Monday, 4 May 2015
Last updated 6 hours ago
Jun 6 2014 | 10:08am ET
May proved a highly mixed bag for Paulson & Co.
Most of the $21 billion New York-based firm’s funds posted gains last month, with its merger-arbitrage Partners Enhanced Fund returning 1.9% and its Credit Opportunities Fund 1%. The latter is now up 7.4% on the year and the former 4.8%.
But Paulson’s Advantage Plus Fund fell 3.7% to wipe out its year-to-date gains; it is now down 2% in 2013. A less-levered version of that event-driven strategy, Advantage, dipped 2.3% in May to extend its year-to-date drop to 3.4%, Bloomberg News reports. Some of those losses are attributed to gold and gold-related investments, a fact that does not bode well for Paulson’s gold fund, which reports its returns separately from the firm’s other funds.
Paulson Partners, the unlevered version of Partners Enhanced, rose 0.9% last month and is up 3.3% on the year. Paulson’s Recovery Fund returned 1.8% in May and is up 2.8% on the year.
According to Bloomberg, Paulson made money on banking, hotel, telecommunications and energy investments last month.
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…