Wednesday, 25 November 2015
Last updated 8 hours ago
May 25 2012 | 3:27am ET
John Paulson's continuing love for one particular shiny object has some of his investors fuming.
Paulson & Co.'s flagship hedge funds have about a quarter of their assets invested in gold and gold-related investments. But those bets aren't paying off, and some investors are lashing out, or pulling out.
The New York-based firm has said that redemptions remain low despite its main funds' dismal performance both this year and last, when they lost between 30% and 50%. Paulson said that net redemptions totaled just 2% of assets in the first quarter, with a similar withdrawal level expected this quarter.
But the New York Post reports that some investors are getting restless, and blaming the hedge fund founder's taste for gold for their troubles. According to the Post, some investors think Paulson's strong backing for gold is an attempt to revive his reputation after last year's disaster.
"I would be happier if he cut the gold position in half," one redeeming investor told the tabloid. "He would have been up 4% in the first quarter if it weren't for the goddamned gold."
Paulson's Advantage Fund is down 6% through April, while the more highly-levered Advantage Plus Fund is down 8.8%.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…