Friday, 25 July 2014
Last updated 4 hours ago
Nov 4 2011 | 11:39am ET
Paulson & Co. rode last month's stock-market rally to pare its huge 2011 losses, the worst its ever seen.
The $30 billion New York-based firm's flagship Advantage Fund rose 4.7% last month—one in which the Standard & Poor's 500 Index advanced 11%—to cut its year-to-date loss to 29%. A larger, more levered version of the fund, Advantage Plus, returned 2.4% on the month and is down 44% on the year, Bloomberg News reports.
The gold-denominated versions of both funds did better in October, with Advantage rising 8.3% (down 12% YTD) and Advantage Plus 3.3% (down 27% YTD).
Indeed, all of Paulson's fund's posted positive returns in October, just a month after its miserable September, its worst month in a year filled with bad ones.
Paulson's hard-hit Recovery Fund, which has been betting on firm founder John Paulson's belief that the elusive economic turnaround is just around the corner, soared 10% last month to reduce its year-to-date loss to 25%. The gold version of the fund rose 13% (down 11% YTD).
Paulson Partners Enhanced jumped 3.3%—the gold shares rose 7.3%—leaving it down 17% on the year. But the gold version is down just 1.6%, the third-best of any Paulson fund behind his dedicated Gold Fund, which is up 9.4% on the year after rising 8.3% last month.
Paulson's Credit Opportunities Fund returned 4.9% in October and is down 15% year-to-date. The gold version rose 7.5% on the month and is up 2% on the year.
Despite the overall awful year suffered by Paulson, investors in the Advantage funds filed redemption requests totaling less than 8% of assets at the end of last month, the deadline for year-end withdrawal requests.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…