E-commerce marketplaces
E-commerce marketplaces aggregate supply and demand online. The strongest models benefit from selection, logistics density, advertising, payments, and buyer trust.
This segment captures consumer demand expressed through platforms, brands, distribution, or recurring purchase behavior. The same 13F dollar move can mean very different things depending on whether the company is a scaled platform, a cyclical retailer, or a defensive staples compounder.
The main analytical job is to separate structural share gain from cyclical volume, pricing, margin, or advertising swings. Granular tagging makes it easier to see whether a fund is leaning into consumer platforms, reopening/cyclical exposure, staples durability, or housing-linked demand.
- First-party and third-party retail
- Marketplace advertising
- Delivery and logistics networks
- Payments and seller services
- Gross merchandise volume growth
- Ad take rate
- Logistics cost per order
- Competitive intensity from social commerce and discount platforms
Duquesne Family Office LLC
Stanley Druckenmiller · Q4 2025 filed 2026-02-17
Online retail, marketplace, and delivery platforms.
| Ticker | Name | Value | Instrument |
|---|---|---|---|
| AMZN | AMAZON.COM INC | $170M | SH |
| CPNG | COUPANG INC | $160M | SH |
| SE | SEA LTD-ADR | $120M | SH |
| MELI | MERCADOLIBRE INC | $95M | SH |
| AMZN | AMAZON.COM INC | $23M | Call |
| DASH | DOORDASH INC - A | $8M | SH |
| Ticker | Action | Value |
|---|---|---|
| SE | Added | +$85M |
| AMZN | Added | +$69M |
| CPNG | Added | +$50M |
| MELI | Trimmed | -$26M |
| AMZN | New | +$23M |
| DASH | New | +$8M |