Tags: john | Paulson | Fund | Advantage | Plus

WSJ: Paulson Fund Drops 20% So Far This Year

By    |   Thursday, 16 Jun 2011 01:46 PM

No investor is perfect, as one of the better ones, Warren Buffett, famously admits. And hedge fund legend John Paulson is proving his own humanity this year.

Paulson’s $9 billion Advantage Plus fund has dropped 19.65 percent so far this year through June 10, including 13 percent during the first 10 days of this month, two investors informed of the fund’s performance tell The Wall Street Journal.

Paulson has suffered more than $500 million in paper losses on the plunge of China forestry company Sino-Forest Corp. Its stock has plummeted 80 percent since late May.

johnpaulson200getty.jpg
John Paulson
(Getty Images photo)
That stock accounts for almost 1.5 percent of the fund’s holdings, and Paulson’s nearly 35 million shares of Sino-Forest account for more than 14 percent of the timber company’s shares outstanding.

Paulson also has suffered from his substantial stake in financial companies, The Journal reports. Paulson & Co. held more than 41 million shares of Citigroup as of March 31, making it the firm’s third-largest stock holding. Bank of America came in at No. 6.

Citigroup has dropped 14 percent and Bank of America 20 percent since then. It’s unclear if Paulson sold any of those shares, but he has maintained his bullishness on the financial industry overall, investors say.

Financial stocks in general have experienced a rough 2011.

"Banks are dealing with the uncertainty of new rules and the economy," Kevin Fitzsimmons of Sandler O'Neill, tells Dow Jones "The word I hear a lot about bank stocks is 'apathy' right now."

© 2017 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
StreetTalk
No investor is perfect, as one of the better ones, Warren Buffett, famously admits. And hedge fund legend John Paulson is proving his own humanity this year. Paulson s $9 billion Advantage Plus fund has dropped 19.65 percent so far this year through June 10, including 13...
john,Paulson,Fund,Advantage,Plus
252
2011-46-16
Thursday, 16 Jun 2011 01:46 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved