Highlights of Stanley Druckenmiller’s DUQUESNE FAMILY OFFICE Q1 2015 13F Stock Holdings

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Duquesne Family Office Llc 13F Positions

Stanley DruckenmillerStanley 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.

Portfolio Q12015
Market Value:$786,985,000
Previous Mkt Value:$1,019,993,000
Chg Mkt Value %:-22.84%
Sentiment:
Turnover %:82.28%
Stocks Activity
New Purchases:14
Additional Purchases:3
Sold out:21
Reduced:6
Top 10 Holdings %:65.2%

New Holdings

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.

Portfolio New Buys

Top 5 New Buys
Lyondellbasell Ind’s Nv8.00%
Eog Res’s Inc6.54%
Teva Pharm Ind’s Ltd6.26%
Pioneer Nat’l Res’s Co4.66%
Noble Energy Inc3.86%
13F Sector Allocation
Health Care34%
Information Technology23%
Energy20%
Finance8%
Materials8%

Increased Positions

The hedge fund didn’t report any increased positions in this quarter.

Sold Positions

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.

Portfolio Sold All

Reduced Positions

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.

Portfolio Top Holdings

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.

Sector Allocation

Energy Sector Duquesne Family Office Llc - Stanley DruckenmillerDuquesne 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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Download the full 13F form in CSV: Q1-2015-Duquesne-Family-Office-Llc-Stanley-Druckenmiller-13F-Portfolio-Stock-Holdings.csv

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