo & Co (WFC).
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