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Last updated 8 hours ago
May 8 2014 | 1:39pm ET
Greece’s recovery and rising gold prices paid off for Paulson & Co. in the first quarter.
The New York-based firm’s Recovery Fund jumped 5.58% in the year’s first three months, Paulson told investors. The firm credited strong returns from two Greek banks, Alpha Bank and Piraeus Bank, for the gains—and said it expects “new opportunities” as Europe continues to emerge from the economic crisis.
Paulson’s Advantage Plus Fund was hit hard in March, dropping 7.4%, but remains up 4.31% on the year.
In addition to the Greek bets and gold gains, Paulson said that it has earned 131% on its Genworth Financial investment, with more gains to come “if the company chooses to spin-off its mortgage insurance and other life insurance businesses into two separate companies.”