Stan Druckenmiller’s Duquesne Family Office reported that at the end of the fourth quarter, it established significant new positions in Facebook, according to the latest 13F filings with regulators. The social media company’s stock now accounts for 3.3 percent of Duquesne’s roughly $1 billion in U.S. equity investments. The next two largest additions to the portfolio were Bluebird Bio, a clinical-stage biotechnology company, and investment banking giant Morgan Stanley. The family office’s largest positions at year-end were Biogen Idec, another biotech company that accounts for nearly 12 percent of assets; Illumina, which makes tools for gene sequencing; and two retailers, Target and Home Depot.
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MKP Opportunity Partners and its offshore equivalent got off to a strong start this year, posting a gain of 3.63 in January. The macro fund, which lost more than 2 percent last year, is on a multi-month winning streak, gaining more than 8 percent since September. Meanwhile, MKP Enhanced Opportunity, which uses leverage, jumped 5.53 percent last month. The strategy has been focusing on currencies, interest rates and equities that it thinks would benefit from an increase in global central bank divergence. MKP’s various credit funds rose 0.7 percent or so in January. The funds are managed by New York-based MKP Capital Management.
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The San Francisco City & County Employees’ Retirement System agreed to invest 5 percent of its assets in hedge funds, its first allocation to hedge funds, according to Pensions & Investments. Chief investment officer William Coaker Jr. initially proposed a 10 percent allocation, but backed off when he faced strong opposition from nervous board members who feared the plan was too risky, according to the report. The pension also agreed to increase its private equity allocation to 18 percent from 16 percent and real assets to 17 percent from 12 percent.
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Trian Fund Management raised its stake in Ingersoll-Rand by more than 20 percent to more than 15.3 million shares, or 5.79 percent of the total. At the end of December, the New York–based activist firm reported owning a little more than 12.8 million shares.
