Druckenmiller Says Alternatives Fueled Bowdoin's 14.4% Gain
- Fund helped by decline in oil, currencies, Druckenmiller says
- Endowment is led by Paula Volent, protege of Yale's manager
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Bowdoin College’s endowment return of 14.4 percent -- the best among schools so far this year -- was fueled by a portfolio built around top-performing private equity and hedge funds, said Stanley Druckenmiller, a longtime investment committee member.
Druckenmiller, a legendary billionaire investor who graduated from Bowdoin in 1975, said Paula Volent, the college’s chief investment officer, deserves credit for constructing the portfolio. In addition to selecting private equity funds that bore fruit in the last year, the college had stakes in macro hedge fund managers who had “outsized, outlier returns taking advantage of the decline in oil and currencies,” he said, declining to name specific investments.