Tags: Paulson | Gold | ETF | AngloGold

John Paulson Boosted Gold ETF, Pared AngloGold in Second Quarter

Wednesday, 15 Aug 2012 08:04 AM

John Paulson, the billionaire manager coming off record losses in 2011, added to his largest position in the SPDR Gold Trust in the second quarter while paring holdings in mining companies AngloGold Ashanti Holdings Plc and Gold Fields Ltd.

Paulson & Co., which manages about $21 billion, bought 4.53 million shares of the SPDR Gold Trust, the New York-based firm said in a filing with the U.S. Securities and Exchange Commission. It sold 400,540 American depositary receipts of AngloGold, its second-largest position, and 819,000 ADRs of Gold Fields.

Paulson, 56, lost 18 percent this year through July in his Advantage Plus fund, which seeks to profit from corporate events such as takeovers and bankruptcies and uses leverage to amplify returns, and 23 percent in his Gold Fund, as slumping gold- mining stocks contributed to declines. Paulson became a billionaire in 2007 by betting against the subprime mortgage market.

Money managers who oversee more than $100 million in equities must file a Form 13F within 45 days of each quarter’s end to list their U.S.-traded stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.

Armel Leslie, a spokesman for Paulson & Co., declined to comment on the filing.


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