Stanley Druckenmiller’s Duquesne Capital Management is a rare hedge fund that not only came out of 2008 in the black; it’s also up about 18% this year through September. Duquesne eked out a 3% return last year. One key reason: Druckenmiller had a good portion of the portfolio in cash, according to one investor. At the end of the year, the firm had as much as $745 million in U.S. stocks, down from about $5.8 billion in the middle of 2008. The firm manages about $10 billion in assets. Investors familiar with Druckenmiller say one of the key components to his success has been to draw down capital every year in order to keep assets manageable. The firm was founded in 1981 and has offices in New York and Pittsburgh.
Katrina Dean Allen
