Thursday, 30 October 2014
Last updated 54 min ago
Sep 8 2011 | 1:50pm ET
Things look bad—very bad—for Paulson & Co. But, all things considered, they could be much worse.
The $35 billion firm's largest hedge fund, Advantage Plus, fell 15% last month and is down 34% on the year. And its flagship Advantage fund is down 23% on the year after falling 9.5% in August, Bloomberg News reports.
Last month's rout even wiped out one of Paulson's few bright spots, with its Partners Enhanced Fund taking a 7.5% loss, wiping out its year-to-date gains and leaving it down 5% on the year.
The good news? Paulson's funds were in even worse shape after the first three weeks of the month, before enjoying something of a rally. Advantage Plus had been down as much as 22% in August and 39% on the year. Its other funds also enjoyed something of a turnaround as August drew to a close.
Paulson's insatiable appetite for gold is the other good news. The firm's dedicated Gold Fund soared 18% in August and is up 21% in 2011. And clients who listened to firm founder John Paulson and invested in the firm's gold-denominated fund have managed to avoid many of the losses that have stricken their dollar-denominated fellow investors. Advantage Plus' gold share class is down by only half as much, 17%, as the dollar-denominated fund this year. The gold share classes for both Advantage and Partners Enhanced are actually in the black this year, up 1.4% and 15%, respectively.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.