Tuesday, 31 March 2015
Last updated 12 hours ago
May 7 2013 | 11:53am ET
The precipitous drop in gold prices last month put an abrupt stop to Paulson & Co.'s incipient turnaround.
The New York-based hedge fund's flagship strategies fell in April, and its Gold Fund is down by almost half this year, according to published reports. All three were hit hard by gold's 7.8% drop last month, which included the precious metal's worst two-day drop in more than 30 years.
Paulson's Advantage Fund fell 0.9% in April to cut its year-to-date gain to 2.6%. The more highly-levered Advantage Plus Fund lost 0.7% and is up 3.9% on the year.
Paulson's Gold Fund plummeted a stunning 27% on the month. That strategy, which manages $500 million, primarily of firm founder John Paulson's own fortune, is down 47% on the year.
Gold's swoon also hit the gold-denominated share classes of Paulson's winning funds: Only the Recovery Fund's gold shares enjoyed gains last month, as its dollar share class surged 6.6%. It is up 22% on the year.
Paulson's merger-arbitrage Partners Enhanced Fund rose 3% last month and is up 14% on the year, and its Credit Opportunities Fund returned 1.3% to hit 12% on the year.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…