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Druckenmiller's Top Stock Sale Candidates (AKAM, AAPL, CSCO, C, EOG, JPM, MCD, MYL, NFX, WFC)
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What happens when large hedge funds shut down? They unload their holdings, at least assuming the clients say they would prefer to receive share distributions. Stanley Druckenmiller is shutting down his Duquesne Capital Management after the stress of managing money for others coupled with a lack of performance in recent periods. We wanted to see what the burned out Stanley owned in his latest 13F filing that was released on August 13. It turns that of his $2.38 billion in holdings as of June 30, 2010, there is a very high concentration in ten companies of the near-100 holdings in the fund… almost $1.4 billion of the $2.38 billion.
Bloomberg outlines the entire process of his decision to call it quits. We wanted to outline his top holdings in the fund. Akamai Technologies Inc. (NASDAQ: AKAM), Apple Inc. (NASDAQ: AAPL), Cisco Systems, Inc. (NASDAQ: CSCO), Citigroup Inc. (NYSE: C), EOG Resources Inc. (NYSE: EOG), JP Morgan Chase & Co. (NYSEL JPM), McDonald’s Corp. (NYSE: MCD), Mylan Inc. (NASDAQ: MYL), Newfield Exploration Co. (NYSE: NFX), and Wells Fargo & Co. (NYSE: WFC) are his ten top holdings. While most are not going to add significant pressure due to the vast trading volume, there were a few standouts here.
| Company Stock | $(000) June 30 | Shares |
|---|---|---|
| Akamai Technologies Inc. | 64,912 | 1.6M |
| Apple Inc. | 378,462 | 1504640 |
| Cisco Systems, Inc. | 91,740 | 430500 |
| Citigroup Inc. | 12,566 | 3341900 |
| Citigroup (Units) | 57,625 | 510000 |
| EOG Resources Inc. | 90,825 | 923300 |
| JP Morgan Chase & Co | 109,830 | 3.0M |
| McDonald’s Corp | 128,150 | 1945500 |
| Mylan Inc. (Conv. Pfd.) | 80,918 | 76742 |
| Newfield Exploration Co | 55,686 | 1139700 |
| Wells Fargo & Co | 314,880 | 12.3M |
| Wells Fargo Conv. Pfd. | 9,692 | 10410 |
| Total Dollars on June 30 | 1,395,286 |
Most of these will easily be able to absorb the selling, and most may have already been sold. Stanley is known for wheeling and dealing fast in and fast out when he spots a trend.
Becoming a billionaire and hanging up the hat to start a family office at age 57 isn’t so bad. It isn’t as though he has to wait for his social security checks later this decade.
JON C. OGG
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