[18] Druckenmiller was a major supporter of Republican Governor Chris Christie of New Jersey. Druckenmiller did not say exactly what he plans to do next but told investors he would be hosting meetings in Pittsburgh and New York in the next weeks to meet with them and answer their questions. Druckenmiller's small 0.74% of the portfolio stake goes back to funding rounds prior to the IPO. While our clients were certainly pleased that we achieved positive results for 2008 and 2009 in a challenging environment, as you may have surmised I was dissatisfied with those results because they did not match my own, internal long-term standard, Druckenmiller said. In this article, we discuss the 12 best stocks to buy for flat markets according to Stanley Druckenmiller. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, He managed to achieve about a 40% average annual return on a multi-billion dollar hedge fund over 25 years during his time at Quantum and a 30% average annual return on his Duquesne Capital Management over 30 years. Q4 2019 saw a ~85% reduction at prices between ~$1740 and ~$1870. Equal-WTWhaleScore 2.0 Duquesne has not had a down year in its 30-year history. His Duquesne Capital manages between $5 billion and $8 billion in assets, and although he has technically closed Duquesne Capital to investors, the investment manager still issues quarterly 13Fs. Duquesne Capital Management provides its services to high net worth individuals and institutions. He launched his hedge fund in 1956 with $105,100 in seed capital. He acted in a couple of plays, and graduated magna cum laude in 1975 with a bachelor's degree in English and economics. Duquesne's programs have won praise for innovation and continued high quality including accolades as a "first-tier university," "top 100 undergraduate school," and "Most Popular.". After nearly falling out over investment styles, Mr. Soros decided to move to London to give Mr. Druckenmiller more space, Mr. Mallaby recounted in his book. In a letter sent to his 100-plus investors on Wednesday, Druckenmiller, the 57-year-old chief executive of $12 billion Duquesne Capital Management, said he was dissatisfied with his recent . 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Our elite roster of entrepreneurial hedge funds and private asset managers leverages our expertise and technology to operationalize their investment strategies. During his career, Mr. Druckenmiller, 57, hit many highs, perhaps none greater than heading the $10 billion bet by Mr. Soros against the British pound in 1992. Alt Turnover is calculated by taking either the total MV of new purchases or (Editing by Leslie Adler, Bernard Orr). Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. He managed to achieve about a 40% average annual return on a multi-billion dollar hedge fund over 25 years during his time at Quantum and a 30% average annual return on his Duquesne Capital Management over 30 years. But while his fund reported positive returns in 2008 and 2009 during the height of the financial crisis it failed to meet his average historical returns. Following his long partnership with Soros, Druckenmiller built Duquesne Capital to a peak of $12B of assets under management. [18], In 2020, after the stock market crash and subsequent rally above pre-crash levels, Druckenmiller said he expects inflation in the US economy due to actions taken by the Federal Reserve. Druckenmiller is chairman and chief investment officer of Duquesne Family Office. Now that Stanley Druckenmiller has announced the closure of his Duquesne Capital Management, other portfolio managers Mr. Druckenmiller, known for taking risks and talking straight, wrote in a letter to investors that he had grown increasingly dissatisfied with the pressures of running a big fund. He indicated it was not easy to make big profits while handling very large sums of money. His father was a chemical engineer and a veteran of DuPont Co., and his mother was a golf and stock market enthusiast. Oscar Health (OSCR) and Palantir Technologies (PLTR):These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter. Team Turnovers: None. It was rebuilt this quarter at prices between ~$204 and ~$303. Duquesne Capital Management is an Investment Management company located in Pittsburgh, Pennsylvania with 13 employees. Mr. Schreiber also said in Friday's letter that the firm had "selectively reduced headcount" to simplify the business and help generate the risk-adjusted returns that clients expect. [2] At the time of closing, Duquesne Capital had over $12 billion in assets. In 1975, he received a BA in English and economics from Bowdoin College (where he opened a hot dog stand with Lawrence B. Lindsey, who later became economic policy adviser to President George W. The stock currently trades at $51.45. The stake was rebuilt over the next two quarters at prices between ~$1780 and ~$2880. He worked for billionaire George Soros for more than a decade, making bets on currencies. Intuit Inc. (INTU): The 2.47% INTU position was purchased in Q1 2021 at prices between ~$361 and ~$422. Find company research, competitor information, contact details & financial data for Duquesne Capital Management LLC of Pittsburgh, PA. Get the latest business insights from Dun & Bradstreet. Main Office In 2006, Druckenmiller gave $25 million to the organization. converted to U.S. dollars at current exchange rates Read The firm sold all of its 2,396 put contracts on the SPDR S&P 500 ETF , a . ET Game Venue: San Siro, Milan, Italy. people. Duquesne increased Coupang, Carvana, Kbr, Flex, Procept Bio, and Smartsheet while decreasing Alphabet, Amazon.com, Palo Alto Networks, Starbucks, and Expedia Group. Druckenmiller, 57, said he was tired of the stress of managing money for others and frustrated by his failure in the past three years to match returns that had averaged 30 percent annually since 1986. and a top 10 holdings concentration of 68.68%. View Map. Name & Title Founder, Duquesne Family Office. Harlem Children's Zone was founded by Druckenmiller's college friend and fellow Bowdoin College alumnus Geoffrey Canada. This quarter saw marginal trimming. I wrote this article myself, and it expresses my own opinions. Back then they werent called hedge funds, they were called partnerships. In early 2019 he held large positions in Microsoft, Abbott Laboratories, Salesforce.com, Delta Airlines, and American Airlines. to generate high returns in the 20% to 30% range. George Soros, right, with Stanley Druckenmiller in 2000, when Mr. Druckenmiller resigned as manager of the Quantum Fund. The stake has wavered. Please. We initially share this idea in October 2018 and the stock already returned more than 150%. All quotes delayed a minimum of 15 minutes. Chicago, IL 60601, Bridgewater exits Ray Dalio era with hedge fund overhaul, bets on AI, job cuts, Bridgewater promotes Karen Karniol-Tambour to co-CIO, Bankruptcy-litigation hedge funds see potential in Genesis, FTX collapse, Sponsored Content: Private Debt: Entering a New Era, The Institutional Investors Guide to ESG Investing, Climate Change: The Inescapable Opportunity, 2022 Defined Contribution East Conference, HFR: Hedge fund liquidations outpaced launches in Q3, Macro hedge fund Stone Milliner shutting down, Duquesne Capital alums opening new hedge fund. [7] He left Soros in 2000 after taking large losses in technology stocks. Quantum forced a devaluation, earning a profit of more than $1 billion. Druckenmiller began his financial career in 1977 as a management trainee at Pittsburgh National Bank. On one hand, the two fund managers placed large bets on global currencies and commodities by watching charts and focusing on political trends. ? $10.1B can buy Druckenmiller's fortune is derived from the proceeds he's earned running hedge funds for more than 30 years. Airbnb (ABNB): ABNB is a ~3% of the portfolio stake established in Q2 2021 at prices between ~$133 and ~$190 and it is now at ~$171. Later that decade, Mr. Soros, who had begun shifting his focus to philanthropy, recruited Mr. Druckenmiller to become the principal manager of his Quantum Fund after Mr. Druckenmiller read Mr. Soross book The Alchemy of Finance and arranged to meet him. [5] He became head of the bank's equity research group after one year. Modified: 3/1/2023 9:52:21 PM. In 1981, Druckenmiller founded his own firm Duquesne Capital Management. They are AbCellera Biologics (ABCL), Acadia Pharma (ACAD), British American Tobacco (BTI), Caribou Biosciences (CRBU), Cazoo Group (CZOO), CCC Intelligent Solutions (CCCS), Fastly, Inc. (FSLY), Guidewire (GWRE), IHS Holding (IHS), Las Vegas Sands (LVS) Calls, Lithia Motors (LAD), Lockheed Martin (LMT), Ollie's Bargain (OLLI), Opendoor Tech. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. I/we have a beneficial long position in the shares of ACAD, AMZN, CPNG, FB, GOOGL either through stock ownership, options, or other derivatives. And, the positions the fund completely sold out in the quarter counted those in salesforce.com, inc. (CRM), Gilead Sciences, Inc. (NASDAQ:GILD), Medtronic plc (NYSE:MDT), Delta Air Lines, Inc. (NYSE:DAL), American Airlines Group Inc. (NASDAQ:AAL), and Kohls Corporation (NYSE:KSS). No. Does Duquesne Light still have a Shareholders Relations Department? I have had to recognize that competing in the markets over such a long time frame imposes heavy personal costs, he wrote. Get our editors daily picks straight in your inbox! Team Rebounds: 4. He got his start in money management soon after college when he quit plans to earn a doctorate and joined a Pittsburgh-based bank as a stock analyst. Recent activity follows. AQUA, a Web3 community platform for gamers, has launched its flagship marketplace for trading in-game assets. The current position was built in 2017 at prices between ~$60 and ~$90. . Duquesne Capital Management, LLC has disclosed 65 total holdings in their latest 13F filing with the SEC for the portfolio date of 2022-09-30. You can get rich by returning 20% per year and compounding that for several years. PointState started with about $5 billion $1 billion from Mr. Druckenmiller and $4 billion from clients of Duquesne, where Mr. Schreiber had been a top money-making portfolio manager. 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