Joins PNC predecessor as stock analyst, later promoted to research chief. Mr. Samuelson, 46, "has decided to retire from investment management," co-founder Zach Schreiber said in a letter to clients Friday. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. Returns of mid-teens from 2011 to 2017 . The 2.46% of the portfolio SNAP position was established at prices between ~$44.50 and ~$77 and it is now below the low end of that range at ~$37. Our elite roster of entrepreneurial hedge funds and private asset managers leverages our expertise and technology to operationalize their investment strategies. When completed, an email will be sent to the email address you specify Utilizes and implements portfolio management software solutions and capital markets tools. Last two quarters had seen a stake doubling at prices between ~$138 and ~$178. Heatmaps of the top 13f holdings and a list of the largest trades made by Duquesne Family Office, the hedge fund managed by Stanley Druckenmiller. Whitney Tilson credits Pershing Square Capital Management founder Bill Ackman with having introduced four couples who have gotten married -- and he wants to emulate that track record. Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Duquesne which oversees $12 billion has not reported a down year in its history, though it is down about 5 percent so far this year, according to a person briefed on the matter. The buy price is calculated from the weighted average of all purchases since the last sell-out of the investor. Returns, AUM, Net Worth. This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office's 13F stock portfolio on a quarterly basis. He started hedge fund firm Duquesne Capital Management in 1986, delivering 30% returns annually before converting it into a family office in 2010. UMass freshman guard RJ Luis torched Duquesne for the second time in two meetings, but the Minutemen fell 88-79 in Pittsburgh on Wednesday. As a subscriber, you have 10 gift articles to give each month. Announces plan to retire after 30 years of investing others money. Druckenmiller, who acquired expertise in making global bets on interest rates and currencies while working at Soros Fund Management, posted an average annual return of 30 percent at his fund for decades. At the time, PointState told potential clients that about 70% of assets were managed by Messrs. Schreiber and Samuelson, and the rest by teams focusing on everything from energy, materials and commodities to credit and distressed investing. The stock currently trades at ~$118. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. There were also stocks in which Duquesne Family Office starter to lose faith and decided to lower its stakes during Q1, and those included Coupa Software Incorporated (NASDAQ:COUP), Workday, Inc. (NASDAQ:WDAY), AC Immune SA (NASDAQ:ACIU), and Okta, Inc. (NASDAQ:OKTA). But the following years were difficult for the young stars and the old guard alike as they faced fallout from the bursting of the technology bubble, the introduction of the new European currency, a bear market, and then the subprime mortgage crisis, which in 2008 left the hedge fund industry with its worst ever returns. There was a ~60% selling last quarter at prices between ~$339 and ~$382. Palo Alto Networks (PANW): PANW is a large 4.63% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. SBA Lending Basics and Lender Match: Tools for Business Success. Zach Kurz, a partner at $6 billion PointState since 2017, will assume many of Mr. Samuelson's responsibilities and also become deputy chief investment officer, Mr. Schreiber said in the letter. Sorry, no results has been found matching your query. [1]: They married two different strands of investing. At the end of the second quarter, Druckenmiller's top five positions were Apple. Bush). [8] Since then, he has concentrated full-time on Duquesne Capital. Duquesne Capital Management L L C is based out of Pittsburgh. In case the buy price of a purchase wasn't reported, the average price during the reported period is taken. Job specializations: Finance. Last week Boston-based Highfields Capital co-founder Richard Grubman said he was retiring. Learn how to say Duquesne with EmmaSaying free pronunciation tutorials.Definition and meaning can be found here:https://www.google.com/search?q=define+Duquesne PointState Capital said Josh Samuelson will leave the firm he co-founded with the backing of Stan Druckenmiller, following a year in which the hedge fund failed to recover from a double . They calculated that the Bank of England did not have enough foreign currency reserves with which to buy enough sterling to prop up the currency and that raising interest rates would be politically unsustainable. Toronto (31-32 SU, 31-32 ATS) travels to Washington to take on the Wizards (29-32 SU, 29-29-3 ATS) on Thursday at 7:10pmET from Capital One Arena. Last two quarters had seen a ~25% selling at prices between ~$30 and ~$45. Currently, his net worth is assessed by Forbes at $4.6 billion. Stanley Druckenmiller, the chief of New York-based hedge fund Duquesne Capital, is one of the most [] In this article, we discuss the 10 stocks Stanley Druckenmiller is selling. 