Stan Druckenmiller bought shares of energy companies and sold retail stocks in the first quarter as the billionaire anticipates oil prices will rise by next year.
The former chief strategist for George Soros purchased 561,600 shares of natural gas and crude oil producer EOG Resources Inc. valued at $51.5 million at the end of March, according to a regulatory filing. Druckenmiller’s Duquesne Family Office also bought a stake in Pioneer Natural Resources Co.
Druckenmiller purchased the holdings before hedge fund manager David Einhorn this month slammed the shale explorers for spending too much money without returns.
Druckenmiller, who shut his hedge fund firm Duquesne Capital Management in 2010 and now manages his own $4.4 billion fortune, told Bloomberg last month that oil prices will rise by 2016 after companies slowed production and exploration.
He also said his family office sold retail and airline stocks that benefit from lower oil prices. In the first quarter, Druckenmiller exited stakes in Target Corp., Home Depot Inc. and Lowe’s Cos Inc.
Duquesne Family office disclosed equity holdings fell in value by 23 percent to about $787 million during the quarter, a period when the Standard & Poor’s 500 Index of U.S. equities rose 0.4 percent.
Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.