Duquesne Family Office Llc Equities Analysis
Stanley Druckenmiller’s Duquesne Family Office Llc just filed its quarterly 13F. Dated 20/08/2015, the 13f filing shows the hedge fund has a portfolio value of $1.48 billion, representing an increase of $697.06 million from the previous quarter when it was $786.99 million. Note: This filling reprents only assets that which are listed in the US. Does such a huge change means that the experts at Duquesne Family Office Llc are getting more bullish on the stock market or just the opportunity on the long side is constrained?
|Previous Mkt Value:||$786,985,000|
|Chg Mkt Value %:||88.57%|
|Top 10 Holdings %:||69.56%|
Fund New Positions
In this quarter, Stanley Druckenmiller’s Duquesne Family Office Llc started new positions in Spdr Gold Trust for $323.63 million, Wells Fargo & Co (WFC) for $94.45 million, Halliburton Co (HAL) for $66.63 million, Freeport (FCX) for $66.05 million and Citigroup Inc (C) for $64.91 million. These were the 5 biggest new positions. In total the hedge fund bought 18 new stocks.
|Top 5 New Buys|
|Spdr Gold Trust||21.81%|
|Wells Fargo & Co||6.36%|
|13F Sector Allocation|
The hedge fund didn’t report any lifted stakes in this quarter.
Stanley Druckenmiller’s fund got rid of its stakes in Biogen Inc (BIIB), Teva Pharm Ind’s Ltd (TEVA), Infosys Ltd (INFY), Celgene Corp (CELG) and Bluebird Bio Inc (BLUE). These stocks constituted 9.39%, 6.26%, 3.37%, 2.87% and 2.82% of the portfolio, respectively. We can only speculate about the reasons for the dumping 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 reduced its postitons in Illumina Inc (ILMN) by -49.65%, Eog Res’s Inc (EOG) by -44.64%, Cognizant Tech Sol’s Corp (CTSH) by -67.42%, Pioneer Nat’l Res’s Co (PXD) by -48.86% and Noble Energy Inc (NBL) by -49.27%.
Top 3 Holdings
Spdr Gold Trust, Facebook Inc (FB) and Wells Fargo & Co (WFC) made up the majority of Duquesne Family Office Llc’s total US long portfolio in this quarter. These holdings were top 3 and constitute 38.99% of Duquesne Family Office Llc’s US-listed securities. The top 10 holdings make about 69.56% 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 strategy? The picture above provides a snapshot of Duquesne Family Office Llc’s top 10 US-listed positions in this quarter.
Duquesne Family Office Llc lifted the finance sector from 8% to 23%. The fund reduced the Health Care, Energy and Information Technology sector stakes by 3%, 11% and 33%, respectively.
So these are Q2 2015 fund’s sector weights now: finance 23% for $341.33 million, information technology 22% for $326.49 million, materials 19% for $281.97 million, energy 8% for $118.72 million, health care 3% for $44.52 million and consumer discretionary 2% for $29.68 million.
Important Position Changes
Top 10 Q2 2015 New Positions: Spdr Gold Trust, Wells Fargo & Co (WFC), Halliburton Co (HAL), Freeport (FCX), Citigroup Inc (C), Microsoft Corp (MSFT), Dow Chemical Co (DOW), Jp Morgan Chase & Co (JPM), Alcoa Inc (AA) and Newmont Mining Corp (NEM).
Top 10 Q2 2015 Sold Out Completely: Biogen Inc (BIIB), Teva Pharm Ind’s Ltd (TEVA), Infosys Ltd (INFY), Celgene Corp (CELG), Bluebird Bio Inc (BLUE), Cheniere Energy Inc (LNG), Restaurant Brands Int’l Inc, Ypf S.A. (YPF), Baidu.Com Inc (BIDU) and Expedia Inc (EXPE).
13F Filing Link: 000153641115000006
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