108 Rockwell Hall, 600 Forbes Ave. Pittsburgh, PA 15282. In 2013, Druckenmiller and Canada toured college campuses urging reform in taxation, health care, and Social Security to ensure intergenerational equity. I/we have a beneficial long position in the shares of ACAD, AMZN, CPNG, FB, GOOGL either through stock ownership, options, or other derivatives. I am not receiving compensation for it (other than from Seeking Alpha). [3] He is reported to have made $260 million in 2008.[4]. 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. We initially share this idea in October 2018 and the stock already returned more than 150%. 3-Point Goals: 5-16, .313 (Luis 2-3, Weeks 2-4, Dominguez 1-2, K.Thompson 0-1, Diggins 0-3, Gapare 0-3). MRNA is now at ~$180. Duquesne Capital Management Blogs, Comments and Archive News on Economictimes.com . Investment Banking Finance Lending & Brokerage Finance Venture Capital & Private Equity. Druckenmiller, who earned an undergraduate degree from Bowdoin College, has amassed one of the most enviable records in the $1.6 trillion hedge fund industry. Hedge Fund and Insider Trading News: George Soros, Steve Cohen, Elliott Management, Brevan Howard Asset Management, Engine No. There was a ~40% stake increase next quarter at prices between ~$18 and ~$23.75. Former executives of Stan Druckenmiller's Duquesne Capital Management are opening a new firm with $5 billion, according to four people briefed on the plans. The stock is now at ~$149. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. 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 performance and that running the firm has taken a toll on him both professionally and personally. They add up to ~53% of the portfolio. . Suite 3200 the MV of securities sold, whichever is less, Together with Daniel Benton and Louis Bacon, Druckenmiller quickly became part of the new establishment in hedge funds, taking over from his former boss and other elder industry statesman, Julian Robertson, about a decade ago. Latest. The largest company in Stanley Druckenmiller portfolio by market cap is Apple Inc, while the smallest is Dunkin Brands Group Inc.4. Actually Warren Buffett failed to beat the S&P 500 Index in 1958, returned only 40.9% and pocketed 8.7 percentage of it as fees. Company profile page for Duquesne Capital LP including stock price, company news, press releases, executives, board members, and contact information . Name & Title Investors in the share class that can withdraw money on a quarterly basis have until Jan. 31 to say if they want to redeem at the end of March, Mr. Schreiber said in the letter. Yet Mr. Schreiber couldn't keep the original team in place. [1] [2] As of 2016, the firm reported $1,026B in managed securities and a portfolio with a 23.8 percent allocation in the materials sector, a 15.3 percent allocation in the health care sector, and a 14.6 percent allocation in the . 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. He started Duquesne Capital Management in 1981 with $1 million in various separate accounts. Download 13F Summary Create Email Alert. Stanley Druckenmiller loves a big bet. About $2.7 billion belongs to the foundation, based on Bloomberg calculations, and this sum isn't included in his net worth calculation. Each net worth figure is updated every business day after the close of trading in New York. PointState has fared worse than many of its peers. 76.35% of the companies in his portfolio are profitable, with an average P/E ratio of 37.69x3. [1] In 1988, Druckenmiller married Fiona Katharine Biggs, a Barnard College graduate and niece of investor Barton Biggs, in an Episcopalian ceremony. Langone is preparing an offer for the New York Stock Exchange,. Listed on 2023-03-01. While the joy of winning for clients is immense, for me the disappointment of each interim drawdown over the years has taken a cumulative toll that I cannot continue to sustain.. Druckenmiller is chairman and chief investment officer of Duquesne Family Office. In December 2021, he was estimated to have more about $1.7 billion with PointState and other hedge fund managers, based on a Bloomberg index of hedge fund returns. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. During the quarter, the fund raised its stakes in Microsoft Corporation (NASDAQ:MSFT), iShares MSCI Emerging Markets ETF (NYSE:EEM), Alibaba Group Holding Limited (NYSE:BABA), Amazon.com, Inc. (NASDAQ:AMZN), Netflix, Inc. (NASDAQ:NFLX), and Adobe Inc. (NASDAQ:ADBE). Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. We take a closer look at hedge funds like Duquesne Family Office in order to identify their best and worst ideas. He was born in Pittsburgh in 1953. Druckenmiller also managed money for George Soros from 1988 till 2000, as he was Portfolio Manager of Quantum Fund. Tenth Floor NEW YORK/BOSTON, Aug 18 (Reuters) - Stanley Druckenmiller, the investor best known as a key architect of billionaire investor George Soros famous bet against the British pound, is closing his hedge fund firm after 30 years. Duquesne Capital Management | 1,098 followers on LinkedIn. At the time, he said: We thought it was the eighth inning, and it was the ninth. He started hedge fund firm Duquesne Capital Management in 1986, delivering 30% returns annually before converting it into a family office in 2010. 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. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market. Find top employees, contact details and business statistics at RocketReach. Real Time Net Worth. Stanley Druckenmiller may be one of the greatest compounding money machines in history. [24], Druckenmiller and his wife are also principal sponsors of the New York City AIDS walk. The change made by this company is -7.5k and the % change made by it is -0.29%. PointState had 90 employees as of November. His funds were down for about 5 percent when he announced his retirement in August. Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q4 2021: Stanley Druckenmiller - Duquesne Family Office's Q4 2021 13F Report Q/Q Comparison (John Vincent (author)). It is a frequently traded stake and has seen previous roundtrips. His parents separated while he was in elementary school. Quantum forced a devaluation, earning a profit of more than $1 billion. Game Date: February 26, 2023 Game Time: 2:45 p.m. After graduating in 1971 from Collegiate School in Richmond, Virginia, he attended Bowdoin College in Brunswick, Maine. Druckenmiller began his financial career in 1977 as a management trainee at Pittsburgh National Bank. TV: fubo Sports Network (Canada) Live Stream: You can stream Milan . $6.4B. In this article, we are going to highlight Duquesne Family Offices most important portfolio changes in the first quarter of 2019. Insider Monkeys flagship strategy identifies the best performing 100 hedge funds at the end of each quarter and invests in their consensus stock picks. Whalewisdom has at least 48 13F filings, and 4 13G filings. There was a ~7% trimming this quarter. The bursting of the dot-com bubble in March 2000 hurt his portfolio, prompting him to quit his post managing the Quantum Fund after a dozen years. Druckenmiller deserves 95 percent of the credit, said Sebastian Mallaby, a fellow at the Council of Foreign Relations and the author of More Money Than God, a new book on the history of hedge funds. The billionaire managed about $11 billion in assets through his family office in December 2021, based on Bloomberg calculations using investment returns cited in news reports and analysis of tax returns filed by the Druckenmiller Foundation, a philanthropic entity also managed by Duquesne. Shares started trading at ~$37.50 and currently goes for $35.74. Druckenmiller read "The Alchemy of Finance" by George Soros and recognized they shared the same investment style. To know more about Druckenmiller's trading style check out Trend Following: Learn to Make Millions in Up or Down Markets. [10] His biggest investments are Microsoft and Amazon in 2020. [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. 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. Whalewisdom has at least 43 13F filings, 12 13D filings, and 53 13G filings. The largest five stakes are Coupang, Alphabet, Microsoft, Freeport-McMoRan, and Amazon.com. News of his decision to close Duquesne was first reported by Bloomberg News. The idea for the company emerged from their senior finance capstone coursewhich focused on designing quantitative models to outperform the market. The stake has wavered. Founds Duquesne Capital Management with $1 million in separate accounts. [1] He dropped out of a Ph.D. program in economics at the University of Michigan in the middle of the second semester to accept a position as an oil analyst for Pittsburgh National Bank. Druckenmiller was an avid Little League pitcher, and excelled at sports including golf, bocce and badminton. Duquesne Capital Management As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. 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 . 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. Connect to CRM . Daily NewsletterDuquesne CapitalDuquesne Capital Stanley DruckenmillerDuquesne Family Office Q1 2019 Portfolio ChangesDuquesne Family Office Stanley DruckenmillerDuquesne Family Offices Latest MovesYahoo FinanceShow moreShow less. Assets climbed to a peak of $10 billion. The position was sold down by ~60% last quarter at prices between ~$302 and ~$370. His investment philosophy is to adopt an active trading style similar to that of George Soros by holding long options and shorts while using leverage for futures trades; additionally, he invests in gold and bitcoin. Summary. Investments 6. Duquesne Fund Services Executive Team & Key Decision Makers. The average dividend of the stocks in his portfolio is 1.08%. But they also engaged in old-fashioned stock picking, researching companies through fundamental security analysis. Duquesne Capital - Stanley Druckenmiller assets under management (13F Holdings), latest news, 13D/G filings, and investor letters provided by Insider Monkey. Starbucks Corp. (SBUX): SBUX is a 1.54% stake built in 2020 at prices between ~$63 and ~$107. While at Soros, he played an important role in 1992 when the fund made a $1 billion worth successful bet against the British pound. The index is a dynamic measure of personal wealth based on changes in markets, the economy and The stock currently trades at ~$126. Duquesne Capital had more than $12 billion in assets at the . Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Duquesne Capital Management . [6], In 1985, he became a consultant to Dreyfus, splitting his time between Pittsburgh and New York, where he lived two days each week. REQUIREMENTS: Minimum qualifications: Bachelor's degree required in relevant fields of study. Mr. Druckenmiller declined to comment. In 1981, Druckenmiller founded his own firm - Duquesne Capital Management. View Map. T-Mobile US (TMUS) & rights: The 3.35% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Duquesne increased Coupang, Carvana, Kbr, Flex, Procept Bio, and Smartsheet while decreasing Alphabet, Amazon.com, Palo Alto Networks, Starbucks, and Expedia Group. Stanley Freeman Druckenmiller is a hedge fund manager, philanthropist, and investor. Oscar Health (OSCR) and Palantir Technologies (PLTR):These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter. In his letter, Mr. Druckenmiller wrote: To date we have delivered an unbroken record of positive annual performance, which I hope will continue for 2010 as well.. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. Recent activity follows. Expedia (EXPE): EXPE is a ~1% of the portfolio position first purchased in Q3 2020 at prices between ~$80 and ~$103. Toronto is currently in ninth place, while Washington is in 10th, which means if the season ended today, both squads would be in . Donates $36.5 million to build science center at Bowdoin College. [18] Druckenmiller was a major supporter of Republican Governor Chris Christie of New Jersey. Stanley Druckenmiller may be one of the greatest compounding money machines in history. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. There was a ~63% selling over the last three quarters at prices between ~$118 and ~$149. Reprints. Bloomberg reporting. The way to build long-term returns is through preservation of . 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. Link to 13F filings: SEC filings. Performance numbers calculated through 2023-02-14. Is this happening to you frequently? There were losses too. And in doing so, Druckenmiller has amassed a personal fortune of his own. Full Time position. New York University Langone Medical Center. He is the former chairman and president of Duquesne Capital, which he founded in 1981. Easily embed the chart on your blog or website it will always update They add up to ~53% of the portfolio. 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 Family Office was formed when decided to close the doors of his hedge fund Duquesne Capital to the outside investors in 2010 and to return client money. 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. That was followed with a ~43% selling this quarter at prices between ~$470 and ~$568. Marries Fiona Biggs, niece of Barton Biggs, at home of Jack Dreyfus. Mr. Druckenmillers career has not been without missteps. We still like this investment. In the regulatory environment after Duquesne, investors are exposed to substantial risks from very large cost disallowances without equivalent opportu-nities for gain. . Get our editors daily picks straight in your inbox! Here's Why. Meta Platforms (FB), previously Facebook: FB was a 1.17% of the portfolio stake built in H1 2021 at prices between ~$246 and ~$356. This is the DUQUESNE CAPITAL MANAGEMENT L L C company profile. Duquesne Family Office Q1 2019 Portfolio Changes, Duquesne Family Office Stanley Druckenmiller, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. Live Nation Entertainment (LYV): The 1.27% of the portfolio LYV stake was purchased last quarter at prices between ~$75 and ~$94 and the stock currently trades well above that range at ~$118. I have no business relationship with any company whose stock is mentioned in this article. Duquesne Family Office was formed when decided to close the doors of his hedge fund Duquesne Capital to the outside investors in 2010 and to return client money. His investment philosophy is to adopt an active trading style similar to that of George Soros by holding long . Duquesne gained about 10 percent in 2009 when others gained on average 20 percent. All quotes delayed a minimum of 15 minutes. Several months later, he earned another $1 billion betting against the Swedish krona and later won shorting the Thai baht and Malaysian ringgit. Feb 18, 2022, 10:32 ET. Tuesday, March 7, 2023 10:00 - 12:00 a.m. EST. Smartsheet (SMAR): The small 1.105 of the portfolio stake in SMAR saw a ~500% stake increase this quarter at prices