Legendary investor Stanley Druckenmiller slashed his investment in artificial intelligence darling Nvidia by 72% in the first quarter, according to a 13F filing with the U.S. Securities and Exchange Commission (SEC).
Druckenmiller\’s Duquense Family Office, which manages about $4.4 billion in assets, sold 441,551 Nvidia shares in the first quarter.
Druckenmiller was taking profits at the time. He should have made a lot of money.
He first bought Nvidia in the fourth quarter of 2022. The average price at that time was estimated to be about $184 per share, according to data from Whale Wisdom.
Since then, Nvidia\’s stock price has soared 391% as of the end of the first quarter.
Although Druckenmiller significantly reduced his holdings in Nvidia, it was still the seventh largest holding in his portfolio as of the end of March, with a total value of approximately US$159 million.
Druckenmiller also sold all of his Nvidia call options in the first quarter. The options were purchased in the fourth quarter of 2023. The total value was approximately $242 million.
Given that Nvidia\’s stock price soared 82% in the first quarter of this year, hitting an all-time high, this deal should also bring him handsome returns.
Druckenmiller\’s other big first-quarter trades included a $664 million bet on small-cap stocks through call options on the Russell 2000 Index.
This is the largest holding of its family office. It is followed by Microsoft and Korean e-commerce company Coupang, with US$468 million and about US$400 million respectively.
In another notable transaction, his stake in copper miner Freeport McMoRan nearly tripled and is now worth about $65 million.
Druckenmiller\’s bets on copper and small-cap stocks may indicate he is optimistic about the overall U.S. economic outlook.
Legendary investor Druckenmiller reduced his Nvidia holdings by more than 70% in the first quarter
Legendary investor Stanley Druckenmiller slashed his investment in AI darling Nvidia by 72% in the first quarter, according to a 13F filing with the U.S. Securities and Exchange Commission (SEC)
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