Tuesday, 21 April 2015
Last updated 4 hours ago
Jun 17 2011 | 8:26am ET
For the second-straight time, Paulson & Co. has taken a big hit in the early days of a month. The only difference is, June's decline was much, much worse than May's.
The New York-based firm's flagship Advantage Plus Fund dropped more than 13% through June 10, The Wall Street Journal reports. The $9 billion flagship is now down 19.65% on the year.
Another Paulson fund, Enhanced Partners, previously a bright spot for the firm during a tough 2011, fell 7% in early June, cutting its year-to-date gains to under 4%.
The $38 billion firm was one of many hit hard by early May's volatility in the commodities market. But its June swoon appears to be very much a solo affair.
Paulson has been battered by its banking investments—as have other hedge funds. Bank of America and Citigroup, two of the firm's largest holdings, have lost 21% and 14% this quarter, respectively. But no other hedge fund had as big a stake in Sino-Forest Corp., the timber company accused of questionable accounting earlier this month.
Sino-Forest shares have lost 80%—and Paulson owned more than 14% of those shares. The precipitous drop has left Paulson with paper losses in excess of $500 million.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…