between ~$59.50 and ~$80. PITTSBURGH (AP) Jimmy Clark III had 18 points in Duquesne's 88-79 win against UMass on Wednesday night. By that point, Soros had become more of a coach.. New York, NY 10017-4036, Chicago Office $10.1B can buy Druckenmiller's fortune is derived from the proceeds he's earned running hedge funds for more than 30 years. There was a ~43% selling this quarter at prices between ~$91 and ~$124. On March 31st, 2019, Duquesne Family Offices equity portfolio was valued $3.45 billion, which is almost double the value it had at the end of the previous quarter ($1.73 billion). All rights reserved. over more than 4 decades of investing, Druckenmiller has never recorded a down year (his fund even notched a return of . Duquesne Family Office is based out of New York. The five sons of Steelers founder Art Rooney Sr. were working to restructure ownership of the team, and Druckenmiller was contacted by a member or representative of the Rooney family about buying the shares of several of the Rooney brothers. There was a ~25% stake increase in Q2 2021 at prices between ~$3152 and ~$3505. AQUA, a Web3 community platform for gamers, has launched its flagship marketplace for trading in-game assets. How do I update this listing? [25] The Stanley F. Druckenmiller Hall, built in 1997 at Bowdoin College, is named after Druckenmiller's grandfather and was dedicated to Bowdoin by Druckenmiller himself. The original stake was built in 2017 at prices between ~$750 and ~$1190. The worth of this company is $ 586.76M. 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. The largest five stakes are Coupang, Alphabet, Microsoft, Freeport-McMoRan, and Amazon.com. Duquesne Light Company A 2023 Project Management Internship in PITTSBURGH, Pennsylvania Reference #: 17604\ Duquesne Light Company, headquartered in downtown Pittsburgh, is a leader in providing electric energy and has been in the forefront of the electric energy market, with a history rooted in technological innovation and superior customer . 1, Mineralys Therapeutics, Inc. (MLYS), Forward Air Corp (FWRD), and More, Hedge Fund and Insider Trading News: David Einhorn, Stan Druckenmiller, Ray Dalio, Paul Tudor Jones, George Soros, Modulo Capital, Altisource Portfolio Solutions S.A. (ASPS), Moderna, Inc. 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(TCDA), Hillenbrand, Inc. (HI), and More, Stanley Druckenmiller Was Right About These 9 Stocks, Billionaire Stanley Druckenmiller's 2022 Portfolio: 10 Value Stock Picks, 10 Tech Stocks to Sell in 2022 According to Billionaire Stanley Druckenmiller, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. . Druckenmiller, who shut down his $12 billion hedge fund Duquesne Capital Management in 2010 and now manages his money through a family office, also said that inflation is likely to rise over the . New York-based Duquesne specializes in selecting growth oriented value stocks and has never had a losing year in its 30 years. Wednesday, March 1, 2023 10:03 a.m. | Wednesday, March 1, 2023 10:03 a.m. WASHINGTON The nominee for archivist of the United States made her second appearance before the Senate Homeland . S&P 500WhaleScore he was tired of the stress of managing money for others and frustrated by his failure in the past three years to match returns. So, how did Warren Buffett manage to generate high returns and beat the market? [26], In July 2008, Druckenmiller emerged as a potential investor in the Pittsburgh Steelers franchise of the National Football League. That year Druckenmiller divorced his college sweetheart and married Fiona Biggs, a star analyst at Dreyfus and the niece of famed investor and market prognosticator Barton Biggs. This quarter saw the position sold down by ~80% at prices between ~$106 and ~$117. There was a ~175% stake increase this quarter at prices between ~$24.60 and ~$46.30. He continues to operate Duquesne as a family office in New York, where he lives with his wife. Both teams are fighting for playoff spots in the Eastern Conference. The 13F portfolio value decreased ~11% from $3.08B to $2.76B this quarter. Druckenmiller is former chairman and president of Duquesne Capital. [21][22], In 2009, Druckenmiller donated $705 million to foundations that support medical research, education, and anti-poverty, including a $100 million gift to found a Neuroscience Institute at the NYU School of Medicine. The turnover rate is 39%. Hence, he closed the fund that has been running for 29 years (it was founded back in 1981) and had $12 billion in assets, and turned it into a family office, which, interestingly, still issues quarterly 13Fs. Coupa Software (COUP) and Reata Pharma (RETA): These two small (less than ~0.75% of the portfolio each) stakes were reduced this quarter. While equities were the firm's biggest exposure in the first three quarters of this year, losses in other strategies, including corporate debt and currencies, eroded those profits. , March 7, 2023 10:00 - 12:00 a.m. EST is the Capital... 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