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Paulson Hits Jackpot With Sub-Prime Shorts
April 2, 2007
Paulson & Co. made a killing in the first two months of the year as the sub-prime mortgage market was hemorrhaging.
The firm’s Paulson Credit Opportunities fund returned a whopping 83% in January and February, buoyed by its bet against U.S. sub-prime mortgage lenders. The fund’s assets now exceed $500 billion, Financial News reports.
The fund was up 21.3% in February, according to an investor letter and Securities and Exchange Commission filings. Four of its funds made a net gain of 61.5% by shorting sub-prime lenders.
After the boom, Paulson manages some $11 billion, $6.4 billion of which is in hedge funds.
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