Monday, 22 September 2014
Last updated 20 min ago
Apr 26 2013 | 10:51am ET
With just a few days left in the month, it appears that April will be a lost one for Paulson & Co.
The New York-based firm's flagship Advantage Fund is down 2.4% on the month, Reuters reports. April's losses, primarily on gold, have cut the fund's year-to-date gains to 1.3%.
Advantage lost money not only on physical gold, which is down 17% this year, including 13% this month, but on gold-mining stocks, some of which have done even worse. Still, despite gold's troubles—including its worst two-day decline in 30 years—Paulson has said it is sticking the precious metal as an inflation hedge.
Firm founder John Paulson reiterated his belief in gold on a conference call with investors this week, in which he also discussed another favorite: convertible bonds.
Paulson told investors that its Credit Opportunities Fund currently has a quarter of its assets in convertible bonds. The firm pointed to its investment in Realogy Holdings convertibles. That debt has since been converted to equity, and the stock has jumped 14% this year.
Paulson also told clients this week that his firm's mortgage-backed securities portfolio—20% of the Credit Opportunities Fund—has also done well.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.