Friday, 24 October 2014
Last updated 2 hours ago
Jul 5 2013 | 10:11am ET
Paulson & Co. failed to avoid the volatility bug that infected most of its peers last month, suffering a down June.
All of the firm's main funds lost ground to end the first half of what has otherwise been a very successful year. The firm's Credit Opportunities Fund fell 3.7% in June, cutting its year-to-date gains to 12%, Bloomberg News reports. Its Advantage Plus Fund dropped 3.5% on the month, halving its 2013 return to 3.4%. The less-levered Advantage Fund dropped 2.6% in June and is up 2.2% on the year.
Paulson's Partners Enhanced Fund fell 1.2%, but remains up 16% on the year. The unlevered version of the strategy, Paulson Partners, fell 0.5% in June and is up 8% on the year.
Even Paulson's best-performing fund this year, Recovery, did not go unscathed, falling 1.7%. It remains up 26% this year.
The performance update cited by Bloomberg did not include Paulson's gold funds; the firm said last month that it would not longer circulate those to all of its investors, complaining that the media focuses too much on those funds' troubles and not on the successes of its other funds. But the gold strategy is likely to have fared no better in June than Paulson's other funds, given big losses suffered by the precious metal. Through May, the $360 million Gold Fund was down an astounding 54% this year.
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…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...