Paulson Buys BofA, Casino Stocks

May 18 2010 | 11:37am ET

Paulson & Co. boosted its bet on Bank of America in the first quarter, as well as adding a pair of bets on betting.

The New York-based hedge fund increased its stake in BofA by more than 10% in the first three months of the year, adding 16.8 million shares to bring its kitty to 167.8 million, worth $2.99 billion. The BofA stake is Paulson’s second biggest position; all told, the firm’s financial bets grew by 6.5% on the quarter.

Paulson did sell off its Fifth Third Bankcorp stake in the first quarter. But he held onto his big stakes in Citigroup, JPMorgan Chase and Wells Fargo.

Paulson also took a pair of stakes in casino companies, buying 40 million shares of MGM Mirage and 4 million shares of Boyd Gaming. Paulson is now the second-largest shareholder of MGM, and the fourth-largest of Boyd.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

The Life Settlement: Yield For The Investor And Cash For The Consumer

Mar 31 2015 | 6:48am ET

Investors are languishing in a yield-starved, low-interest rate environment, looking...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note