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Stanley Drunkenmiller

Stanley Druckenmiller Exits Citi as Family Offices Reveal Stock Picks

Duquesne Family Office bought Airbnb Inc. and Marriott International Inc., while adding to its holdings of Expedia Group Inc. and Starbucks Corp., according to its latest 13F filing.

(Bloomberg) -- Stanley Druckenmiller is hedging his bets on the pandemic recovery.

The investor, worth $10.4 billion according to the Bloomberg Billionaires Index, snapped up stocks last quarter that would get a boost as the U.S. economy emerges from Covid.

His Duquesne Family Office bought Airbnb Inc. and Marriott International Inc., while adding to its holdings of Expedia Group Inc. and Starbucks Corp., according to its latest 13F filing.

The firm also acquired a $91 million position in Netflix Inc. and a $52.3 million stake in vaccine maker Moderna Inc.

In total, the family office disclosed almost $3.5 billion in U.S. equities, down $400 million from the prior period. The largest exit was a $154.6 million position in Citigroup Inc. which Duquesne acquired in the first quarter.

Family offices, which oversee the money and personal affairs of the world’s ultra-rich, don’t typically reveal their investments. The 13F filings though are required by the Securities and Exchange Commission of money managers overseeing more than $100 million in U.S. equities and must be filed within 45 days of the end of each quarter.

That means a handful of the firms disclose a portion of their portfolio, offering insight into the strategies of some of the world’s wealthiest people.

Soros Portfolio

Bluecrest Capital Management, billionaire trader Michael Platt’s firm, disclosed its U.S. equity portfolio shrank by more than $1 billion to about $3 billion. The firm exited 221 stocks, led by China Biologic Products Holdings Inc., and added 104 with the biggest new holding a $105 million stake in 51Job Inc.

The investment firm for George Soros, once Druckenmiller’s boss, exited all the positions it had bought in the selloff following the collapse of Bill Hwang’s family office Archegos Capital Management.

Soros Fund Management sold $194.3 million of ViacomCBS Inc. as well as stakes in Baidu Inc., Vipshop Holdings Ltd., Tencent Music Entertainment Group and Discovery Inc. The firm’s chief investment officer Dawn Fitzpatrick increased its bet on Inc., as it did in the first quarter, and revealed new positions in IHS Markit Ltd. and Proterra Inc.

One of the few international family offices to file is Blue Pool Capital, which manages part of the fortunes of Alibaba Group Holding Ltd. co-founders Joe Tsai and Jack Ma. The Hong Kong-based firm disclosed it had almost $1.2 billion in U.S. equities at the end of the quarter, more than doubling from the prior period.

Blue Pool’s largest position was a $748 million stake in Blue Owl Capital, an investment firm created by the merger of Owl Rock Capital and Dyal Capital Partners. Founded in 2004, Blue Pool boosted its bets on tech giants, including Microsoft Corp., and Alphabet Inc., but ditched its stake in Netflix.

Tech Billionaires

Iconiq Capital, which has managed money for high-profile Silicon Valley billionaires such as Sheryl Sandberg and Mark Zuckerberg, is one of the largest holders of Blue Owl stock with a $644 million stake.

The San Francisco multifamily office reported that the value of its U.S. equity holdings surged $5.8 billion from the previous quarter, to $14.7 billion. Iconiq increased its biggest position, cloud-computing company Snowflake Inc., with the stake worth $8 billion at the end of the quarter.

David Bonderman’s Wildcat Capital Management disclosed $881 million of U.S. equities at the end of the quarter. Wildcat liquidated its Snowflake position and also exited South Korea’s Coupang Inc.

--With assistance from Blake Schmidt.

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