Friday, 29 May 2015
Last updated 9 hours ago
Mar 19 2009 | 2:46am ET
For hedge funds, 2009 is starting to feel more like 1849.
Another major hedge fund is joining the gold rush: Paulson & Co. has bought a $1.28 billion stake in South African gold mining company AngloGold Ashanti. The New York-based hedge fund is now the second-largest shareholder in AngloGold.
Paulson bought its stake from Anglo American, the British mining conglomerate.
“We believe AngloGold Ashanti is one of the best-managed and undervalued of the major gold-mining companies,” John Paulson said.
Paulson made its name in 2007, when it rode the collapse of the subprime mortgage market to triple-digit returns. The hedge fund is also a major shareholder of Kinross Gold Corp., the Canadian mining company. Nor is Paulson the only hedge fund betting on gold: Third Point and Greenlight Capital have recently moved large portions of their assets into the precious metal.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…