Paulson’s Hedge Fund Sells Citi, BofA Shares
By Saijel Kishan - Aug 15, 2011 2:41 PM PT
bloomberg.com
From the article:"...John Paulson, the billionaire hedge- fund manager whose biggest fund has lost 31 percent this year, sold shares in Citigroup Inc. (C) and Bank of America Corp. (BAC) in the second quarter.
Paulson & Co. held 33.5 million shares of New York-based Citigroup as of June 30, down from 41.3 million shares in the first quarter, according to a filing today with the U.S. Securities and Exchange Commission. The hedge fund held 60 million shares of Charlotte, North Carolina-based Bank of America at the end of the second quarter, compared with 124 million in the first quarter, according to the filing.
Paulson, 55, who has been betting on an economic recovery by the end of 2012, scaled back bullish bets after losses this year and told clients in June that he reduced his stake in Bank of America, which slumped 18 percent in the second quarter and about 29 percent since then. Financial shares, including Citigroup and Bank of America, which were among the hedge fund’s biggest U.S. stock holdings in the first quarter, have been a major part of his recovery bet....".
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According to the article Paulson also decreased his stake in Transocean Ltd. (RIG). He still like Gold though.
EKS |
